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DUBLIN, Oct. 23, 2023 /PRNewswire/ — The “Global Social Media Analytics Market (by Deployment Type, Component, and Region): Outlook and Forecasts with the Potential Impact of COVID-19 (2022-2027)” has been added. to the offer of ResearchAndMarkets. com.
The global social media analytics market is poised for physically strong growth, with projections indicating that it will reach a very high value of $9. 6 billion by 2023, thanks to a remarkable CAGR of 33. 90%.
This market expansion is supported by points such as the growing popularity of mobile e-commerce, the imperative of serving visitors, cost-effectiveness, ease of availability, increased use of text and symbol analytics, and the progression of symbol analysis solutions.
Key Market Segments
By Deployment Type: The global social media analytics market is divided into two deployment types: on-premises and cloud-based. The cloud segment is expected to grow at the highest CAGR in the long term due to its profitability and ability to buy. Execution knowledge and analysis, thus driving market expansion. The expansion of this segment is driven by expanded garage capacity, increased performance, and advancements in cloud services.
By component: The market is segmented into two components: services and software. Lately, the services segment holds the largest percentage in the global social media analytics market. The growing adoption of social media analytics in various industries, adding BFSI, telecommunications, retail, and healthcare. , etc. , is driving the demand for social media analytics services. At the same time, the Solutions segment is expected to gain a larger market share during the forecast period, owing to its adoption across various verticals, adding advertising, pharmaceuticals, media, telecommunications, and more.
Geographical coverage
The global social media analytics market spans five major regions: Asia-Pacific, North America, Europe, Latin America, Middle East, and Africa. The Asia-Pacific region includes China, Japan, India, and the rest of Asia-Pacific. , while North America encompasses the United States, Mexico, and Canada. In Europe, the United Kingdom, Germany, Spain, and the rest of Europe are considered, while North America leads in terms of market share, basically due to the high adoption of virtual technologies, a developing social media user base, especially among young people, and the increasing adoption of software-as-a-service (SaaS) platforms. In North America, the U. S. continues to be a leading region for social media analytics, with significant adoption of analytics. responses and expand social media penetration.
Key Impact Factors
Growth Controllers
Growth of Internet users
Growth of social media
Greater generation of knowledge
Growing Digital Ad Spending
Challenges
A huge number of victims of cybercrime
Lack of metrics for social media analytics.
Trending
Growing Adoption of 5G Connections
Increasing Adoption of Cloud Computing
Integrating Artificial Intelligence (AI) with Social Media Analytics Software
Growth of data analytics services
Pilot: Increased Data Generation
The proliferation of knowledge generation allows companies to gain deeper insight into consumers. This data is a valuable input for decisions, adds product development, leads to market expansion and potential competitive advantages. As knowledge generation continues to increase, driven through media platforms, non-stop. Content production and the merging of content production and entry functions, the need for social media analytics becomes essential, thus contributing to the expansion of the market.
Challenge: Large number of victims of cybercrime
Social media awareness, if not securely controlled across companies, can become vulnerable to data breaches, eroding stakeholder buy-in and credibility. Cyberattackers can exploit vulnerabilities in social media scanning software to gain access to sensitive information, borrow resources, and disrupt operations. As social media analytics software is installed via smartphones, tablets, and private computers (PCs), the threat of hacking is increasing, which could obstruct the expansion of the social media analytics market.
Trend: Growth of Data Analytics Services
With advancements in analytics tools, marketers can make more accurate decisions, resulting in increased profitability and a better visitor experience. Access to a wealth of knowledge of social media platforms facilitates opportunities through analytics tools, making patterns more discernible and enabling knowledge-based decisions. doing. The ever-increasing demand for knowledge analytics is critical to overall social media analytics solutions, thus editing the market expansion.
COVID-19 testing
The COVID-19 pandemic has had a favorable effect on the global social media analytics market. During lockdowns and restrictions, social media platforms have become an indispensable tool for global communication. Governments, civil servants, and health care services have all used social media. media platforms to disseminate data on protective measures against infectious diseases and updates on the pandemic.
Analysis of key actors.
The global social media analytics market is characterized by a wide range of players, with key leaders such as IBM Corporation, Adobe Inc. , Salesforce. com, Inc. , Oracle Corporation, Alphabet Inc. (Google), Hootsuite Inc. , SAS Institute. , NetBase Quid, GoodData Corporation, Digimind Company, Cision Ltd. (Brandwatch Company), QualtricsXM (Clarabridge), Sprout Social, Talkwalker Inc. and Khoros LLC.
For more information on this report, https://www. researchandmarkets. com/r/m5p4z
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