The global social media analytics market is forecast to reach USD 25.40 Billion by 2026, according to a new report by Reports and Data. The increasing need for understanding consumer needs and market trends is one of the major factors driving the market growth. The extensive adoption of smartphones, along with the popularity of social media, will also boost the growth of the market in the coming years. Social media has undoubtedly transformed the way of marketing and promoting businesses. Analytics in social media provides the opportunity to distribute targeted messages through plenty of tools and channels. To reach the full potential of a business, they must understand the opinions and preferences of the target audience.

Key participants include

International Business Machines Corporation, Oracle Corporation, Salesforce, Adobe Systems Incorporated, SAS Institute Inc., Talkwalker Inc., GoodData Corporation, Crimson Hexagon, Inc., Digimind, Unmetric Inc, Cision US Inc., Simplify360, Inc., Hootsuite Media Inc., and Meltwater, among others.

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Further key findings from the report suggest

Among the technologies, the predictive analysis accounts for the largest market share of ~36% in the year 2018. Predictive analytics harnesses big data to predict future events or results. It integrates various techniques from data mining, statistics, modeling, machine learning, and artificial intelligence to process and analyze data to develop predictions.

The descriptive analysis technology is forecasted to witness a higher growth rate of 29.6% during the forecast period. The descriptive analysis summarizes the raw data and is interpreted by the users. They analyze historical data, allowing the users to gain information on the behavior of their customers over the social media, and understand how to influence the future outcomes. Descriptive analytics is used to infer at an aggregate level, the competitive insights of the company, as well as summarize and describe different aspects of the business.

The sales and marketing application accounted for the largest market share of ~27% in the year 2018. Analyzing social media helps organizations understand their targeted audience. Organizations can use social media marketing, analyze and define the segments of their audience that were most interested in certain types of products in order to offer insight and more effectively support their strategies. The feedbacks, ratings, and responses of the consumers can be analyzed to understand the consumer behavior and preferences. This help companies to improve their existing products and services to increase customer satisfaction.

The application in risk management and fraud detection is forecasted to witness a higher growth rate of 29.7% during the forecast period. The technology can highlight obstacles and weaknesses to discover new trends and avoid a brand crisis. The companies can search for products with negative sentiment rating and can further liquidate those products.

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For this report, Reports and Data have segmented into the global Social Media Analytics market on the basis of resin type, composite phases, industry vertical, and region:

Technology Outlook (Revenue, USD Billion; 2016-2026)

Predictive analytics

Descriptive analytics

Prescriptive analytics

Diagnostic analytics

Component Outlook (Revenue, USD Billion; 2016-2026)

Solutions

Services

Organization Size Outlook (Revenue, USD Billion; 2016-2026)

Small and Medium-Sized Enterprises

Large Enterprises

Deployment Type Outlook (Revenue, USD Billion; 2016-2026)

On-premises

Cloud

Applications Outlook (Revenue, USD Billion; 2016-2026)

Sales and Marketing

Customer Experience Management

Supply Chain Management

Risk management and fraud detection

Others

Regional Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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About Reports and Data

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