Social Media Listening Market Overview
Social Media Listening Market Size was valued at USD 15.2 Billion in 2022. The Social media Listening Market industry is projected to grow from USD 16.9 Billion in 2023 to USD 40.48 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.50% during the forecast period (2023 - 2032). The rising importance of data-driven decision-making, the integration of social media into business strategies, and advancements in artificial intelligence and machine learning technologies are expected to be significant market drivers for the Social media Listening Market.
Figure1: Social Media Listening Market, 2018 - 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Social Media Listening Market Trends
Growing popularity of AI-powered social media monitoring tools is driving the market growth
Market CAGR for social media listening is being driven by the growing popularity of AI-powered social media monitoring tools. A notable trend involves the widespread adoption of artificial intelligence (AI) capabilities for customer data analysis. Companies are strategically deploying AI-powered tools to streamline labor-intensive processes, including data collection, analysis, and report generation, thereby gaining profound insights into customer behavior.
Furthermore, there is a discernible inclination among a large segment of end-users towards cloud-based solutions, presenting significant opportunities in the social media listening market. Cloud solutions offer distinct advantages over conventional alternatives, including enhanced flexibility, scalability, heightened security measures, and notable gains in cost and time efficiency. Organizations are progressively transitioning to cloud-based solutions to glean valuable insights into customer preferences and optimize their strategic approaches. As a result, it is anticipated that throughout the projection period, demand for the Social media Listening Market will increase due to the growing popularity of AI-powered social media monitoring tools. Thus, driving the social media Listening Market revenue.
Social Media Listening Market Segment Insights
Social Media Listening Market Solution Insights
The global Social media Listening Market segmentation, based on Solutions includes text analytics, sentiment, influencer identity & relationships, media intelligence, network & trends analysis tools, and others. The text analytics segment dominated the market, accounting for 58% of market revenue (8.8 Billion). Given the dynamic and instantaneous nature of social media, businesses are compelled to swiftly monitor and respond to evolving trends and discussions. Text analytics tools play a pivotal role in facilitating real-time monitoring, empowering organizations to promptly address customer feedback, navigate potential crises, and seize advantageous opportunities. This capability ensures a proactive and responsive approach in the fast-paced environment of social media, contributing to enhanced strategic decision-making for businesses and organizations.
Social Media Listening Market Application Insights
The global Social media Listening Market segmentation, based on Application includes market research, customer experience management, competitive intelligence, brand monitoring & governance, and others. The customer experience management segment dominated the market, accounting for 58% of market revenue (8.8 Billion). Specifically tailored for customer experience management, these social media listening tools are equipped with sophisticated sentiment analysis capabilities. This entails the meticulous examination of the sentiment conveyed in social media mentions, reviews, and comments. The objective is to accurately gauge customer satisfaction levels and discern prevailing sentiment trends. This information assumes critical importance for businesses aspiring to elevate the quality of their products, services, and overall customer experience.
Figure 2: Global Social Media Listening Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Social Media Listening Market End-user Insights
The global Social media Listening Market segmentation, based on End-user includes BFSI, government & public agencies, retail & consumer goods, healthcare, IT & telecom, media & entertainment, and other sectors. The IT & telecom segment dominated the market, accounting for 60% of market revenue (8.8 Billion). The ubiquitous nature of social media serves as a primary channel for customers seeking support, expressing concerns, or providing feedback on IT and telecom services. The burgeoning growth observed in the IT and telecom segment of the social media Listening Market is propelled by the imperative to promptly address customer inquiries and issues. This approach not only ensures swift resolution but also contributes to heightened customer satisfaction and loyalty, aligning with the strategic objectives of businesses in this dynamic industry.
Social Media Listening Market Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The anticipated expansion of the Social media Listening market in North America can be attributed to several key factors. Prioritizing compliance with data protection and privacy regulations is a key focus in North America. As of 2023, nearly 30 states in the US have either enacted privacy protection laws or are in the process of considering drafts for passage, with five states having already implemented comprehensive policies. According to a report by Hyperproof, there has been a notable shift in organizational priorities, with 57% of surveyed entities planning to allocate more time to risk compliance management in 2023, compared to only 35% in the previous year. Social media listening tools are adapted to ensure that organizations adhere to regional and industry-specific regulations while extracting valuable insights from social media data.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: GLOBAL SOCIAL MEDIA LISTENING MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Social media Listening Market accounts for the second-largest market share as maintaining a positive brand image holds paramount importance for businesses operating in Europe. In 2021, 14.5% of small and medium-sized enterprises (SMEs) in Europe expressed an intention to increase spending on social media marketing, ranking it as the second most popular area for investment. Social data has evolved into an essential component of the toolkit for European marketers. A significant majority, over 50% of businesses in Europe, incorporate social data into their daily operations, with an additional 31% utilizing it every week. The strategic deployment of social media listening tools enables organizations to effectively monitor and oversee discussions concerning their brand, products, and services. Proactive engagement in online conversations plays a pivotal role in molding and safeguarding a positive brand reputation. Further, the German Social media Listening Market held the largest market share, and the UK Social media Listening Market was the fastest-growing market in the European region
The Asia-Pacific Social media Listening Market is expected to grow at the fastest CAGR from 2023 to 2032. The Asia Pacific region has witnessed a notable surge in e-commerce, propelled by the expansion of digital platforms and the growing dependence of consumers on online shopping. According to data from Invest India, during the fiscal year 2022-23, the Government e-marketplace (GeM) achieved its highest-ever Gross Merchandise Value (GMV) of $2011 billion. As of July 23, 2023, GeM has amassed a cumulative GMV exceeding 4.5 lakh crore since its inception. In this dynamic e-commerce landscape, social media listening tools play a pivotal role for businesses in the sector. They aid in comprehending customer feedback, managing online reputation, and ensuring competitiveness in the swiftly evolving digital marketplace. Moreover, China’s Social media Listening Market held the largest market share, and the Indian Social media Listening Market was the fastest-growing market in the Asia-Pacific region.
