Social media is the holy grail for marketers. With hundreds of millions of users on various social media platforms, social media analytics market is booming. After a social media analytics market report published by Research and Markets, everyone just wants to have a share of it.
The future trends which predict social media analytics market up to 2022, has promised astonishing growth and forecasted key factors, like;
- Expected growth for sales and marketing management applications.
- Industries which will be benefitted most by using social media analytics.
- Future technologies for the market.
- Major growth factors.
Understanding these future trends can help you strategize your social media campaigns and make them more customer targeted. Interpreting user behavior on social media platforms still is the major concern for businesses, therefore you wouldn’t like missing out on this insightful forecast.
Keep an Eye on these Social Media Analytics Market Trends
Impact of social media is so huge that social media analytics can’t be ignored (can be better understood from the below infographics). Most marketers and companies today spend good money on getting relevant and reliable analytical user data for devising targeted social media campaign. Watch out for these social media analytics market trends:
- According to Research and Markets’ report, social media analytics market is expected to grow up to the US $ 9.54 billion by 2022. It is presently a US $2.71 billion market. This exponential is already on a rising trend and is likely to go higher in next 5 years.
- The market is pegged at 28.6% Compound Annual Growth Rate (CAGR), which is quite promising.
- Factors like innovation in the market and competitive intelligence, more user engaging on social media over a smartphone, etc, will contribute to this growing trend.
- Due to this uptrend, sales and marketing management application are likely to dominate the software consumption in the industry.
- Most of the operations in social media analytics market will float on cloud based application ensuring optimum flexibility for users and service providers.
- During this upward drift, retail and e-commerce industry is expected to be the major beneficiaries.
Most marketers will keep a close eye on further developments in this market. Also, businesses who heavily rely on social media analytics must be watchful of the update from major social media analytics providers like Buffer, Google Analytics, TweetReach, SocialRank, BuzzSumo, etc. Let’s wait and watch till 2020.
If you have other inputs that bolster this prediction, share with us in the comment section.
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