Social Media Analytics Software comprises a set of analytical tools that enable users to monitor, analyze, and create insights using data gathered from blogs and social media websites. The tools also include advanced analytical techniques, such as predictive, prescriptive, descriptive, and diagnostic analytics, to enable the collection, analysis, and interpretation of data across various social media platforms. The most common use of social media analytics software is to interpret customer sentiment in order to support marketing and customer service activities. It is also useful for understanding economic, social, or political trends online.
360Quadrants, the most granular comparison platform, has released a quadrant on Best Social Media Analytics Software to help businesses make quicker and more informed decisions. The quadrant has Sprout Social, HootsuiteInc, TalkwalkerInc, Twitter, and Zoho sharing space as Visionary Leaders. 360Quadrants are generated post analysis of companies (product maturity and company maturity). Quadrants will be updated every three months based on market and regional analyses and developments in Social Media Analytics Software. 360Quadrants also lists the 20 best companies in the Social Media Analytics Software space.
Social Media Analytics Quadrant Highlights
50+ companies offering top Social Media Analytics Solutions were analyzed, of which the top 30 companies were shortlisted and categorized on a quadrant under Visionary Leaders, Innovators, Dynamic Differentiators, and Emerging Leaders.
Agorapulse, ClarabridgeInc, Digimind, HootsuiteInc, Netbase Solutions, SEMrush, Sendible, Socialbakers, Sprinklr, Sprout Social, TalkwalkerInc, Twitter, and Zoho have been identified as Visionary Leaders, as they have established product portfolios and a robust market presence &business strategy.
Salesforce, Simply Measured Inc, and Meltwater have been identified as Innovators, as they have focused product portfolios and innovative business strategies, with which they are able to set new trends in the market.
Brand24, Brandwatch Technologies, Iconosquare, Linktr, Social Blade, Sotrender, Synthesio, Tailwind, Unified, and Youscanhave been recognized as Dynamic Differentiators, as they have strong business strategies but weaker product offerings as compared to other market players.
Tasqade GmbH, Khoros, and Mentionlyticshave been identified as Emerging Companies, as they have niche product offerings and decent business strategies which help them in having consistent growth.
360Quadrants conducts an in-depth SWOT analysis and accurately analyzes the companies considered for evaluation. This helps service providers learn about new opportunities and areas where they lag behind their peers. It also helps clients choose the most appropriate vendors for their requirements.
360Quadrants Scoring Methodology
The top companies in the Social Media Analytics Software market will be rated using the following methodology:
- A highly experienced team of researchers and senior analysts conducts extensive research to generate a list of vendors (competitors).
- A patent-pending algorithm is used to collect inputs from key stakeholders—industry experts, buyers, vendors, and 360Quadrants analysts—based on criteria for Product Maturity and Company Maturity.
- Criteria under Product Maturity include breadth and depth of product/service offering, product features and functionalities, product differentiation, and their impact on customer value.
- Criteria under Company Maturity include geographical footprint, partner ecosystem, financial stability, and client coverage or sector footprint.
- Approximately 30+ in-depth parameters will be considered for research into theSocial Media Analytics Software market. These parameters will be updated every six months to ensure the latest developments are taken into consideration.
- A weight is assigned to each stakeholder based on information gathered pertaining to the above criteria as well as inputs from stakeholders. These inputs follow the order of priority given below:
- Industry Experts
- 360Quadrants Analysts
- Vendors (Competitors)
- The inputs are analyzed, and a final rating is assigned to each vendor (competitor).
- After the finalization of ratings, each vendor is placed in the most relevant quadrant based on its score.
Social Media Analytics Market Overview
Though the best social media analytics software market has witnessed an enormous growth among various business applications, the complexities in the analytical workflow have restrained its adoption to some extent. There are a lot of new opportunities for this market, such as increasing popularity of influencer marketing techniques, the launch of new social media video apps, including TikTok and Samosa, and rising customer shifts to the Over The Top (OTT) platforms. These factors are expected to shape up the future of the social media analytics market. However, the complexity of data synchronization and continuous aligning with ever-changing social media trends are some of the challenges present in the social media analytics market.
The global social media analytics software market size is projected to grow from USD 3.6 billion in 2020 to USD 15.6 billion by 2025, at a CAGR of 34.1% during the estimated period. Key growth drivers of the market are an improved focus on competitive intelligence and the growing user engagement of social media using smartphones.
Cloud adoption is said to have improved in recent times as vendors are making use of Software-as-a-Service (SaaS) to deliver cloud computing solutions. Business users are always on the lookout to assure they are offering the most effective yet economical solutions. Cloud makes it possible to perform cloud computing, which provides the ability to outsource the operational IT work to another company.