|By Business Wire||
|August 21, 2014 05:52 AM EDT||
Research and Markets (http://www.researchandmarkets.com/research/ll5l9s/global_social) has announced the addition of the "Global Social Media Analytics Market By Components, Data Sources, Users - Market Forecasts and Analysis (2014-2019" report to their offering.
This report forecasts the total Social Media Analytics market to grow from $620.3 million in 2014 to $2.73 billion in 2019, at a CAGR of 34.5% during the forecast period.
Social media analytics facilitate in-depth customer understanding that empowers brands to bond, relate, and cultivate relationships with consumers in significant and genuine ways, which can differentiate them from their competitors. Social media analytics allow brands to focus on the most profitable activities for the present and the future.
Social media analytics takes businesses forward to a deeper understanding of the financial and operational impact of all the marketing initiatives undertaken. This in turn leads to promoting suitable customer-centric marketing and branding decisions, and offers higher answerability.
Sharing the insights obtained from social media data powered by social media analytics enables better customer-centric decisions across the complete business, and in turn increases the impact in other divisions such as R&D, sales, operations, customer service, and even IT.
Another important aspect of social media analytics is to filter social networking data to separate out the noise, or the clutter, or the irrelevant from the useful data which is initiated by prioritizing marketing or business goals followed by sifting through, aligning, and extracting valuable insight.
To reach and retain maximum number of customers, brands should adopt a holistic approach wherein offline (call logs, transactions, customer service notes, and so on) as well as online or social media customer data are considered for analysis to obtain a cohesive, synthesized view of customer engagement.
On the basis of components:
- Services (Consulting, Integration, Support)
On the basis of data-source or social media platform:
- Others (Pinterest, Tumblr, Flickr, VK, Instagram)
On the basis of users:
- Small and Medium Businesses (SMBs)
On the basis of industry verticals:
- Banking, Financial Services and Insurance (BFSI)
- Consumer Packaged Goods (CPG)/Fast Moving Consumer Goods (FMCG)
- Healthcare and Pharmaceuticals
- Retail and Hospitality
- Telecom and IT
- Crimson Hexagon
- Simply MEAsured
- Tableau Software
For more information visit http://www.researchandmarkets.com/research/ll5l9s/global_social
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