Rise is use of cloud-based solutions and demand for reliable competitor analysis have boosted the growth of the global media monitoring tools market.
PORTLAND, Ore., Sept. 13, 2022 /PRNewswire/ –Allied Market Research recently published a report, titled, “Media Monitoring Tools Market by Component (Software, Service), by Deployment Model (On Premise, Cloud), by Enterprise Size (Large Enterprises, SMEs), by Application (Print Media Monitoring, Social Media Monitoring, Broadcast Media Monitoring, Online Media Monitoring, Others), by Industry Vertical (BFSI, Healthcare, Media and Entertainment, Retail and E Commerce, IT and Telecom, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″. As per the report, the global media monitoring tools industry was pegged at $3.4 billion in 2021, and is estimated to reach $13.7 billion by 2031, growing at a CAGR of 15.1% from 2022 to 2031.
Drivers, restraints, and opportunities
Rise is use of cloud-based solutions and demand for reliable competitor analysis have boosted the growth of the global media monitoring tools market. However, high initial deployment service costs, and concerns regarding data privacy hinder the market growth. On the contrary, developments in AI and machine learning technologies would open lucrative opportunities in the future.
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- The media monitoring tools market was positively affected during the pandemic due to sudden surge in digital and online presence during the lockdown period.
- The strict social distancing regulations imposed by government forced people to stay at their homes. Thus, several companies adopted work from home culture and used cloud-based services. This, in turn, increased the demand for media monitoring tools.
Get detailed COVID-19 impact analysis on the media monitoring tools market:
The service segment to manifest the highest CAGR through 2031
By component, the service segment is estimated to register the highest CAGR of 16.4% during the forecast period, due to growing large-scale data monitoring needs of large enterprises. However, the software segment dominated the market in terms of revenue in 2021, contributing to nearly three-fifths of the global media monitoring tools market, and is expected to continue its dominance during the forecast period. This is due to growing social media presence of modern business enterprises.
The on-premise segment held the largest share
By deployment model, the on-premise segment held the largest share in 2021, contributing to more than half of the global media monitoring tools market, and is projected to continue its leading position during the forecast period. This is due to need for more secure operations of on-premise media monitoring tools. However, the cloud segment is estimated to register the highest CAGR of 16.1% during the forecast period, owing to scalability and ease in large-scale deployment of the cloud-based media monitoring tools.
The SMEs segment to showcase the highest CAGR through 2031
By enterprise size, the SMEs segment is projected to register the highest 16.3% during the forecast period, due to growing innovation of SMEs driving investments in the media monitoring sector. However, the large enterprises segment dominated the market in terms of revenue in 2021, accounting for around three-fifths of the global media monitoring tools industry, owing to large scale operations media presence of large enterprises.
The online media monitoring segment to register the highest CAGR by 2031
By application, the online media monitoring segment is anticipated to register the highest CAGR of 17.5% during the forecast period, due to growing need for online media monitoring and moderation services across different industries. However, the broadcast media monitoring segment held the lion’s share in 2021, contributing to nearly one-third of the global media monitoring tools market, and is expected to maintain its dominance during the forecast period. This is due to need to ensure the quality of information flowing through public broadcasting channels.
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North America held the lion’s share
By region, the global media monitoring tools market across North America
Major market players
- Agility PR Solutions LLC
- BoomSonar Suite
- Cision US Inc.
- Critical Mention, Inc.
- Hootsuite Inc.
- Snap Inc.
- The Social Media Research Foundation
- Sprinklr, Inc.
- Talkwalker Inc.
- TVEyes Inc.
- Ubermetrics Technologies GmbH
The report analyzes these key players of the global media monitoring tools market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player
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