Social Media Analytics-Based Insurance Market By Component (Tools, Service), By Deployment Mode (On-Premise, Cloud), By Enterprise Size (Large Enterprise, Small and Medium-sized Enterprises (SMEs)), By Platforms (Facebook, LinkedIn, Twitter, Instagram, YouTube), By End User (Insurance Companies, Government Agencies, Third-party Administrators, Brokers and Consultancies): Global Opportunity Analysis and Industry Forecast, 2021-2031
Social media analytics (SMA) refers to the approach of collecting data from social media sites and blogs and evaluating that data to make business decisions. Insurance companies can utilize social media analytics to compile, analyze, and act on data collected from online discussions on both professional and user-generated media sites.
Social media analytics are being used by insurance companies all over the globe to improve their services and product offerings and obtain meaningful insights into consumer attitudes. Furthermore, increase in social media traffic in recent years is a driving factor for rise in demand for social media analytics-based insurance market. In addition, it helps to find the target audience and improves customer experience. However, complexities in the analytical workflow hampers the growth of the market such as, data identification, parameter setup, business rule definition, data preparation, execution, data modelling, and visualization. On the contrary, increase in adoption of cloud and AI based technology and technological advancements in the field of social media analytics are projected to provide major lucrative opportunities in the growth of the market.
The social media analytics-based insurance market is segmented on the basis of component, deployment mode, enterprise size, platform, end user, and region. By component, it is segmented into software and services. By deployment mode, it is bifurcated into on-premises and cloud. By enterprise size, it is segregated into large enterprises, and small and medium-sized enterprises (SMEs). By platform, the social media analytics-based insurance market is segmented into Facebook, LinkedIn, Twitter, Instagram, and YouTube. Facebook segment is further sub segmented into customer relationship management (CRM), predictive analytics, and credit scoring. The customer relationship management (CRM) is further divided into customer profiling & risk analysis, underwriting, and policy servicing. By end user, the social media analytics-based insurance market is segmented into insurance companies, government agencies and third-party administrators, brokers and consultancies. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA
The report analyzes the profiles of key players operating in the social media analytics-based insurance market such as Adobe, Brandwatch, Cision U.S. Inc., Clarabridge, Digimind, GoodData Corporation, Hootsuite Inc. International Business Machines Corporation, Meltwater, Netbase Quid, Inc., Oracle, Salesforce, Inc., SAS Institute Inc., Sprout Social Inc., Talkwalker Inc., Kazee Indonesia and ViralStat.com. These players have adopted various strategies to increase their market penetration and strengthen their position in the social media analytics-based insurance industry.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the social media analytics-based insurance market analysis from 2021 to 2031 to identify the prevailing social media analytics-based insurance market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the social media analytics-based insurance market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global social media analytics-based insurance market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Component
Tools
Service
By Deployment Mode
On-Premise
Cloud
By Enterprise Size
Large Enterprise
Small and Medium-sized Enterprises (SMEs)
By Platforms
LinkedIn
Twitter
Instagram
YouTube
Facebook
By End User
Insurance Companies
Government Agencies
Third-party Administrators, Brokers and Consultancies
By Region
North America
U.S.
Canada
Europe
United Kingdom
Germany
France
Italy
Spain
Netherlands
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Adobe
Brandwatch
Cision U.S. Inc.
Clarabridge
Digimind
GoodData Corporation
Hootsuite Inc.
International Business Machines Corporation
Meltwater
Netbase Quid, Inc.
Oracle
Salesforce, Inc.
SAS Institute Inc.
Sprout Social, Inc.
Talkwalker Inc.
Kazee Indonesia
ViralStat.com
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