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Social Media Analytics Market Growing at a CAGR of 28.6% During 2017 to 2022 Says a New Research Report at ReportsnReports

 

The social media analytics market is forecast to reach $9.54 billion by 2022 from $2.71 billion in 2017 at a CAGR of 28.6% during (2017-2022) driven by the increased focus on the market and competitive intelligence, the increasing user engagement in social media using smartphones, and the need for social media measurement to enhance the customer experience.

In social media analytics market, the sales and marketing management application is expected to record the largest market size in 2017. The need to analyze unstructured data to understand customer behaviours and detect the trend is expected to drive the sales and marketing management application in the global social media analytics market. Advanced analytics, such as predictive and descriptive analytics proved to be beneficial to analyze the historical and real-time data, and to build effective marketing strategies by identifying the market trends. Predictive analytics helps predict the sales figures and take necessary actions proactively.

The growth of the social media analytics market in APAC has started to gain momentum and is expected to witness the highest growth rate in the next few years. Asia Pacific (APAC) is projected to grow at the highest rate during the forecast period. The rising need to generate insights from the social media data, supplemented with competently designed social media analytics solutions offered by the vendors present in this region, have led APAC to become a highly potential market. This region is witnessing an increasing demand for cloud-driven social media analytics solutions.

The global social media analytics market growth is driven by the increasing user engagement in social media using smart phones and the need for social media measurement to enhance the customer experience. Complexities in the analytical workflow are the biggest restraint for the social media analytics market. Voluminous data generation through social media platforms, the increasing cloud adoption trends, and the high adoption rate of social media analytics solutions among the Small and Medium-Sized Enterprises (SMEs) are expected to create opportunities for the growth of this market.

This article was originally published on markets.businessinsider.com and can be viewed in full

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