Market Size of Social Media Listening Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 8.44 Billion |
Market Size (2029) | USD 16.19 Billion |
CAGR (2024 - 2029) | 13.90 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Social Listening Market Analysis
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).
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. Further, 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.
- According to Meltwater's survey report on the state of social listening in the previous years, based on more than 650 survey responses from various industry professionals, the company aimed to better understand how companies approach listening activities, how useful they believe such efforts are, and how they think they could be improved. According to survey results, over 61% of organizations have implemented a social listening system and are monitoring for keyword mentions. Almost 80% of brands aim to track brand mentions, with industry keywords and hashtags as the second most prevalent features. Fewer firms follow relevant thinking leaders in their area or employee mentions; this likely suggests that most businesses do not look to display their thought leaders externally, which would naturally place more attention on this component.
- Further, according to the social intelligence lab social listening report of the last year, which polled over 350 social listening professionals worldwide, including those from the United States, the United Kingdom, and countries in Europe, Asia, the Middle East, and Latin America, over 80% of respondents utilized multiple social listening tools. One-third spend more than USD 100,000 on their social listening stack. Most respondents (55%) also stated that they utilize two or three tools. Less than 20% of people exclusively use one tool for their social intelligence needs.
- Government bodies are adopting social listening solutions to analyze situations much faster. For instance, in September last year, 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.
- Further, many well-known brands already use social listening to fuel product creation. L'Oréal, 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'Oréal incorporates social listening into some essential brand choices. When L'Oréal 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 on these sites is to join as an individual and observe. Further, 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.
Social Listening Industry Segmentation
Social listening involves analyzing conversations and trends relevant to the user's brand. These include discussions about the user's firm, competitors, and the industry at large. The information gleaned from these discussions is used to make sound marketing decisions.
The social media listening market is segmented by industry vertical (BFSI, Retail and e-commerce, IT & Telecom, media & entertainment, and other industry verticals) and geography (North America, Europe, Asia Pacific, and the rest of the world). The market sizes and forecasts are provided in terms of value in USD billion for all the above segments.
By Industry Vertical | |
BFSI | |
Retail & E-commerce | |
IT & Telecom | |
Media & Entertainment | |
Other Industry Verticals (Education, Travel & Hospitality, Healthcare etc.) |
By Geography | |
North America | |
Europe | |
Asia-Pacific | |
Rest of the World |
Social Media Listening Market Size Summary
The social listening market is poised for significant growth, driven by increasing investments from businesses and government bodies in social media listening tools. As brands strive to understand customer behavior and preferences, social listening has become an essential strategy for engaging with target audiences and staying competitive. The rise in social media usage globally, coupled with the need for businesses to adapt to rapidly changing consumer trends, is propelling the adoption of these tools. Companies like L'Oréal and Taco Bell exemplify how social listening is integrated into product development and customer service strategies, respectively, highlighting its importance in shaping brand decisions and enhancing customer interactions.
The market landscape is characterized by a fragmented environment with numerous players such as Talkwalker, Brandwatch, and Meltwater, who are actively investing in strategic partnerships and product innovations to capture market share. The demand for social listening solutions is further fueled by the increasing number of social media users and the proliferation of digital platforms, which offer vast amounts of data for analysis. Despite challenges like data privacy and platform restrictions, the market continues to expand, with organizations leveraging social listening for various applications, including digital advertising, product development, and public health monitoring. The ongoing advancements in AI and machine learning are also enhancing the capabilities of social listening tools, providing deeper insights and more effective engagement strategies.
Social Media Listening Market Size - Table of Contents
-
1. MARKET INSIGHTS
-
1.1 Market Overview
-
1.2 Industry Attractiveness - Porter's Five Forces Analysis
-
1.2.1 Bargaining Power of Suppliers
-
1.2.2 Bargaining Power of Consumers
-
1.2.3 Threat of New Entrants
-
1.2.4 Threat of Substitute Products
-
1.2.5 Intensity of Competitive Rivalry
-
-
1.3 Technology Snapshot
-
1.4 Assessment of the Impact of COVID-19 on the Market
-
-
2. MARKET SEGMENTATION
-
2.1 By Industry Vertical
-
2.1.1 BFSI
-
2.1.2 Retail & E-commerce
-
2.1.3 IT & Telecom
-
2.1.4 Media & Entertainment
-
2.1.5 Other Industry Verticals (Education, Travel & Hospitality, Healthcare etc.)
-
-
2.2 By Geography
-
2.2.1 North America
-
2.2.2 Europe
-
2.2.3 Asia-Pacific
-
2.2.4 Rest of the World
-
-
Social Media Listening Market Size FAQs
How big is the Social Media Listening Market?
The Social Media Listening Market size is expected to reach USD 8.44 billion in 2024 and grow at a CAGR of 13.90% to reach USD 16.19 billion by 2029.
What is the current Social Media Listening Market size?
In 2024, the Social Media Listening Market size is expected to reach USD 8.44 billion.