The social media analytics market size is projected to grow from US $3billion in 2019 to $9.4 billion by 2024, at a compound annual growth rate [CAGR] of 25.4% during the forecast period, according to Research and Markets (www.researchandmarkets.com).
The social media analytics market is driven by increased focus on competitive intelligence and increasing user engagement of social media using smartphones. However, rising numbers of users on various websites on social media platforms is further contributing to the growth of the social media analytics market, says Research and Markets.
The social media analytics market by component is segmented into solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. The services considered in the report are professional services and managed services.
Research and Markets says professional services are further bifurcated into consulting, and training and education. The growth of this segment can be attributed to the increasing deployment of social media analytics software, which leads to the increasing the demand for pre- and post-deployment services, as these solutions require training, owing to technical complexities, adds the research group.