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.
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.
Best 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.
Increasing user engagement of social media using smartphones
The adoption of smartphones has increased drastically in recent times, mainly because of mobility and enhanced features, which enable the phone to be used as a mini laptop as well. It is expected that the adoption of smartphones would increase, especially between the age groups of 18–34. The increase in the use of smartphones and the creation of user-friendly social media platforms are expected to surge the amount of social media data generated. Earlier, social media analytics was only being used by advertisers to market their products. Nowadays, it is also used by large enterprises to create trends and understand the likes or dislikes of their customers or understand the topics which attract maximum attention in real-time. Hence, increasing user engagement on social media using smartphones is considered the most important driver for the growth of the social media analytics market.
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