According to a new report, published by KBV research, The Global Social Media Listening Market size is expected to reach $21.3 billion by 2031, rising at a market growth of 13.7% CAGR during the forecast period.
The social media listening market does face some challenges. A big challenge for organizations that do not possess the tools or the skills necessary to adequately analyze the massive amount of data generated by social networks is the vast number of data that is created. The quality of insights derived from social media listening heavily depends on the quality of data and the algorithms used to analyze it. Noise—irrelevant or non-actionable information—can often make it difficult for brands to extract meaningful insights.
The Brand Management segment is experiencing a CAGR of 11.5 % during the forecast period. The growing significance of reputation management and the requirement for firms to monitor public perception, track brand mentions, and mitigate potential crises are factors that can be ascribed to this growth. Social media listening tools allow companies to actively engage with consumers and build strong brand images, which became increasingly crucial as digital presence gained more significance during the pandemic and beyond.
The Software segment captured the maximum revenue in the Global Social Media Listening Market by Solutions in 2023, thereby, achieving a market value of $13.04 billion by 2031. Software solutions' ability to automate processes, provide real-time insights, and integrate seamlessly with existing business systems made them highly attractive to organizations seeking to enhance their marketing strategies and maintain brand reputation. Additionally, the growing adoption of cloud-based technologies facilitated greater accessibility and flexibility, further boosting the revenue share of the software segment.
The Retail & E-commerce segment is growing at a CAGR of 11.3 % during the forecast period. The segment's growth is driven by the need to understand consumer buying patterns, preferences, and feedback. Social media listening tools are extensively employed by retailers and e-commerce platforms to monitor consumer sentiment as well as identify emerging trends in order to enhance their offerings and personalize marketing efforts. The growth of online shopping during and after the pandemic also fueled demand for these tools to enhance customer engagement.
Full Report: https://www.kbvresearch.com/social-media-listening-market/
The North America region dominated the Global Social Media Listening Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $7.9 billion by 2031. The Europe region is anticipated to grow at a CAGR of 13.3% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 14.6% during (2024 - 2031).
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