Selecting the right social media monitoring (SMM) tool has become a challenging task for organizations as SMM industry has branched out to embrace diverse technologies, data types, and numerous vendors confusing buyers. New tools and services are emerging continually, while already established SMM companies are frequently improving their products with new features and broader data coverage. In this study we provide a comprehensive view of the SMM market, product offerings, and business applications, to assist organizations in choosing and employing the SMM tools to best address their specific business goals.