Press release
Media Monitoring Tools Market Touched USD 2,367 million in 2020 and will grow at 13.6% CAGR during 2021-2028 |Size, Share, Growth & Report Forecast
Media Monitoring Tools Market
The Media Monitoring Tools Market was calculated around USD 2,367 million in 2020 and is expected to grow at a CAGR of 13.6% over the forecast period (2021-2028).
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/media-monitoring-tools-market-analysis-industry-research/
The factors driving the growth of Media Monitoring Tools Market includes increase in the use of social media platforms around the world, Government initiatives to promote digitalization and growing internet penetration rates. According to the report published by Statista, around 4.26 billion people were using social media platforms in 2021 and this figure is predicted to reach 6 billion by the end of 2027, which will accelerate the Media Monitoring Tools Market Size in the approaching years. Moreover, the integration of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT), increasing investments by leading players on research and development and rise in digital spending by companies worldwide, are some of the additional factors supplementing the Media Monitoring Tools Market Share. As per the data available at Statista, amount spent by organizations and Government worldwide was valued around USD 521.02 billion in 2021 and is estimated to reach USD 876 billion by 2026, which will boost the market growth in the approaching years.
However, the growth of Media Monitoring Tools Market is hindered due to high cost of procuring media monitoring tools.
The leading players operating in the market are Salesforce.com, Inc., Talkwaker Inc., Brand24 Global Inc., SentiOne, Hootsuite Inc., Alphabet Inc., Oracle Corporation, Cision Ltd., Mentionlytics Inc. and Zoho Corporation Pvt. Ltd., among others.
Based on Application, the Social Media Intelligence segment is projected to grow at a remarkable CAGR during the forecast period
Increasing use of media monit0irng tools to track social metrics such as brand awareness media traffic and competitors' campaign on social media, are some of the factors responsible for the growth of the segment.
Based on Industry Vertical, the Retail & Consumer Goods segment is anticipated to capture a sizeable market share over the forecast period
Rise in the number of social media users across the globe and growing presence of retail brands on social media platforms, are propelling the segment's growth.
Based on Region, the North American region is predicted to expand at a significant CAGR during the forecast period
Presence of the leading players such as Alphabet Inc., Salesforce.com, Inc. and Oracle Corporation, rise in the number of social media users, growing population growth rates, increase in spending on digital advertisement and high per capita incomes are some of the important factors augmenting he market growth in North America.
Key Development
In 2020, Hootsuite, Inc., introduced a new listening solution, Insights Powered by Brandwatch., which will allow businesses to elevate consumer intelligence by analyzing the most pertinent and complex conversations surrounding the brand.
Market Segmentation
Segmentation by Component
Software
Services
Segmentation by Enterprise Size
Large Enterprise
Small & Medium Enterprise
Segmentation by Application
Real Time Analytics
Customer Experience Management
Social Media Intelligence
Content Management
Others
Segmentation by Industry Vertical
Retail & Consumer Goods
Education
BFSI
Media & Entertainment
Telecommunication
Travel & Hospitality
Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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