Social Media Analytics Expected to Grow at CAGR of 34.5 Percent
With consumers spending so much of their daily time on the Web, it is no surprise that brands have taken to the channel to reach as many consumers as possible. However, in order for brands to know how successful they are on social networks they need analytics.
According to a new MarketsandMarkets report, titled “Social Media Analytics Market by Components, Data Sources, Users – Market Forecasts and Analysis (2014-2019),” more brands are going to leverage social analytics in the years to come which will cause the market to skyrocket to at a compound annual growth rate (CAGR) of 34.5 percent.
MarketsandMarkets states that while the social analytics market is worth $620.3 million this year it will quickly increase to $2.73 billion by 2019. During the same time period, North America is expected to account for the largest market size.
The report also dives into specific social analytics offerings from numerous companies including IBM, HP and Talbeau Software as well as analyzes specific social media websites such as Facebook, YouTube and Twitter for their market size and region specific predictions.