It is now clear that, the growing consumer space in social media is the primary fuel for the immense of the growth of the social media analytics market. The prominence of the social media analytics industry is attributed to the development of advanced analytics techniques, upsurge in the number of consumers in the internet and social media space.
Increasing smart-phone penetration, growing analytics industry, cheap internet availability are the driving factors for the growth.
According to Research and Markets the global social media analytics market was USD 2.28 billion in 2016 and is forecasted to reach USD 11.76 billion by 2022 at a CAGR of 31.42% for the period.
The firm also reveals that, the social media analytics market is primarily dominated by North America, and is predicted to continue its dominance. Europe follows America in terms of market share in social media analytics. However, the Asia-Pacific (APAC) region is predicted to grow at the highest CAGR.