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.
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.
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