The "Social Media Listening - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.

The Social Media Listening Market size is estimated at USD 8.44 billion in 2024, and is expected to reach USD 16.19 billion by 2029, growing at a CAGR of 13.90% during the forecast period (2024-2029)

The social media listening market is fragmented, with many prominent players such as Talkwalker, Brandwatch, Meltwater, Digimind, and other corporations continually spending on strategic partnerships and product development to increase market share.

Factors such as increased spending by firms on social media listening tools, government bodies' adoption of the tool, various brands incorporating social listening solutions to establish themselves as market players, and a rise in social media usage are some expected elements to propel the studied market.

Furthermore, any firm that wants to stay ahead of the competition must first understand its customers - who they are, how they behave, and what inspires them. One method to accomplish this is to immerse themselves in the most recent trends, demonstrating an understanding of what is happening. Social media listening is a technique that will help businesses connect with their target audience. It will assist the industry in listening to the voice of customers to understand how they communicate with one another and with brands.

Key Highlights

• Government bodies are adopting social listening solutions to analyze situations much faster. For instance, the World Health Organization (WHO) created a public health taxonomy to aid in infodemic monitoring and the creation of insights from monkeypox dialogues. The technical document outlines how social listening can be applied to monkeypox talks to yield informational insights for public health responses. Taxonomies are used to better organize and structure analytics, particularly when merging data sources of diverse quality and kind.
• Furthermore, many well-known brands already use social listening to fuel product creation. L'Oreal, for example, uses social listening to identify market trends and discover what consumers want. Although millions of brands rely on social listening to improve their goods, L'Oreal incorporates social listening into some essential brand choices. When L'Oreal was confronted with deciding which hair product to produce, they turned to social media to find the most promising trend. The organization investigated user-generated content and made its consumers' voices heard on social media.
• On the flip side, as each site has different privacy and data collection policies, social listening programs have limited access to data from some. Several prominent social networks also restrict data exchange. As a result, the tools for those platforms can only display a subset of the data they collect. These findings are based on insufficient data. Furthermore, private chat channels such as Discord, Clubhouse, and WhatsApp are inaccessible to social listening technologies. The only way to find out what's going on these sites is to join as an individual and observe. Furthermore, according to last year's Social Intelligence Lab social listening report, data accuracy and quality tend to be more of an issue for agencies (31% vs. 19% of brands). However, the need for an organizational-wide vision for social listening appears more difficult for brands (29% vs. 18% for agencies).
• The application of social listening approaches for humanitarian and health response, risk communication and community engagement (RCCE), and "infodemic" management increased unprecedentedly during the COVID-19 pandemic. While social listening for humanitarian and health objectives were not new, the pandemic drastically boosted its use because of the difficulties involved with in-person community participation when emergency public health and social measures (PHSM) were in effect. This increasing focus resulted in various social listening outputs created by humanitarian and health organizations and communicated through several Risk Communication and Community Engagement (RCCE) national, regional, and global spaces.

Rising Number of Social Media Users is Expected to Drive the Market

Social media users worldwide routinely share videos, messages, and links. The increased use of personalized feed-based apps in Europe will likely drive the number of social media users. Furthermore, the growing desire in India for encrypted and self-destructive messaging-based social apps is propelling the social media company's growth. Again, the rising demand for video chat services in Saudi Arabia is boosting business growth.

Furthermore, the ease of access to in-app purchase-based social networking apps is increasing their global appeal. Moreover, according to DemandSage, over 4.9 billion social media users will be worldwide in the current year. The typical social media user switches between 6 and 7 platforms every month.

Market Dynamics

Market Drivers

• Rising Number of Social Media Users
• Rising Need for Social Media Measurement to Enhance the Customer Experience

Market Challenges

• Lack of Standard Measures for Social Media Analytics
• Lack of a Single Solution to Manage the Increasing Unstructured Data

COMPETITIVE LANDSCAPE

• Talkwalker
• Brandwatch
• Digimind
• ListenFirst
• Meltwater
• NetBase Quid
• Sprinklr
• Synthesio
• Zignal Labs
• Awario
• Keyhole
• Mention
• Agorapulse
• Synthesio
• Mentionlytics

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