Social Media Analytics Market to witness sizeable growth in revenue by USD 7.26 Bn through 2023-2027
The rising adoption of social media analytics to improve brand loyalty is driving the market to scale new heights with an expected revenue growth of USD 7.26 billion. It is estimated the market size is accelerating with a growth momentum at a CAGR of 23.29%. Usage of social media analytics to enhance brand loyalty, the increased use of social media for blogging, and the increased brand recognition related to social media are driving this level of market expansion.
In terms of manoeuvring through the growth drivers Promotions on several social media platforms increase brand loyalty because they provide an open channel of communication between the brand and its customers, which aids social media analytics tools in understanding consumer behaviour.
Snapshot of Social Media Analytics Market
An explosion of businesses is attempting to extract value from the vast amount of data available on these social media sites in the form of posts, emails, photos, product reviews, and other content, thanks to the increasing use of the Internet and social media platforms.
“As per the study, it has been found that 32% of global customers take product information, reviews, and suggestions through social media platforms before making a purchase. “
It also serves as a strategic means for organizations to expand their customer base, thus driving more demand and more market development for Social Media Analytics
SAS Institute Inc. offers social media analytics such as marketing cloud and account engagement issues as its key offerings. Through this segment, the company offers advanced.
Core Companies like Agorapulse SAS, Adobe Inc., Brand24 Global Inc, Cision US Inc., Digimind, GoodData Corp., International Business Machines Corp., Khoros LLC, Meltwater NV, NetBase Solutions Inc. are constantly enabling organizations with tools as organizations are researching and investing in tools, such as social media analytics, to extract meaning from this data and drive strategic business decisions.
