Social media analytics software comprises 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 common use of social media analytics software is to understand customer sentiment to support marketing and customer service activities. It is useful in understanding customers, based on or influenced by economic, social, or political happenings. The application areas have been widening with the recent implementations of public safety, law enforcement, and risk management.
Top 10 Social Media Analytics Software
- Oracle Social Cloud
- Salesforce Social Studio
- IBM CORPORATION
- Adobe Campaign
- SAS Customer Link Analytics
- Clarabridge Engage
- Digimind Social
Social Media Analytics Software Market Overview
Though the best social media analytics software market has witnessed an enormous growth among various business applications, the complexities in the analytical workflow have restrained its adoption to some extent. There are a lot of new opportunities for this market, such as increasing popularity of influencer marketing techniques, the launch of new social media video apps, including TikTok and Samosa, and rising customer shifts to the Over The Top (OTT) platforms. These factors are expected to shape up the future of the social media analytics market. However, the complexity of data synchronization and continuous aligning with ever-changing social media trends are some of the challenges present in the social media analytics market.
The global social media analytics software market size is projected to grow from USD 3.6 billion in 2020 to USD 15.6 billion by 2025, at a CAGR of 34.1% during the estimated period. Key growth drivers of the market are an improved focus on competitive intelligence and the growing user engagement of social media using smartphones.
Cloud adoption is said to have improved in recent times as vendors are making use of Software-as-a-Service (SaaS) to deliver cloud computing solutions. Business users are always on the lookout to assure they are offering the most effective yet economical solutions. Cloud makes it possible to perform cloud computing, which provides the ability to outsource the operational IT work to another company.
The competitive leadership mapping section provides information regarding key vendors offering Best Social Media Analytics Software and outlines the findings and analysis as well as rates them accordingly based on vendor performance within each evaluation criterion. The evaluation criteria are based on 2 broad categories, namely, Product Maturity and Company Maturity. Each category encompasses various parameters based on which vendors are evaluated. Parameters considered under Product Maturity include breadth and depth of product offering, product features & functionality, focus on product innovation, product differentiation and impact on customer value, and product quality & reliability. Parameters considered under Company Maturity include geographic footprint/presence in emerging markets, breadth of applications served, channel strategy and fit, the effectiveness of organic growth strategy, and mergers & acquisitions strategy.
The Social Media Analytics Software vendors are placed into 4 categories based on their performance and reviews in each criterion: “Visionary leaders,” “Innovators,” “Dynamic differentiators,” and “Emerging companies”.
Visionary leaders are the leading market players in terms of new developments such as product launches, innovative technologies, and adoption of growth strategies. This quadrant receives high scores for the most evaluation criteria. They have a strong service portfolio, a robust market presence, and effective business strategies across the world. Visionary leaders primarily focus on acquiring the leading market position through their strong financial capabilities and well-established brand equity.
Dynamic differentiators have established vendors with effective business strategies and market presence. However, they have a weak service portfolio. They focus on a specific type of technology related to the product.
Innovators demonstrate substantial product innovations compared with its competitors. They have a focused service portfolio. However, they do not have effective growth strategies for their overall business, and their geographical presence is low.
Emerging companies are the new players that provide value to diverse groups globally with a large group of suppliers, system integrators, end-users, and manufacturers that lead to the evolution of a new player.
North America is projected to hold the largest market size in the global social media analytics market, while Asia Pacific (APAC) is projected to grow at the highest CAGR during 2020-24. The region is becoming a new hotspot in the market, due to rising investments in the process of digitalization across potential economies. North America is the most important revenue contributor to the global market. The region is perceiving important developments in the social media analytics market. Due to the increasing use of the big data technology, growing amount of data across verticals, and rising investments by companies in real-time analytics can be attributed to high growth rate.