The global social media analytics market has been envisaged in a report by Transparency Market Research (TMR) to maintain a high level of competition, resulting into a significantly fragmented vendor landscape. In most instances, players have continued to stay competitive and positive by resorting to mergers and acquisitions. There has been a wide range of technological developments witnessed in the market because of soaring investments in research and development activities. Using this as a platform, players have been observed to make their presence known in the market while gaining improved traction. The competition could grow fiercer with the influx of new entrants in the market.
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TMR has prophesied the global social media analytics market to register a 15.47% CAGR during the forecast tenure 2017-2025 to expand to a US$7.8 bn growth by the end of 2025. In 2016, the market had been worth a US$2.1 bn. By end-use industry, it could witness the rise of banking, financial services, and insurance (BFSI) taking a larger share in the coming years. By region, North America has been foreseen to account for a leading revenue growth of the market.
Businesses Reap Benefits of Social Reviews to Monitor Campaigns
Since the past recent years, the world social media analytics market has become markedly competitive and crowded. Businesses today intensely rely on the benefits of using social reviews to identify their prime consumers and monitor campaigns. The power of social media has been leveraged by many, not just businesses, to understand how people view something and react to them. More effective strategies could be devised by businesses using social media analytics with the help of the data obtained. Certainly, social media analytics has become extremely important for businesses in today’s era.
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Businesses could be dicey about the results of their social media campaigns without the availability of proper feedback and analytics data. This could be one of the reasons why TMR analysts have predicted the world social media analytics market to hold a promising outlook. Increasing social media engagement, rising count of smartphone users on a global platform, and improving focus on competitive intelligence have been anticipated to be other factors helping the market to grow healthily.
Discrepancies in Analytical Workflow Create Troubles for Vendors
The overall growth trajectory of the international social media analytics market has been expected to be disturbed because of analytical workflow discrepancies that could cause troubles to players operating in the industry. Lack of data implementation efforts has been expected to be among primary reasons for such discrepancies to result. Another factor triggering the discrepancies could be lack of sufficient technical expertise. Moreover, customization of social media analytics could be time consuming and highly complex.
However, with a number of businesses looking for improved efficiency and competitive advantage, the demand for social media analytics could increase in the near future. Rising awareness regarding the use of analytics and availability of technologically advanced tools at economical prices could help the international social media analytics market to cash in on some rewarding prospects.