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.
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.