Increasing demand for real-time insights and actionable data is expected to drive market expansion shortly at a CAGR of 11.50% during the forecast period 2023 to 2032

Market Research Future (MRFR) has published a cooked research report on the Social Media Listening Marketthat contains information from 2018 to 2032. The social media Listening Market is estimated to register a CAGR of 11.50% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Social media Listening Market— Salesforce, Oracle, SAS Institute, Hootsuite, Brandwatch, Clarabridge, Talkwalker, International Business Machines Corporation, Meltwater, Crimson Hexagon, MarketMuse, Digimind, and Adobe Systems.

Market Highlights

The global social media listening market is accounted to register a CAGR of 11.50% during the forecast period and is estimated to reach USD 9.64 billion by 2032.

Social media listening involves the collection of data from popular platforms such as Twitter, Facebook, and Instagram, which is then analyzed to extract insights into customer sentiment and behavior. The information obtained is instrumental in fostering customer relationships, assessing customer satisfaction, and guiding overarching business strategies. As awareness of the extensive benefits of social media listening has grown among organizations, there has been a corresponding surge in the demand for dedicated and specialized tools. This increased demand is a key driver propelling the growth of the social media listening market.

Segment Analysis

The global Social media Listening Market has been segmented based on the Solution, Application, and End-user.

Based on the Solution, the market is segmented into text analytics, sentiment, influencer identity & relationships, media intelligence, network & trends analysis tools, and others. The text analytics segment was attributed to holding the largest market share in 2022. The prolific output of textual data on popular social media platforms such as Twitter, Facebook, and Instagram presents a formidable challenge for enterprises. Managing and distilling meaningful insights from the extensive volume of text generated daily necessitates sophisticated solutions.

Based on the Application, the social media Listening Market has been segmented into market research, customer experience management, competitive intelligence, brand monitoring & governance, and others. The customer experience management segment was expected to hold the largest market share in 2022. In the current business landscape, there is a noticeable trend of companies embracing customer-centric methodologies, where the paramount focus is on comprehending and fulfilling customer expectations. Social media, serving as an expansive platform, allows customers to promptly articulate their viewpoints, provide feedback, and share real-time experiences. Within the Customer Experience Management (CEM) domain, businesses strategically utilize social media listening tools to glean valuable insights into customer sentiments and preferences.

Based on the End-user, the social media Listening Market has been segmented into BFSI, government & public agencies, retail & consumer goods, healthcare, IT & telecom, media & entertainment, and other sectors. The IT & telecom segment was expected to hold the largest market share in 2022. In the realm of Information Technology (IT) and Telecommunications, the vitality of brand image and reputation is paramount. Organizations within this sector leverage social media listening tools to oversee discussions about their brand, products, and services. Through proactive management and responsive engagement with online dialogues, companies can actively shape and uphold a favorable brand perception.

Regional Analysis

The global Social media Listening Market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of the US and Canada. The European social media Listening Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Social media Listening Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Social media Listening Market comprises of Middle East, Africa, and Latin America.

The largest market share for the social media Listening Market was maintained by the North American regional sector. In the mature and technologically advanced North American market, there has been extensive integration of social media listening tools. As reported by the Social Intelligence Lab, over 80% of survey respondents utilize more than one social listening tool, with one-third investing over $100,000 in their social listening stack. Interestingly, despite substantial investments in social listening technology, more than half of the respondents frequently find themselves needing to manually analyze social data outside of the tool. This trend is indicative of businesses in diverse sectors, such as retail, finance, healthcare, and technology, recognizing the significant value in extracting actionable insights from social media data.

Moreover, the Europe market has been persistently growing over the forecast period. Europe has experienced a notable upswing in digitalization, witnessing increased online engagement from both businesses and consumers. In the year 2022, 70% of all EU businesses achieved a fundamental level of digital intensity. The digitalization rate for Small and Medium-sized Enterprises (SMEs) was 69%, which is approximately 20 percentage points below the EU's 2030 target. In contrast, large businesses reached a significantly higher rate at 98%. Notably, large businesses exhibited a larger share of very high (30%) and high digital intensity (54%), whereas only 4% of SMEs demonstrated a very high level, and 27% displayed a high level of digital intensity. This surge in digital activity forms a closely intertwined relationship with the growth observed in the social media Listening Market, particularly as companies in various sectors, such as retail, finance, healthcare, and entertainment, expand their digital presence.

The Asia-Pacific social media listening market is experiencing substantial revenue growth, primarily driven by the widespread adoption of social media-based solutions across the region. Factors contributing to this growth include a vast user base, increased disposable income, and the growing prevalence of smartphones. According to GSMA, as of the close of 2021, the number of mobile internet users in Asia Pacific surpassed 1.2 billion, representing nearly 45% penetration of the population. Projections indicate that by 2025, there will be over 400 million 5G connections in the region, constituting just over 14% of the total mobile connections. These trends underscore the lucrative opportunities for businesses in the social media listening market within the Asia-Pacific region.

Furthermore, the rest of the world's Social media Listening Market is divided into the Middle East, Africa, and Latin America. The Middle East, Africa, and Latin America regions are currently undergoing a notable increase in their digital presence. The heightened accessibility and affordability of Internet services have resulted in a substantial uptick in online activities, particularly in social media engagement. DataReportal's findings reveal that five MENA nations feature in the Top 10 for social network adoption, with the United Arab Emirates (UAE), Bahrain, and Qatar leading globally in adoption rates. In response to this digital landscape, businesses are strategically employing social media listening tools to delve into these online spaces, extracting valuable insights into consumer behavior and emerging market trends.

Key Findings of the Study

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  The global Social media Listening Market is expected to reach USD 40.48 billion by 2032, at a CAGR of 11.50% during the forecast period.

  
  


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  The Asia-Pacific region accounted for the fastest-growing global market because, In the Asia Pacific region, governments are progressively acknowledging the significance of digital technologies. Social media listening tools can serve as valuable instruments for governments to assess public sentiments, comprehend citizen concerns, and acquire insights to inform the policymaking process.

  
  


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  Based on solution, the text analytics segment was attributed to holding the largest market in 2022, with an approximate market share of 55–60%.

  
  


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  Salesforce, Oracle, SAS Institute, Hootsuite, Brandwatch, Clarabridge, Talkwalker, International Business Machines Corporation, Meltwater, Crimson Hexagon, MarketMuse, Digimind, and Adobe Systems