The global media monitoring tools market size is projected to reach USD 7.25 billion by 2028, exhibiting a CAGR of 13.2% during the forecast period. Fortune Business Insights™ shares this information in its report, titled “Media Monitoring Tools Market, 2021-2028”. As per the report, the value of the market stood at USD 2.74 billion in 2020. According to the data published by the Internet World Stats, the rate of internet penetration rate as of the first quarter of 2021 is registered at 64.7%. The increasing usage of the internet globally is projected to drive the market growth.
Market Registered 10.6% Growth in 2020 Backed by High Traffic on Social Media
Social Media had been flooded with users during the lockdowns enforced by governments worldwide for restraining the spread of the COVID-19 infection. For instance, Facebook has announced that in March 2020, the company observed a 50% hike in the usage of their messaging services. The sudden spike in usage has positively impacted the market. Our current findings suggest that the market experienced significant growth of 10.6% in 2020, and will register a market value of USD 3.04 billion in 2021.
What are the Report Highlights?
The industry analysis report offers a comprehensive overview of the Market and its major growth prospects such as drivers, restraints, challenges, and upcoming opportunities. It also throws light on the current industry trends, major developments, and other interesting insights useful for this market. It further discusses the nature of the market competition, list of players and their key strategies to stay put in the competition. Also describes the table of segmentation and the names of the leading segment with market figures. The report is provided on the company website. Finally, on the basis of geography, it is divided into North America, Europe, South America, Asia Pacific and Middle East and Africa. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.
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Rapidly Expanding Social Media User Base to Drive Market Growth
According, to the data presented by Data Reportal in 2020, the total number of internet users worldwide has reached 4.57 billion, with over 50% of the population using social media websites and applications. The rapidly surging usage of social media has encouraged users to adopt social media analytics tools, which is estimated to ultimately drive the growth of the market. In addition, the rapid surge in digital advertising in recent years is predicted to further enhance the demand for media monitoring tools.
However, growing distrust among users of leading social media companies regarding data privacy has negatively impacted the user-base. In addition, the platforms are often vulnerable to security breaches and fraud, which may restrain the Media Monitoring Tools Market growth in the coming future.
Evident Presence of Prominent Players to Enhance North America Media Monitoring Tools Market Share
North America is estimated to lead the Media Monitoring Tools Market during the forecast period. The increasing presence of prominent enterprises in the U.S. including Alphabet Inc. Oracle Corporation, and Hootsuite is predicted to enhance the market share in the region. In addition, early adoption of latest technologies and related trends in the region is anticipated to further increase the adoption of media monitoring services. The market value of the regional market stood at USD 0.96 billion in 2020.
The Media Monitoring Tools Market in Asia Pacific is estimated to showcase substantial growth in the coming years. The region comprises more than 50% of the active users’ base on social media, which is a great opportunity for brands to directly interact with their potential customers. This will boost the demand for social media tools in the region. In addition, the rising adoption of media tracking software in the region is predicted to further enhance growth and enhance demand for media monitoring tools.
Points Covered in The Report:
- The points that are discussed within the report are the major market players that are involved in the market. Such as manufacturers, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
- The complete profile of the companies is mentioned. And the market size,capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. The historical data from 2011 to 2017 and forecast data from 2019 to 2024.
- The market growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
List of Key Companies Covered in the Global Media Monitoring Tools Market:
- Alphabet Inc. (Google LLC) (California, United States)
- Oracle Corporation (California, United States)
- Brand24 (Florida, United States)
- Buffer (California, United States)
- Hootsuite (Vancouver, Canada)
- Cision Ltd. (Illinois, United States)
- SentiOne (Pomorskie, Poland)
- Sysomos Inc. (Toronto, Canada)
- Factiva (Dow Jones & Company) (New York, United States)
- Meltwater (California, United States)
- Sprout Social (Illinois, United States)
- Zoho Corporation (Tamil Nadu, India)
- Onclusive, Inc. (California, United States)
- Canva (Sydney, Australia