The global social media analytics market is expected to grow at a CAGR of more than 30 per cent from 2017 to 2021, according to new research from Technavio.
“Social media analytics involves the process of collating vast amounts of unstructured data and deriving meaningful business insights. These insights help the manufacturers in increasing sales, improving R&D, and formulating strategies for product differentiation. It also promotes brand loyalty and helps manufacturers to develop their products,” said Ujjwal Doshi, a lead analyst at Technavio for media and entertainment services research.
The research report titled ‘Global Social Media Analytics Market 2017-2021’ examines four industries: retail, government, media and entertainment, and travel and tourism.
Social media analytics is an effective marketing tool that helps the retailers analyse sales at various stages. The tools used by the retailers help in connecting with the audience and creating brand awareness.
“As of 2016, more than 90 per cent of the retailers across the world were active on social media networking websites such as Facebook, Twitter, and Google+. The retailers have realised the immense potential of the tools and include them in their marketing strategies,” said Doshi.
Government agencies use social media analytics tools to gather data from social networking sites such as Twitter, Facebook, blogs, and online reviews. These tools help governments in the continuous monitoring of data on a real-time basis.
For example, local politicians use social media analytics to gauge people’s response toward budget and policy proposals.
The media and entertainment industry uses social media analytical tools to improve marketing techniques, product promotions, and customer engagement. Social media analytical tools derive meaningful business insights from vast amounts of unstructured data.
The industry leverages social networks to deliver innovative content and interact with viewers beyond the regularly featured television shows.
Social media analytics is widely used for analysing and interpreting travel experiences. Public opinions posted on social media and blogs help the stakeholders in understanding the changing customer needs. The travel industry utilises online conversations that are extracted with the help of social media analytical tools.
In addition, social media analytics help performs an audience analysis that allows marketers to have a better understanding of the sentiments of the travelers and the investment pattern of the users. It also determines the growth of the industry by demography.
The top vendors highlighted by Technavio’s market research analysts in this report are: