Rise is the use of cloud-based solutions and the demand for reliable competitive analysis have fueled the growth of the global media monitoring tools market.
PORTLAND, Ore., September 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 ‘ published (Print Media Surveillance, Social Media Surveillance, Broadcast Media Surveillance, Online Media Surveillance, Other), by Industry Vertical (BFSI, Healthcare, Media & Entertainment, Retail & E-Commerce, IT & Telecom, Other): Global Opportunity Analysis and Industry Forecast , 2021-2031”. According to the report, the global media monitoring tools industry has been hooked up $3.4 billion in 2021 and is expected to be achieved $13.7 billion to 2031 and growing at a CAGR of 15.1% from 2022 to 2031.
Drivers, Limitations and Opportunities
Rise is the use of cloud-based solutions and the demand for reliable competitive analysis have fueled the growth of the global media monitoring tools market. However, high service costs for initial deployment and privacy concerns are hampering market growth. On the contrary, developments in AI and machine learning technologies would open up lucrative opportunities in the future.
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- The media monitoring tools market has been positively impacted during the pandemic due to the sudden surge in digital and online presence during the lockdown period.
- Strict social distancing regulations imposed by the government forced people to stay indoors. As a result, several companies adopted the work-from-home culture and embraced cloud-based services. This in turn increased the demand for media monitoring tools.
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The service segment with the highest CAGR by 2031
By component, the service segment is estimated to register the highest CAGR of 16.4% during the forecast period, driven by the growing needs of large enterprises for large-scale data monitoring. 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 over the forecast period. This is due to the growing social media presence of modern business enterprises.
The on-premise segment accounted for the largest share
By deployment model, the on-premises segment held the largest share and contributed to more than half of the global media monitoring tools market in 2021 and is expected to continue its leading position during the forecast period. This is due to the need for more secure operation of on-premises media monitoring tools. However, it is estimated that the cloud segment will register the highest CAGR of 16.1% over the forecast period owing to the scalability and ease of large-scale deployment of the cloud-based media monitoring tools.
The SME segment is projected to have the highest CAGR by 2031
By company size, the SME segment is expected to register the highest rate at 16.3% during the forecast period, driven by the increasing innovation of SMEs driving investments in the media surveillance sector. However, the large enterprise segment dominated the market in terms of revenue in 2021, accounting for about three-fifths of global media monitoring tools due to the large-scale media exposure of large enterprises.
The online media watching segment is projected to register the highest CAGR by 2031
Due to the growing demand for online media monitoring and moderation services across various industries, the online media monitoring segment is expected to register the highest CAGR of 17.5% during the forecast period. However, the Broadcast Media Monitoring segment held the lion’s share in 2021, contributing almost a third to the global media monitoring tools market and is expected to maintain its dominance over the forecast period. This is due to the need to ensure the quality of information flowing through public broadcast channels.
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North America held the lion’s share
By region, the global media monitoring tools market is spanning North America held the largest share with almost two-fifths of the market in 2021 and is expected to continue its dominance during the forecast period. This is due to the high concentration of specialized data analysis and data mining providers in the region. However, the market is cross Asia Pacific is expected to register the highest CAGR of 16.9% over the forecast period due to the ongoing digital transformation of the region.
Important market participants
- Agility PR Solutions LLC
- BoomSonar Suite
- buzz capture
- Cision US Inc.
- Critical Mention, Inc.
- Hootsuite Inc.
- M brain
- melt water
- semantic power
- snap inc
- The Social Media Research Foundation
- Sprinklr, Inc.
- Talkwalker Inc.
- TV Eyes Inc.
- Ubermetrics Technologies GmbH
The report analyzes these major players of the global media monitoring tools market. These players have applied 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, business segments, product portfolio and developments of each market player
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