Global Social Media Analytics Market is expected to grow at a CAGR of 25.8% during the forecast period from 2019-2026

As per the report published by Fior Markets, the global social media analytics market is expected to grow from USD 2.38 billion in 2018 to USD 14.96 billion by 2026, at a CAGR of 25.8% during the forecast period from 2019-2026.The North America region led the global social media analytics market with a market share of 31.18% in 2018.North America is witnessing significant developments in the social media analytics market. The high growth rate is due to the growing amount of data across verticals, increasing use of the big data technology, and rising investments by companies in real-time analytics.Asia Pacific (APAC) is anticipated to grow at the highest CAGR during the forecast period. Due to rising investments in the process of digitalization across potential economies, the region is becoming a new hotspot in the market.

"Social Media Analytics Market byComponent (Software and Services), Application, Deployment Model, Industry Verticaland Regions",and Global Forecast 2019-2026.

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Major players in the global Social Media Analyticsmarket are Adobe, Brandwatch, Cision, Clarabridge, Digimind, Hootsuite, IBM, Khoros, Meltwater, NetBase, Oracle, Salesforce, SAS Institute, Simplify360 and Talkwalkeramong others.Social media analytics is the practice of collecting data from social media websites and analyzing that data using social media analytics tools to make business decisions. Social media analytics is most commonly used to mine customer feelings to support marketing and customer service activities.Increasing user engagement of social media using smartphones and an increased focus on competitive intelligence are the major factors driving the growth of the market.However, lack of skilled expertise may hamper the market growth.

The type segment is divided intosoftware and services. The software component segment emerged as the leader in the global social media analytics market with a market share of around 67.5% in 2018 because of the rising adoption of social media analytics software by businesses to analyze consumer generated social media data. The application segment includesincludes sales and marketing management, customer experience management, competitive intelligence, risk management and fraud detection, public safety and law enforcement and others. The risk management and fraud detection segment is projected to grow at a higher CAGR of around 26.4% during the forecast period because of the ability of analytics tools to extract and analyze data from various data sources, providing opportunities for the identification and mitigation of fraudulent activities. The deployment model segment is divided intoon-premises and cloud. The cloud deployment model segment emerged as the leader in the global social media analytics market with a market share of around 68.10% in 2018 becausethe cloud segment offers benefits, such as cost effectiveness and scalability, which are anticipated to be instrumental in propelling the growth of the overall market. The industry vertical segment includesBFSI, telecommunications and IT, retail and ecommerce, healthcare and life sciences, government and defense, media and entertainment, travel and hospitality and others.BFSI segment is expected to grow at a higher CAGR of around 26.2%during the forecast period due to early adoption of social media analytics solutions to leverage consumer generate social media data. BFSI accounts for high adoption of social media analytics solutions in order to analyze competition, analyze customer feedback, identify business prospects, for overall understanding of the market.

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The massive upsurge in the number of social media users and the evolution from business intelligence (BI) techniques to advanced analytics techniques have lifted the adoption of social media analytics across the globe.Social media analytics companies face discrepancies in analytical workflow owing to high implementation efforts. Moreover, data analysis and customization is time-consuming highly complex. These are the major factors which may hamper the growth of the overall social media analytics market.

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