Discover key consumer insights & market trends, design targeted campaigns, track brand awareness and reputation, developing an authentic, personalized brand experience, conceive new product/service ideas, leverage social influencer marketing, and competitor intelligence is positively affecting the market, thus fostering growth in the global Social Listening Software market.
Covid-19 Impact & Market Status
The social listening market during COVID-19 experienced positive effects. The COVID-19 lockout forced people to operate in work-from-home mode. Online purchases are more in demand. The demand for social listening tools will increase significantly in the coming years due to the fact that they are fed by consumer mentions of brands on various social media platforms and offer an overall sentiment about the brand, product, or rivals.
Cloud-based Social Listening is on the Rise
In deployment, Cloud-Based listening to sustain in the market over on premise as it is on-demand software which is easily available and accessible. They do not require hardware and software products purchased, installed, and maintained. Instead of having to purchase a costly license for each user, the cloud-based application would take data from several websites for analysis, requiring only one account per business.
SMEs to Promote the Growth of the Software
SMEs use social media monitoring and listening solutions to discover what clients are saying about their establishments, goods, or services. Social media listening and monitoring technologies make it simple for them to find important people who might serve as brand ambassadors for their business. Different strategies can be used by small and medium-sized organisations to leverage social media listening technologies. Analysing the brand image, competitors, market trends, etc. is a very economical way. They can keep an eye on their company by following hashtags that are relevant to them on Twitter or Instagram.
North American Region to Dominate the Market
North America is predicted to have the largest market for social listening software throughout the projection period. The second-largest market for social media listening and monitoring tools in Latin America, and during the projection period, this market is anticipated to develop at a CAGR of over 15%. The third-largest market for social media listening and monitoring technologies is predicted to be in Europe. The market for social media listening and monitoring technologies is anticipated to develop at the quickest rate in the Asia Pacific region. The market for social media listening and monitoring technologies is anticipated to be the smallest in the Middle East and Africa.
The need for Social Listening Software is to gather all of the data from numerous websites, including blogs, forums, and online communities. This makes it possible for businesses to spot both dangers from rivals and opportunities for audience participation. Tools for listening to and monitoring social media assist businesses to keep an eye on their presence on sites like Facebook, Twitter, Linked In, YouTube, etc. By evaluating data from these platforms, they provide business intelligence that aids them in comprehending the behaviour of new or existing customers, which they can then use for product development, marketing initiatives, etc.
It keeps clients in sync with the industry, rivals, and viewers. Data from social media is only valuable if it can be used. It gives brands access to multi-channel social listening data on demand. It handles the brand amid crises and is infinite, intuitive, and finds new audiences that could otherwise go unnoticed. It also maintains a watch on the brand's top rivals.
Utilizing social listening software tools strengthen client interactions and businesses are maximising the data available from social media in order to acquire real-time insights and boost sales. According to worldwide Big Data statistics, each person produced roughly 17 gigabytes of data every second in 2020 (data sets that are too huge to handle). Moreover, 2.5 quintillion bytes of data are generated daily by internet users. Companies will certainly have a lot of chances to predict trends, monitor competitor promotions, manage brands, and improve customer experience if the data is made public and used effectively.
Customers can learn about consumer demands, product feedback, brand loyalty, and rivals' marketing tactics via the social listening software sector. Additionally, it gives companies the ability to evaluate the efficiency of their communication strategies. The media monitoring software industry is focusing more on the requirements and satisfaction of its customers. As a result of technological advancements, which are more likely to raise demand globally, artificial intelligence-based monitoring systems are becoming more and more common.
The size & share of the Global Social Listening Software Market is predicted to grow to around $8.00 billion by 2029 with a compound annual growth rate (CAGR) of roughly 16.00% between 2022 and 2029.
The technique of creating, listening to, planning, evaluating, and interacting with information posted on social networks like Facebook, Twitter, LinkedIn, and Instagram is known as social media management. Businesses may save time, boost productivity, and reach the full potential of their audience by automating these operations. Additionally, businesses can use social media information, such as perceptions and expectations, to create strategies, track the activities of competitors, and enhance operational performance.
During the projected period, market growth is anticipated to be fueled by people all over the world using social media and digital platforms more often. Currently, government agencies and officials use social media platforms for a variety of purposes, including advertising, information dissemination, and other tasks that call for media monitoring software. Advanced social listening platforms have also been developed by a major player in the market.
Many users are now rethinking their social network activities and the security of their personal information as a result of data breaches that have disturbed them. However, there has been an increase in support for tougher laws and regulations, which will eventually address privacy concerns. The global market for social listening software is expanding at a faster rate due to rising investments in digital advertising, growing reliance on social media advertising tools to reach customers, increased focus on understanding customer preference for specific products, and expanding the trend of delivering personalized content based on current trends.
The major companies ranking on top in Social Listening Software Market- Keyhole, NetBase Quid, Brand24, Falcon, Socialbakers, Synthesio, Awario, Mention, Sprout Social, Meltwater, YouScan, Agorapulse, Talkwalker, Brandwatch, Oktopost, Mentionlytics, Sendible, Mediatoolkit, and Digimind are among all the well-established and emerging players.
Latest Innovations in Global Social Listening Software Market: a Snapshot
- According to Statista, Facebook is one of the more well-liked websites, along with services like WhatsApp, Facebook Messenger, Facebook, and Instagram.
- In May 2022, Synthesio, a leader in consumer insight powered by AI and social listening, announced a partnership with Twitter. Synthesio joins a select group of businesses that benefit from improved Twitter support, unmatched access to information on Twitter, and the chance to jointly build products that can benefit customer-focused brands even more. The business is excited to collaborate on new products and support Twitter's expansion as the consumer intelligence market powered by AI.
- In April, 2022, Digimind, a firm that develops market intelligence tools and a social listening platform powered by AI, teamed with Facelift. Through their strategic relationship, they are able to manage all social networks from a single location and keep an eye on the main factors affecting the reputation of their brands, allowing them to take strategic decisions in real-time.
Social Listening Software Market Scope
|Revenue forecast in 2029
|USD 8.00 billion.
|CAGR of 16.00% during 2019-2029
|Deployment Mode, Enterprise, Regions
|North America, Europe, Asia Pacific, Middle East and Africa, South America
|Key Players Profiled
|Keyhole, NetBase Quid, Brand24, Falcon, Socialbakers, Synthesio, Awario, Mention, Sprout Social, Meltwater, YouScan, Agorapulse, Talkwalker, Brandwatch, Oktopost, Mentionlytics, Sendible, Mediatoolkit
Key Segments of the Global Social Listening Software Market
Deployment Mode Overview (USD Billion)
Enterprise Size Overview (USD Billion)
- Large Enterprise
Regional Overview (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa
- South Africa