The business of social media analytics has grown from a niche market to become a multi-billion dollar industry.
Social media analytics is the process of collecting, analyzing and presenting data about social media content. It includes measuring sentiment, volume, reach and engagement for specific posts or groups of users on various platforms like Facebook, Twitter etc. The goal is to help brands understand their customer base in order to make more informed decisions about marketing strategy and product development as well as engage with customers better using the channels they are most active on. Social research companies collect data by crawling public profiles on sites like Facebook, Instagram or Twitter so that you don’t have to do all that tedious work yourself!
The social media analytics market has grown steadily from 2016 to 2021. Social media analytics in healthcare is a new and developing sector. This has led to the advent of software technologies designed specifically for the healthcare sector, such as patient engagement platforms that offer personalized medication reminders or provide insights into populations suffering from chronic diseases. A surge in digital technology investments and the rapidly evolving needs of patients are driving these developments.
The social media analytics market is expected to reach USD 110.65 Billion by 2027 from USD 59.32 Billion in 2016, growing at a CAGR of 15.2% between 2016 and 2027.
Some of the major players in the social media analytics market are:
1. Kantar Media
4. Crimson Hexagon
7. Tribe Group
One of the key challenges that are hampering the growth of the social media analytics market is the lack of skilled professionals in the field. The shortage of talent for data-driven decision-making has made it difficult for companies to get access to accurate, timely, and actionable insights. This has forced firms to pay more for research on proprietary databases.
Another challenge faced by marketers is the difficulty in analyzing social media interactions across languages. There are no standardized measurement standards or social media monitoring tools available for this purpose which makes it harder for brands to measure their performance and reach across various platforms.