According to a research conducted by ReportsnReports, the social media analytics market is predicted to grow from USD 2.71 billion in 2017 to USD 9.54 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 28.6%. That’s huge!
The key vendors profiled in the report are 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), Simply Measured, Inc. (US), Talkwalker Inc. (Luxembourg), Unmetric Inc. (US), Netbase Solutions, Inc. (US), Cision US Inc. (US), Simplify360, Inc. (India), Hootsuite Media Inc. (Canada), Meltwater (US), Germinait Solutions Private Limited (India), Socialbakers (US), Spredfast, Inc. (US), Sprinkler, Inc. (US), Lithium Technologies, Inc. (US), Synthesio (US), and Tableau Software Inc. (US).” – according to New Research Report at ReportsnReports “
An ever increasing userbase of smartphones and accessibility to internet has led to a sharp upsurge in the number of social media users over the last 5 years.
This has also led to an increase in the presence of brands on social media, constantly trying to reach their customers with interesting content, targeted advertising and to provide customer service. In fact, over the last 3 years, social customer support has become a must have for all companies. Customers are lazy and smart at the same time, nobody really has the patience to wait in queue over a phone call to get their queries resolved. Instead they complain on social media which comes with a fast response guarantee. This guarantee comes with the competition between brands trying to outperform each other to benchmark themselves as the most customer experience centric. With every new complaint, a brand’s reputation is at stake, considering the ease of content shareability and the reach each piece of complaint can have.
On top of all these functions, sits the need for social media analysis. This is specifically important to understand how your brand is performing and benchmarking yourself against your competitors. The metrics provided by a Facebook or Twitter is just bare minimum. Many SaaS based enterprise software companies have banked on this factor and started providing “Social Media Analytics” as a service, which over the years has be selling like hot cakes. Companies like Simplify360 work on multiple models like social listening and AI based data measurement to derive meaningful insights. These companies are also equipped with analytics teams, working on multi layered reports like brand analysis, industry reports and campaign reports. These reports provide extensive insights into how your content has performed, which ad is performing better, who are the people who saw your ads/participated in your campaigns and more, allowing you to align your marketing endeavours accordingly. Download the Food Tech Industry Report by Simplify360, to understand the segment better:
Why Social Media Analytics?
Social analytics, helps understand crucial details about your customer base and your prospects. It outlines the behaviour of your customers, their choices and preferences, the right time to post your content, the kind of content that is performing the best, the type of choices your competitors are making and more. According to a recent research, the Social Media Analytics industry is yet to see its highest growth and is expected to witness the same in 2017. In fact, the APAC region is forecasted to observe the highest growth rate during this forecasted period.
Social Media Analytics as a fully functioning segment, is highly applicable in a medium to larger sized company, however, doesn’t stay limited to it. If your company falls under this category and you still haven’t signed up for some ground-breaking reports, reach out to us today!