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.).
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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.
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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.