ALBANY, New York, Feb. 01, 2018 (GLOBE NEWSWIRE) -- Intense competition prevails in the global social media analytics market, rendering it highly fragmented. On several counts, the market players resorted to mergers and acquisitions to remain competitive. The market has also witnessed a surge in investment toward research and development, which has resulted in diverse technological advancements. On the back of this, many companies are aiming to gain increased traction and have emerged as the most prominent names within the market. Also, influx of new entrants is on cards, which is likely to make competition even fiercer in the coming years.
Given the scenario, most players are likely to concentrate on product differentiation to create a brand image. Transparency Market Research (TMR) foresees considerable innovations in the near future, which would steer business growth and enable the market pick pace. TMR has pegged companies such as Adobe Systems Incorporated, Crimson Hexagon, Simply Measured, Inc., Oracle Corporation, NetBase Solutions, Inc., IBM Corporation, Clarabridge, and Talkwalker Inc., among the key market players.
The global social media analytics market is poised to value US$7,862.1 mn by the end of 2025, as against US$2,149.5 mn in 2016, reporting an impressive CAGR of 15.47% between 2017 and 2025. Among end use industries, BFSI is expected account for the largest market share by the end of the aforementioned forecast period. North America was an early adopter of social media analytics, which gave it certain inherent advantages, thus enabling it to hold the largest share in the global social media analytics market in 2016.
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Implementation of Social Media Analytics to Help Businesses Achieve Effective Strategies
Over the last few years, social media analytics has become excessively crowded and competitive. It has become increasingly important that businesses leverage the power of social reviews to monitor their campaigns and gauge benefits reaped from the same. Data thus obtained can be used by businesses to determine more effective strategies. This has made social media analytics extremely crucial in recent times. Without data and feedback on the campaigns run on social media, businesses will remain in the dark regarding the outcome or effect of their campaigns. Thus it is not surprising that TMR upheld a positive outlook for the global social media analytics market. Besides these, some of the key contributors aiding the market’s expansion is greater focus on competitive intelligence, the surging number of smartphone users globally, and subsequent boost in social media user engagement. With businesses looking to offer improved consumer experience, the demand for social media analytics will scale further in the coming years.
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Discrepancies in Analytical Workflow Pose Threat
On the downside, discrepancies in analytical workflow can create troubles for social media analytics companies, in turn affecting hindering the overall market’s trajectory. These discrepancies are often results of data implementation efforts. Furthermore, lack of adequate technical expertise may trigger discrepancies, thus restraining the market to an extent. Other than these, the global social media analytics market may face challenges because customizing it could prove highly complex and time consuming.
Nonetheless, the rising adoption among small businesses is likely to open lucrative prospects for the global social media analytics market in the near future. The market will particularly benefit from the rising availability of technically designed tools, which are available for a cheaper price. In addition, the growing awareness regarding analytics as businesses aim for competition advantage and improved efficiency will create immense avenues for growth in the coming years.
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This review is based on a TMR report, titled “Social Media Analytics Market (Components - Software (On-premise based and Cloud Based) and Services (Professional Services and Support & Maintenance); End-use Industry - BFSI, Retail, Telecommunication & IT, Transportation & Logistics, and Media & Entertainment) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025.”
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