The Social Media Listening Market size is expected to grow from USD 7.41 billion in 2023 to USD 14.21 billion by 2028, at a CAGR of 13.90% during the forecast period (2023-2028).
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.
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. The following are some recent market developments:
In March 2023, Digimind introduced the first social listening solution, which combines two robust artificial intelligence engines to provide consumers with complete insight into their online presence. The system combines Digimind AI Sense and OpenAI ChatGPT, providing a streamlined method for gathering, analyzing, and acting on online discussions. DigimindAI Sense is the operation's data scientist, recognizing peaks and supplying consumers with the required information. Meanwhile, ChatGPT summarizes the data findings as the business analyst.
In September 2022, Khoros, a customer engagement software and services firm, and Talkwalker, a consumer intelligence and deep listening startup, announced a collaboration to provide brands with world-class social media management, intelligence, and deep listening. The strategic partnership will provide businesses with the necessary resources to sync with market trends and audience movements, from insights to action. Khoros consumers now have access to in-depth insights due to deep listening. Customers of Talkwalker also have access to a complete social media management system that includes tools for taking action on insights at scale and the capability to engage with and meet customers wherever they are active.
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