The goal of any business analytic tool is to analyze data and extract actionable and commercially relevant information that you can use to increase results or performance. Social media analytics is the process of gathering data from social media sites, blogs and other stakeholder conversations on digital media and processing into structured insights leading to more information-driven business decisions and increased customer centrality for brands and businesses. This process goes beyond the usual monitoring or a basic analysis of retweets or “likes” to develop an in-depth idea of the social consumer.
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Depending on the business objectives, social media analytics can take four different forms, namely, descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics.
Social media analytics is considered the basic foundation for enabling an enterprises to:
Execute focused engagements like one-to-one and one-to-many
Enhance social collaboration over a variety of business functions, such as customer service, marketing, support, etc.
Maximize the customer experience
Social media is a good medium to understand real-time consumer choices, intentions and sentiments. The most prevalent application of social media analytics is to get to know the customer base on a more emotional level to help better target customer service and marketing.
In terms of market share, North America is expected to continue its dominance during the forecast period. The early adoption of new and emerging technologies and the emergence of many social media analytics vendors in the region is expected to consolidate a majority of the revenues in the market. The Asia Pacific (APAC) region is expected to grow at the highest CAGR during the forecast period. The growing technology expenditures in countries, such as Australia, China, and India, and the demand for cost-effective analytical software and services among the Small and Medium-Sized Enterprises (SMEs) are expected to drive the market growth during the forecast period.
In 2018, the global Social Media Analytics market size was xx million US$ and it is expected to reach xx million US$ by the end of 2025, with a CAGR of xx% during 2019-2025.
This report focuses on the global Social Media Analytics status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Social Media Analytics development in United States, Europe and China.
The key players covered in this study
Market segment by Type, the product can be split into
Customer Segmentation and Targeting
Multichannel Campaign Management
Customer Behavioral Analysis
Market segment by Application, split into
Banking, Financial Services and Insurance (BFSI)
Telecommunications and IT
Media and Entertainment
Transportation and Logistics
Market segment by Regions/Countries, this report covers
Central & South America
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The study objectives of this report are:
To analyze global Social Media Analytics status, future forecast, growth opportunity, key market and key players.
To present the Social Media Analytics development in United States, Europe and China.
To strategically profile the key players and comprehensively analyze their development plan and strategies.
To define, describe and forecast the market by product type, market and key regions.
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This post was originally published on Info Street Wire