Dublin, Oct. 31, 2022 (GLOBE NEWSWIRE) — The “Global Social Media Analytics Market: Analysis by Deployment Type (On-premises and Cloud), by Component (Services and Software), by Region Size and Forecast with Impact Analysis of COVID-19 and Forecast to 2027” Report has been added ResearchAndMarkets.com Offer.
The collection and evaluation of data from social networks such as Facebook, Instagram, LinkedIn and Twitter is referred to as social media analytics. Marketers often use it to track online conversations about products and companies. In 2021, the global social media analytics market was valued at US$5.41 billion and is expected to reach US$30.86 billion by 2027.
The growing popularity of mobile e-commerce, the need for improvisation in customer service, its cost-effectiveness, ease of availability, the increasing use of text analytics to improve customer experience, and the development of image analytics solutions will impact the demand for social media analytics in the years to come. The Social Media Analytics Market is anticipated to grow at a CAGR of 33.75% during the forecast period 2022-2027.
Market Segmentation Analysis:
- By Deployment Type: The report segments the global social media analytics market into two deployment types: on-premises and cloud. Cloud Social Media Analytics Market is expected to grow at the highest CAGR in the future as it is highly cost effective and can be used to store data and perform analytics thereby expanding the growth. The market would be driven by increased storage capacity, improved performance of the internet and further improvement in cloud services.
- By Component: The report segments the global Social Media Analytics market into two components: Services and Software. The Services segment held the maximum 65% share of the global social media analytics market. The increasing adoption of social media analytics across all major industries such as BFSI, Telecom & IT, Retail & eCommerce, Healthcare & Life Sciences,…
