The social media analytics market is rapidly growing, owing to the increased focus on market and competitive intelligence, the increased user engagement in social media channels using smartphones, and the need for social media measurement to enhance the customer experience. The global social media analytics market size is estimated to be USD 2.71 Billion in 2017 and expected to reach USD 9.54 Billion by 2022, growing at a Compound Annual Growth Rate (CAGR) of 28.6%.
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The social media analytics ecosystem comprises vendors, including International Business Machines Corporation (US), Oracle Corporation (US), Salesforce (US), Adobe Systems Incorporated (US), SAS Institute Inc. (US), Clarabridge, Inc. (US), Netbase Solutions, Inc. (US), Brandwatch (UK), Talkwalker Inc. (Luxembourg), GoodData Corporation (US), Crimson Hexagon, Inc. (US), Simply Measured, Inc. (US), Sysomos (Canada), Digimind (US), Unmetric Inc. (US), Cision US Inc. (US), Simplify360, Inc. (India), Hootsuite Media Inc. (Canada), Meltwater (US), Germinait Solutions Private Limited (India), Socialbakers (US), Spredfast, Inc. (US), Sprinkler, Inc. (US), Lithium Technologies, Inc. (US), Synthesio (US), and Tableau Software Inc. (US).
The players in the social media analytics market have adopted various strategies to expand their global presence and enhance their market shares. Partnerships, collaborations, new product launches, and acquisitions are some of the significant strategies adopted by the players in the recent years. Players such as IBM Corporation, Oracle Corporation, and Salesforce have adopted these strategies to expand their product portfolios.
Salesforce has undertaken partnerships and collaborations as its major development strategies to create a leading market edge. As a part of its organic growth strategy, in September 2016, Salesforce launched an application, Wave for the Financial Services Cloud. It provides solutions dealing with social media security and compliance issues, which provide new client opportunities, by enabling them to make real-time decision-making. As a part of its inorganic growth strategy, in June 2017, Salesforce joined YouTube to become the certified launch partner of its measurement program.
Oracle Corporation is another major provider of social media analytics software and services. The company has adopted organic and inorganic growth strategies to establish a strong foothold in the market. For instance, in April 2017, the company acquired Moat, Inc., a leading provider of digital measurement cloud solutions. Moat provides data and analytics through the Oracle Data Cloud in order to serve marketers and customers in a better manner. Additionally, Moat is expected to serve its old customers, including Facebook Inc., Snapchat, and YouTube as an independent platform inside the Oracle Data Cloud.