Social Media Analytics Market is a technique for gathering data from social or digital platforms and processing it to produce meaningful information that may be used in business decisions and to raise brand recognition among customers. These data can be used to analyze consumer sentiment for marketing and customer service purposes. One of the key drivers of the social media analytics market is the growing number of unstructured data. This vast amount of data aids the sales and marketing departments in evaluating the effectiveness of marketing initiatives, which improves corporate choices, customer experience, and satisfaction. As a result, businesses are increasingly using social media analytics to extract insights from unstructured data such as reviews, comments, blogs, tweets, Instagram, and other sources.
One of the primary driving factors for the market's growth is the enterprise's increased focus on obtaining competitive information.
Consumer mood, robust economic growth, increased disposable income, and other dynamic economic elements are driving businesses to use competitive intelligence evaluation to obtain a firm foothold in the market. On social networking platforms, there is a large volume of user-generated content that can be quickly accessible. Tourists, for example, choose restaurants based on Yelp reviews and ratings because the information is readily available on the Internet and can be accessed from anywhere. When Social Media Analytics Market content is integrated into a competitive intelligence framework, it leads to a slew of business benefits, including better decision-making and operational excellence.
Social Media Analytics Market: Taxonomy
By Application
Sales and Marketing Management
Customer Experience Management
Competitive Intelligence
Risk management and fraud detection
Public safety and Law enforcement
Others
By Analytical Type
Predictive Analytical
Prescriptive Analytical
Diagnostic Analytical
Descriptive Analytical
By Deployment Type
On-premises
Cloud-based
By Organization Size
Small and Medium Enterprises (SMEs)
Large Enterprises
By Industry Verticals
Banking, Financial Services, and Insurance (BFSI)
Telecommunications and IT
Retail and Ecommerce
Healthcare and Life Sciences
Manufacturing
Government and Defense
Energy and Utilities
Media and Entertainment
Travel and Hospitality
Transportation and Logistics
The Competitive Landscape of the Social Media Analytics Market
International Business Machines (IBM) Corporation, Oracle Corporation, Salesforce.com, Adobe Systems Incorporated, SAS Inc., Clarabridge, Inc., Netbase Solutions, Inc. (US), Brandwatch (UK), GoodData Corporation, Crimson Hexagon, Inc., Simply Measured, Inc., and Sysomos are some of the major players in the social media analytics market.
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