The social media analytics market was studied by Market Research Future (MRFR) analysts and their prediction suggests a surpassing of USD 7 billion by 2023 with a CAGR of 28% during the forecast period covering 2018 to 2023. Major factors to impact the market are the growing demand for understanding consumer tactics, surveillance, promoting campaigns, knowledge of trends, creating awareness, and others. Increasing spending on market intelligence and a growing number of social media users are expected to bolster the changes in the social media analytics market.
The social media analytics market has been segmented in the report by analysts on the basis of vertical, type, deployment, and application.
By type, the social media analytics market report comprises solutions, consulting services, services, support & maintenance, and training & education.
By deployment, the social media analytics market includes a study of cloud and on-premise.
By organization size, the social media analytics market studies small & medium enterprises and large enterprises.
By application, the review of the social media analytics market includes multichannel campaign management, customer segmentation & targeting, customer behavioral analysis, competitor benchmarking, marketing measurement, and others.
By vertical, the global market includes BFSI, IT & telecommunication, education, media & entertainment, healthcare, government, retail, and others.
Growing digitization, structural advantages, investment in the sector to create a solid premise, better technological know-how, and others are expected to support the North American and European markets for social media analytics.
The global social media analytics market report discusses companies like IBM Corporation (U.S.), SAS Institute (U.S.), Adobe Systems (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), GoodData (U.S), Salesforce.com (U.S), Tableau Software (U.S), HootSuite Media (U.S), NetBase Solutions (U.S), and others.
In September 2020, the Government Communication Service or GCS, a government-wide professional body that gets operated by the Cabinet Office, has announced a budget of around $1.8m for social media monitoring and analysis on a contractual basis for a year. The agency is looking for a company that would be capable of performing analytics on social media content and discussions happening in several languages.
The deal is expected to shed light on the impact and efficacy of existing government information campaigns and help in forming strategies for future movements. It will help the government to reach out to people who are quite influential on social media and whose voices can be used for the future charting of various courses.
In September 2020, Parexel announced the acquisition of the Natural Language Processing (NLP) technology assets and a transfer of key personnel of Roam Analytics, Inc. Paraxel is known as a provider of solutions to increase the momentum of the development and delivery of innovative therapies with an aim to improve world health, by getting things commercialized. Roam Analytics is a company based out of California. This strategic move will make Parexel a robust entity and it will help the company in finding solutions for Artificial Intelligence (AI) and Machine Learning (ML), which the company aims to use in innovative products across drug development and life sciences. Parexel is also planning to use Roam’s AI technology to receive various data, from clinical notes, patient surveys, regulatory documents, medical images, telemedicine interactions, marketing materials, social media, etc. to better its workflows.
During the COVID-19 crisis, social media played a major role in creating an awareness regarding the pandemic, which is why more and more companies are now expected to seek help from the social media analytics market.
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