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(Wireless-NewsWire.Com, April 17, 2019 ) Social media analytics is a set of analytical tools, which enable end-users to listen, monitor, analyze, and generate insights using data collected from blogs and social media websites. The tools also incorporate advanced analytic techniques, such as predictive, prescriptive, descriptive, and diagnostic, to enable collection, analysis, and interpretation of data across various social media platforms.
The overall social media analytics market is expected to grow from USD 2.71 billion in 2017 to USD 9.54 billion by 2022 at a CAGR of 28.6%.
Increased user engagement of social media using smartphones, increased focus on the market and competitive intelligence, and need of social media measurement to enhance the customer experience are the key factors driving the growth of this market.
APAC is expected to grow at the highest CAGR during the forecast period. APAC is the fastest-growing market for social media analytics solutions. The rising awareness about the increase in business productivity, supplemented with competently designed social media analytics solutions, offered by the vendors present in this region, has led APAC to emerge as a highly potential market. Moreover, the increasing penetration of mobile devices and the influx of global players, along with the emergence of native players, are contributing to the growth of the market. As a result, APAC holds a significant share of the overall social media analytics market.
The vendors providing social media analytics software and services include
• Salesforce (US)
• Oracle Corporation (US)
• SAS Institute Inc. (US)
• Adobe Systems Incorporated (US)
• International Business Machines Corporation (US)
• GoodData Corporation (US)
• Brandwatch (UK)
• Clarabridge, Inc. (US)
• Digimind (US)
• Crimson Hexagon, Inc. (US)
• Sysomos (Canada) and many more..
The cloud-based deployment model is witnessing an increasing demand due to its cost-effectiveness and easy availability. Cloud-based solutions require less physical setup, incur low maintenance costs, and provide 24/7 accessibility from anytime, anywhere. Due to advancements in cloud technologies, cloud-based deployments are expected have a high growth rate, as compared to the on-premises deployment. Moreover, cloud-based solutions provide agility and flexibility in use.
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