The “Social Media Analytics Market by Component, Application (Sales and Marketing Management, Customer Experience Management, and Competitive Intelligence), Deployment Model, Organization Size, Industry Vertical, and Region – Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
The social media analytics market size is projected to grow from USD 3 billion in 2019 to USD 9.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 25.4% during the forecast period.
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The social media analytics market is driven by increased focus on competitive intelligence and increasing user engagement of social media using smartphones. However, rising numbers of users on various websites on social media platforms further contributes to the growth of the social media analytics market.
Services segment to grow at a higher CAGR during the forecast period
The social media analytic market by component is segmented into solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. The services considered in the report are professional services and managed services. Professional services are further bifurcated into consulting, and training and education. The growth of this segment can be attributed to the increasing deployment of the social media analytics software, which leads to the increasing the demand for pre- and post-deployment services, as these solutions require training, owing to technical complexities.
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Healthcare and lifesciences industry vertical to grow at the highest CAGR during the forecast period
The social media analytic market by vertical has been segmented into Banking, Financial Services and Insurance (BFSI), telecommunications and Information Technology (IT), retail and eCommerce, healthcare, media and entertainment, government and defense, travel and hospitality, others (education and research, transportation and logistics, and energy and utilities). A rise in competition among players across social media platforms and the emergence of a number of healthacre and lifescience players in the social analytics market space are factors projected to drive the growth of this vertical.
APAC to grow at the highest CAGR during the forecast period
Asia-Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The region is becoming a new hotspot in the social media analytics market, due to rising investments in the process of using social media platforms across potential economies. Several Asian countries are leveraging on information-intensive data management technologies, and social media analytics is one of the leading technology trends. Companies have achieved a strong position in the social media analytic market due to their well-practiced strategy of increasing the customer base through acquisitions and partnerships with significant players in the market
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