Social Media Listening Market - Growth, Trends, Forecasts (2022 - 27)

Social Media Listening Market - Growth, Trends, Forecasts (2022 - 27)

The Social Media Listening Market is expected to grow at a compound annual growth rate (CAGR) of 11.48% during the forecast period. The rise in social media users primarily drives the market, and this trend is anticipated to continue over the forecast period.

Key Highlights

• The demand for the social media listening market is growing. Social Media Listening tools help enterprises to identify the conversations about their brand, product, or services going on across different social media platforms. These tools collect all this information from various sources, including online communities, blogs, forums, etc. This enables organizations to identify opportunities for engagement with audiences and threats from competitors.
• The use of laptops, desktops, mobile phones, and PCs with access to the internet has grown over time. This had a significant impact on social media platforms. Due to the development of digital technology, people have begun utilizing social media for communication, online shopping, and other social media-connected activities. These have prompted businesses to adopt social media analytics tools to understand users' needs and demands and the salability of their products. Most people are glued to social media since it is a great source of entertainment and news.
• Social Media Listening and monitoring tools help companies to monitor their presence on social media channels like Facebook, Twitter, Linked In, YouTube, etc. Large enterprises widely use the social media listening tool to listen, monitor, understand, and engage with customers. These tools help organizations track customer feedback on various channels like Facebook wall posts or tweets.
• Small and medium-sized businesses use social media listening tools in different ways since it is a cost-effective tool used to analyze the brand image, competitors, and industry trends; the demand for the social media listening market is growing. They can also monitor their business by tracking hashtags on Twitter or Instagram.
• During COVID-19 social media listening market was positively impacted. Due to the COVID-19 lockdown, people switched to work from home mode. The demand for online purchases increased. Since social listening tools feed on mentions of the brand by consumers across several platforms and provide a general sentiment about the brand, product, or competitors, the demand for the social listening tool will grow high in the future.

Key Market TrendsIncreasing demand for Cloud-based tools

• The cloud-based social listening tool is not just about tracking metrics. It’s about gaining insights into what customers want from the organization and helping them to address those needs. According to We Are Social data, In 2021, social media user numbers jumped by more than 13%. On average, more than 1.3 million new users join social media daily, equating to roughly 15½ new users per second. Sentiment analysis is critical in converting unstructured listening data into actionable insights. Since the cloud-based tool is used to manage the daily customer needs. The demand for the cloud-based social listening tool will grow.
• With sentiment analysis, basic social monitoring data can be analyzed in large quantities and given the context required to inform broader marketing decisions. Accurate sentiment analysis is a hard requirement for teams that want to use their listening tool to aid in audience, market, and product research. To provide precise sentiment analysis, cloud-based tools are used.
• The market players are following strategic acquisition and partnership as the key market strategy to develop new growth opportunities in the social media listening market.
• In recent years, many companies have expanded their business segment to enter the social media listening market. For Instance, Amazon links AWS the cloud-based computing division’s machine learning tools used for social listening and sentiment analysis.

North America to Hold Major Share

• According to Statista, Facebook has the most popular social media platform worldwide. Facebook runs various social media platforms such as WhatsApp, Facebook Messenger, Facebook, and Instagram. As of Q3 2021, around 3.5 billion cumulative monthly users joined social media. In spite of strong gains from high-growth regions, like Asia-Pacific, the United States remains the second-largest market for Facebook in terms of the number of users. Since the number of social media platform users is growing, The need for a Social media listening market will also grow moving forward.
• In 2021, Facebook was one of the most popular social media worldwide, recording 2.9 billion monthly active users. Almost 81.8% of Facebook audiences worldwide access the platform only via mobile phone. Facebook is not only available through a mobile browser as the company has published several mobile apps for users to access their products and services. For instance, As of Q3 2021, the four core Meta products were leading the ranking of most downloaded mobile apps worldwide, with WhatsApp amassing approximately six billion downloads.
• Statista states North America had the highest global social network penetration rate at 82%. However, in spite of Facebook's ubiquity, other social networking sites have also gained market share, especially among teenagers and young adults, through Instagram and Snapchat, both growing in popularity continually among young American internet users.
• Owing to such high participation of the population in different social media, companies such as Awario, Talkwalker, and Synthesio, have been deploying social media listening tool to generate insights and gain a better understanding of brands, which further guides the customers for decision-making.

Competitive Landscape

The Social Media Listening Market is highly competitive. Various players in the market are exploring new areas of AI capabilities to monitor real-time social media content. The companies also leverage strategic collaborative initiatives to increase their market share and profitability.

• May 2022 - Synthesio, a social listening pioneer and AI-enabled consumer intelligence leader, announced its partnership with Twitter. Synthesio joins an exclusive group of companies that receive enhanced Twitter support, unparalleled access to information across Twitter, and the opportunity to co-develop products that can deliver even more value to customer-centric brands. The company is looking forward to creating new offerings together and helping Twitter to grow in the role of the AI-enabled consumer intelligence market.
• April 2022 - Digimind, an AI-Powered social listening platform and market intelligence software company, partnered with Facelift. The strategic partnership enables them to centrally manage all social networks and monitor the key drivers of their brands' reputations to make informed decisions and take real-time strategic actions.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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