Social media intelligence platforms offer tools and solutions which allow enterprises to monitor social channels and conversations. A social media intelligence platform is used for social marketing, social selling, and enhanced social customer experience.
The driving factor for the social media intelligence platform is rise in social media penetration across the globe. Social media users have increased drastically due to growth in internet penetration. Globally, increase in social media usage from 2017 to 2018 is about is 13%. Saudi Arabia has the largest year-on-year increase in social media users. Additionally, social media is an effective marketing tool for companies. This factor is expected to boost the growth of the social media intelligence platform market over the forecast period. The emerging trend in the social media intelligence platform is adoption of artificial intelligence based platforms. Companies are adopting AI based intelligence tools for detailed analysis and image recognition.
The global social media intelligence platform market can be segmented based on solution, enterprise size, industry vertical, and region. The market can be categorized in terms of solution into software/tools and professional services. The software solution can be segmented into suite and standalone. The standalone software/tools solution can be divided into monitoring tools, data analysis and integrity, reputation management, customer relationship management (CRM), and others (competitive intelligence, marketing tools etc.). These tools help companies to monitor and improve online ratings and reviews. Additionally, the companies can enhance their customer experience. The professional services solution can be classified into installation & integration, support & maintenance, and consulting & training. In terms of enterprise size, the market can be segmented into small-medium enterprises (SMEs) and large enterprises. Large enterprise segment dominates the market and it is expected to continue its dominance over the forecast period. Based on industry vertical, the market can be segmented into BFSI, IT and telecom, manufacturing, retail, government, healthcare, media and entertainment, utilities, hospitality, agriculture, real estate & construction, education, defense and aviation, consumer goods, and others (legal, etc.).
Based on region, the global social media intelligence platform market can be segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa. Today countries around the globe have become proactive in adopting new technology. Use of the internet in developing countries and use of security, authentication, and payment solutions is on the rise. Governments are willingly investing in various technologies. According to a 2016 CIO survey, Asia Pacific has witnessed around 3% growth in technology spending. Moreover, expenditure on technology is growing substantially at a global level. Better economic conditions in developing regions are expected to further push growth to a new level in 2018.
Vendors in the social media intelligence platform offer perpetual and subscription pricing models. The subscription based pricing model is majorly preferred by companies. Companies in the social media intelligence platform market offer freemium and paid versions. The pricing depends on platform type (Facebook, Twitter, Reddit, Instagram, Tumblr, Google+, and YouTube.), plan type (basic, intermediate, and advanced etc). Companies are adopting innovative technology that makes work smarter and improves productivity. Companies in the social media intelligence platform market are focusing on expanding their business through strategic partnerships and collaboration. Merger and acquisition further increases competitiveness of the market. Due to growing penetration of internet and social media users, it is very easy for broadcasters to connect the audience to their TV shows via social media (Such as Facebook, Twitter, LinkedIn etc.). This factor encourages new players to enter the market and provide customized services. The competition in the market is high as the major players are engaged in acquiring smaller players to gain market share and to provide enhanced and customized solutions. However, it has been observed that startups these days have started to gain popularity.
The companies in the social media intelligence platform market focus on offering better customer experiences. Technological developments in networking also increases competitiveness. Key companies operating in the global social media intelligence platform market are Synthesio, Inc., Brandwatch, Hootsuite Inc., Zoho Corporation Pvt. Ltd., Agile CRM, Reputation.com, Sprinklr Platform, Sprout, Falcon.io, eClincher, Meltwater Software company, Awario, ForSight Platform, AgoraPulse, and others
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.