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Social media has received much attention due to it's real-time and interactive nature for political discourse, especially around election times. Recently studies have explored the power of social media platforms such as Twitter or Facebook, on recording current social trends and predicting the voting outcomes of an area. These social media generate a large amount of raw data that can be used in decision making for election predictions. This tremendously generated data is referred to as “Big data”. After scrutinized a lot of research work related to election prediction, a survey paper is presented in which every work related to election prediction using social media is incorporated. This paper is an attempt to review various tools, models, and algorithms used for the observation of campaign, discussion, prediction, and analysis of the election, and also suggest further tools and techniques for improvement.

The forecasting of election’s outcome remained prevailed in prominence from pre-historic times and is still a delightful topic of the current era. The predictions of election results have been started from traditional methods to economic indicators and now is being swung by social media especially sentimental analysis. The present studies discuss the election forecasting methods carried out in diverse nations by the number of researchers till now. Furthermore, different number of approaches for electoral prediction using social media and economic dimensions has been investigated based on previous literature work. The main focus of this work is to study and examine various techniques, methods and parameters used for election predictions in distinct areas. Finally, we suggest some intelligent techniques which will be based upon some parameters such as the development agenda, party type and religionism etc for further modification in election prediction system, so as to enhance the accuracy of political forecasting globally