Social Media Listening Market Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Social media Listening market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Social media Listening industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Social media Listening industry to benefit clients and increase the market sector. In recent years, the Social media Listening industry has offered some of the most significant advantages to the business landscape, transforming the way organizations understand and engage with their target audience. Major players in the social media Listening Market, including Salesforce, Oracle, SAS Institute, Hootsuite, Brandwatch, Clarabridge, Talkwalker, International Business Machines Corporation, Meltwater, Crimson Hexagon, MarketMuse, Digimind, and Adobe Systems are attempting to increase market demand by investing in research and development operations.
Salesforce Inc., previously known as Salesforce.com Inc., is a leading provider of enterprise cloud computing solutions. The company's comprehensive Customer 360 Service platform encompasses a range of offerings, including customer data cloud services, marketing, automation, integration, commerce, and artificial intelligence. Salesforce delivers its solutions through a subscription-based service model, primarily utilizing direct sales channels and partnerships. Additionally, Salesforce allows third-party developers to create additional functionalities and new applications on its platform. Serving diverse industries such as financial services, manufacturing, healthcare, automotive, consumer goods, energy, education, media, nonprofit, retail, and technology, Salesforce operates globally, with a significant presence in the Americas, Asia-Pacific, Europe, and Africa. The company's headquarters is located in San Francisco, California, USA
Oracle Corp (Oracle) stands as a prominent provider of cloud-based solutions tailored for enterprises. The company's extensive portfolio includes database and middleware software, application software, cloud infrastructure software, and hardware systems. Oracle is recognized for delivering integrated cloud solutions, encompassing Infrastructure-as-a-Service (IaaS) and Software-as-a-Service (SaaS). The company engages in licensing for on-premises new software, updates licenses, and offers associated support solutions. Oracle strategically markets its solutions through independent software and hardware vendors, system integrators, and resellers. In addition to on-premises offerings such as hardware, servers, storage, networking, and industry-specific products, Oracle provides comprehensive support and services. Operating globally, with a presence in the Americas, Europe, the Middle East, and Asia-Pacific, Oracle's headquarters is situated in Austin, Texas, USA
Key companies in the Social media Listening Market include
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Salesforce
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Oracle
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SAS Institute
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Hootsuite
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Clarabridge
Social Media Listening Industry Developments
May 2023: On May 1, 2023, Bloomberg Government (BGOV), a prominent provider of news, data, and analytics for public affairs professionals, unveiled its latest real-time social media monitoring and analysis feature. This addition, complementing BGOV's trusted news and alerts, simplifies the process for customers to address pertinent policy issues across various social platforms, including Reddit, Twitter, and YouTube.
September 2022: On September 27, 2022, Khoros, a leader in digital-first customer engagement software and services, and Talkwalker, a leading company in consumer intelligence and deep listening, announced a strategic partnership. This collaboration aims to deliver a world-class social media management, intelligence, and deep listening experience. The unified experience merges the extensive intelligence of the Khoros and Talkwalker platforms, providing users with a seamless solution for social media management and listening.
Social Media Listening Market Segmentation
Social Media Listening Market Solution Outlook
Social Media Listening Market Application Outlook
Social Media Listening Market End-user Outlook
Social Media Listening Market Regional Outlook
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North America
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
| Report Attribute/Metric |
Details |
| Market Size 2022 |
USD 15.2 Billion |
| Market Size 2023 |
USD 16.9 Billion |
| Market Size 2032 |
USD 40.48 Billion |
| Compound Annual Growth Rate (CAGR) |
11.50% (2023-2032) |
| Base Year |
2022 |
| Market Forecast Period |
2023-2032 |
| Historical Data |
2018- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Solution, Application, End-user, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered |
The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Salesforce, Oracle, SAS Institute, Hootsuite, Brandwatch, Clarabridge, Talkwalker, International Business Machines Corporation, Meltwater, Crimson Hexagon, MarketMuse, Digimind, and Adobe Systems |
| Key Market Opportunities |
Growing preference for cloud-based solutions among a large number of end-users |
| Key Market Dynamics |
Rising penetration of smartphones |
Frequently Asked Questions (FAQ) :
The global Social media Listening Market size was valued at USD 15.2 Billion in 2022.
The global Social media Listening Market is projected to grow at a CAGR of 11.50% during the forecast period, 2023-2032.
North America had the largest share of the global market
The key players in the market are Salesforce, Oracle, SAS Institute, Hootsuite, Brandwatch, Clarabridge, Talkwalker, International Business Machines Corporation, Meltwater, Crimson Hexagon, MarketMuse, Digimind, and Adobe Systems
The text analytics segment dominated the market in 2022.
The IT & telecom segment had the largest share in the global market.
