Social Media analytics is the way of collecting data from social media platforms and analyzing that data using tools to make business decisions.
And its big business.
Currently Social Media analytics is valued at $2.35 billion, but with increasing cloud adoption trends, focus on engaging existing customers and attracting new ones, and the increasing user engagement of social media, it’s expected to drive the market to $11 billion in just 6 years.
A new report by www.Reportlinkr.com has made the analysis looking at 28 countries including Australia and New Zealand.
The report looks at the advanced and predictive analytics techniques that are being applied holistically via a centralized “command centre” were companies can mine growing pools of unstructured data to deliver more timely and actionable insights.
The most general use of social media analytics is to mine customer sentiment to support marketing and customer service activities.
With the introduction of Cloud technology to companies it has provided a platform to deploy these solutions on global scale and at reduced cost.
Social media analytics is an efficient marketing tool that assists retailers in studying and analyzing sales at different stages.
North America held the largest market share owing to the increasing use of social media analytics and the availability of a large target audience.
It’s used widely from retailers, insurance companies, car companies and tech companies with some of the key players in social media analytics including Adobe, Digivizer, Netbase Solutions, Oracle, Salesforce, SAS, Simply Measured, Google and Talkwaker.