Media Monitoring Tools Market

Market Synopsis:

The Global Media Monitoring Tools Market was valued at USD 3.2 Billion in the year 2021 and is expected to reach a value of USD 7.8 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 15.90% over the forecast period.

The main elements most likely to increase industry demand globally are the growing quantity of technological developments, and the expanding acceptance of AI (Artificial Intelligence) based monitoring systems. Analytics teams and broadcasters may automate PR and marketing operations by integrating AI and machine learning technology into media monitoring platforms. Additionally, during the upcoming years, the industry demand will be driven by growing social platform adoption and increased digitalization in the global market.

Based on Enterprise Size, the Large Enterprise segment, which currently dominates the global market, is expected to continue to lead the market during the projected period. It is projected that the segments growth will be fueled by significant businesses' access to superior Information & Communications Technology (ICT) infrastructure and efficient business channels. In addition, over half of the population uses social media websites and applications, bringing the total number of internet users globally to 4.57 billion. Users have been motivated to embrace social media analytics solutions because of the rapidly expanding use of social media, which is anticipated to propel market expansion.

Additionally, it is anticipated that the current explosive growth in digital advertising will further increase the demand for media monitoring technologies.

Users' rising mistrust of prominent social media companies' data privacy policies has adversely affected the user base. Additionally, the platforms are frequently susceptible to fraud and security breaches, which could impede the market growth for media monitoring tools in the foreseeable future.

Market Segmentation:

The Media Monitoring Tools Market is segmented based on Component, Enterprise Size, Industry, and Region. Based on the Component, the Media Monitoring Tools Market is further segmented into Software/Platform and Services. Furthermore, based on Enterprise Size, the market is further segmented into Small & Medium Enterprises and Large Enterprises. In addition, based on Industry, the market is further segmented into IT & Telecom, Hospitality, BFSI, Healthcare, Retail & E-Commerce, Media & Entertainment, Manufacturing, and Other Industries.

Based on Component:

The Software/ Platform is expected to have the largest market share during the forecast period. The growth is primarily attributed to the rising demand for Software solutions such as Google alert, Hoot-suite, and others. These Software solutions analyze social, online, print, and digital content to provide better consumer insights. Further, services are expected to grow with a significant Compound Annual Growth Rate (CAGR) owing to the surge in the adoption of several media monitoring services such as media cutting services, media intelligence, and others.

Based on Industry Analysis:

Retail & E-Commerce is anticipated to hold the most prominent global share in the Media Monitoring Tools Market during the forecast period. They are increasing online shopping trends through E-Commerce websites the consumers around the globe aids market growth. In addition, several E-Commerce players are adopting monitoring platforms for communicating with target audiences. Therefore, tracking and promoting real-time online content will likely fuel market growth.

The Media & Entertainment are expected to grow with the highest Compound Annual Growth Rate (CAGR) during the forecast period owing to a surge in the adoption of digital platforms such as Facebook, Twitter, Instagram, and others. In addition, rising healthcare spending by several countries' governments, and rising tracking tools across media and entertainment, are expected to propel the market growth during the forecast period.

North America had a Major Share and is Projected to Continue Its Dominance over the Forecast Period

During the projected period, North America is anticipated to dominate the market for media monitoring tools. The market share in the area is expected to increase as well-known companies like Oracle Corporation, Hootsuite, and Alphabet Inc. expand their presence in the United States. Furthermore, it is projected that the early adoption of cutting-edge technology and associated trends in the region will further boost the popularity of media monitoring services.

It is predicted that the Asia Pacific market for media monitoring tools will expand significantly in the upcoming years. More than half of social medias active user population is in the region, providing a fantastic opportunity for businesses to communicate with potential clients face-to-face. The demand for social media tools in the area will increase as a result. Additionally, it is anticipated that the regions growing use of media tracking software would further boost growth and increase demand for media monitoring solutions.

Competitive Landscape:

The key players in the Global Media Monitoring Tools Market include- BoomSonar, and others.

Segmentation of the Global Media Monitoring Tools Market: