Social Media Listening Market Size, Share & Trends Analysis Report By Solutions, By Application (Customer Experience Management, Sales And Lead Generation), By Vertical (BFSI, Retail & E-commerce), By Region, And Segment Forecasts, 2024 - 2030

Social Media Listening Market Size & Trends

The global social media listening market size was valued at USD 8.15 billion in 2023 and is expected to grow at a CAGR of 14.1% from 2024 to 2030. Social media platforms have become an integral part of people's daily lives, leading to a surge in online conversations. Increasing brand reputation management, customer experience management, and product development are primarily contributing to the growth of the market. Moreover, social media listening can help assess a brand's market share and identify competitors' strengths and weaknesses. By understanding competitors' strategies, brands can adjust their approach to stay competitive.

Social media listening provides valuable insights into customer needs and preferences, informing product development decisions. Moreover, social media listening helps identify target audiences and tailor marketing campaigns accordingly. Furthermore, the proliferation of social media platforms, including Twitter, Facebook, Instagram, LinkedIn, and TikTok, has expanded the scope of social media listening. Social media listening helps brands identify and address potential crises before they escalate. By analyzing customer sentiment, brands can gain insights into their reputation and identify areas for improvement.

Social media listening allows brands to gather valuable customer feedback and address their concerns promptly. Understanding customer preferences through social media listening enables brands to deliver personalized experiences. Social media listening helps identify emerging trends, market shifts, and consumer preferences. By monitoring competitors' social media activity, brands can gain insights into their strategies and performance. These factors have collectively driven the growth of the social media listening market, making it an essential tool for businesses seeking to understand and engage with their target audience.

Solutions Insights

The software segment led the market in 2023, accounting for over 64.0% share of the global revenue. The expansion of digital marketing initiatives requires robust social media listening tools to measure campaign effectiveness, understand audience behavior, and optimize marketing strategies. Social media listening platforms provide insights that help businesses tailor their marketing strategies and content better to meet the needs and preferences of their target audience. Therefore, companies are increasingly prioritizing customer experience and using social media listening platforms to track and improve customer satisfaction, engagement, and overall brand perception.

The services segment is anticipated to exhibit the highest CAGR over the forecast period. Outsourcing social media listening allows companies to focus on their core activities while leveraging external experts to manage and interpret social media data. Services help businesses navigate regulatory requirements and manage potential risks associated with social media engagement and brand reputation. Service providers often use advanced technologies and methodologies, such as AI and machine learning, to offer more accurate and in-depth insights, which drives demand for their services. Thus, the services segment is expected to have the highest CAGR in the forecasted period.

Application Insights

The brand management segment accounted for the largest market revenue share in 2023. Increased focus on brand reputation, market positioning, personalization and crisis management are primary drivers of the brand management’s segment market. Moreover, social media listening helps brands identify emerging trends and shifts in consumer preferences. This allows them to adapt their messaging and strategies to stay competitive in the market. Furthermore, monitoring brand mentions and sentiment during marketing campaigns helps assess their impact and effectiveness. This data is crucial for refining future campaigns and ensuring alignment with brand objectives.

The product development and innovation segment is anticipated to exhibit the highest CAGR over the forecast period. Social media listening provides valuable feedback and insights from customers about products and services. This information helps companies understand customer needs, preferences, and pain points, which can guide the development of new products or enhancements to existing ones. Companies can gather real-time feedback on product ideas, prototypes, and innovations from social media users. This feedback is crucial for refining concepts and making data-driven decisions.

Vertical Insights

The retail and e-commerce segment accounted for the largest market revenue share in 2023. Maintaining a positive brand image is crucial in the retail and e-commerce industry. Social media listening tools track brand mentions and sentiment, helping businesses manage their reputation and respond to any negative feedback effectively. By analyzing social media activity related to competitors, retail and e-commerce companies can gain insights into competitors' strategies, customer preferences, and market trends, helping them to refine their strategies. Retail and e-commerce businesses implement social media listening platforms to identify emerging trends and consumer preferences, which helps in stocking relevant products and creating targeted marketing strategies.

