Though the best social media analytics software market has witnessed an enormous growth among various business applications, the complexities in the analytical workflow have restrained its adoption to some extent. There are a lot of new opportunities for this market, such as increasing popularity of influencer marketing techniques, the launch of new social media video apps, including TikTok and Samosa, and rising customer shifts to the Over The Top (OTT) platforms. These factors are expected to shape up the future of the social media analytics market. However, the complexity of data synchronization and continuous aligning with ever-changing social media trends are some of the challenges present in the social media analytics market.
The global social media analytics software market size is projected to grow from USD 3.6 billion in 2020 to USD 15.6 billion by 2025, at a CAGR of 34.1% during the estimated period. Key growth drivers of the market are an improved focus on competitive intelligence and the growing user engagement of social media using smartphones.
Cloud adoption is said to have improved in recent times as vendors are making use of Software-as-a-Service (SAAS) to deliver cloud computing solutions. Business users are always on the lookout to assure they are offering the most effective yet economical solutions. Cloud makes it possible to perform cloud computing, which provides the ability to outsource the operational IT work to another company.
North America is projected to hold the largest market size in the global social media analytics market, while Asia Pacific (APAC) is projected to grow at the highest CAGR during 2020-24. The region is becoming a new hotspot in the market, due to rising investments in the process of digitalization across potential economies. North America is the most important revenue contributor to the global market. The region is perceiving important developments in the social media analytics market. Due to the increasing use of the big data technology, growing amount of data across verticals, and rising investments by companies in real-time analytics can be attributed to high growth rate.
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