The travel and hospitality segment are anticipated to exhibit a significant CAGR over the forecast period. Managing online reviews and mentions is crucial for the travel and hospitality industry. Social media listening helps track brand sentiment and reputation, enabling businesses to handle negative reviews and boost positive perceptions. Moreover, by analyzing social media trends and discussions, travel and hospitality companies can identify emerging travel trends, preferences, and destinations, allowing them to tailor their offerings and marketing strategies accordingly.

Regional Insights

North America social media listening market dominated the global industry with a revenue share of over 40.0% in 2023. Numerous factors, such as increasing demand for real-time insights, advancements in AI and ML, and competitive pressures, are primary contributors to the growth of the North America social media listening market. Moreover, social media listening tools are increasingly integrated with CRM, marketing automation, and analytics platforms, offering comprehensive insights.

U.S. Social Media Listening Market Trends

The social media listening market in the U.S. is anticipated to exhibit a significant CAGR over the forecast period. The growing use of social media platforms among U.S. consumers necessitates robust monitoring and analysis tools. Moreover, companies prioritize engaging with customers and responding to feedback, which drives the need for real-time social media insights.

Europe Social Media Listening Market Trends

The social media listening market in Europe is expected to witness significant growth over the forecast period. European businesses are driven by stringent data protection regulations necessitating advanced tools to manage and analyze social media data responsibly. Moreover, Europe's diverse linguistic landscape requires advanced tools that can analyze and interpret multiple languages effectively.

Asia Pacific Social Media Listening Market Trends

The social media listening market in Asia Pacific is anticipated to register the highest CAGR over the forecast period. With growing competition in the region, companies leverage social media insights to gain a competitive edge and better understand market trends. Moreover, as the digital economy expands in APAC, businesses seek insights from social media to enhance their digital marketing strategies and consumer engagement.

Key Social Media Listening Company Insights

Key social media listening companies include Buffer, Digimind, and Hootsuite. Companies active in the social media listening market are focusing aggressively on expanding their customer base and gaining a competitive edge over their rivals. Hence, they pursue various strategic initiatives, including partnerships, mergers & acquisitions, collaborations, and new product/ technology development. For instance, in June 2024, Hootsuite Inc. announced the acquisition of Talkwalker, a social media listening platform provider, to increase its product offerings to customers. Hootsuite customers can expect to increase brand awareness and lead generation due to this acquisition.

Recent Developments

• In September 2024, Muck Rack acquired Keyhole, a social listening platform provider, to bring a social media listening platform to its customers. Muck Rack customers now have the option to enhance their plan with social listening capabilities. This addition allows them to effortlessly gain crucial insights into their brand's perception on various social media platforms. It will also aid in comprehending the interplay between social media and news coverage within the wider media landscape, all seamlessly integrated within the Muck Rack platform.

• In June 2024, Brandwatch, a social media listening platform provider, launched case Management in its social media suite. This advanced feature enables brands to evolve from managing their online community to providing full-scale customer support. This significant enhancement strengthens customer connections and elevates brand loyalty.

• In March 2024, Meltwater partnered with Social Factor, a global digital agency, to empower its clients to make the most of Meltwater's social analytics and social media management offerings while benefiting from Social Factor's offerings in social media operations and community management.

Social Media Listening Market Report Scope

Global Social Media Listening Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global social media listening market report based on the solutions, application, vertical, and region.

• Solutions Outlook (Revenue, USD Million, 2017 - 2030)

  • Software

  • Services

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Customer Experience Management

  • Competitive Benchmarking

  • Brand Management

  • Marketing Campaign Management

  • Sales and Lead Generation

  • Product Development and Innovation

  • Others

• Vertical Outlook (Revenue, USD Million, 2017 - 2030)

  • BFSI

  • Healthcare & life sciences

  • Retail & E-commerce

  • Government and Defence

  • Travel and hospitality

  • IT & Telecommunications

  • Media and Entertainment

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

  • Latin America

    • Brazil

  • MEA

    • UAE

    • South Africa

    • KSA