Pune, India, Nov. 09, 2022 (GLOBE NEWSWIRE) — According to the report, the media monitoring tools market size was valued at USD 3.39 billion in 2021. The market size is expected to rise from USD 3.96 billion in 2022 to USD 11.54 billion by 2029 at a CAGR of 16.5% during the forecast period. The global media monitoring tools market is expected to rise during the forecast period due to the increasing usage of cloud-based solutions among enterprises. Fortune Business Insights™ publishes this information in a report titled, “Media Monitoring Tools Market Forecast, 2022-2029”.
Remote Work Culture amid Pandemic to Propel Growth
The outbreak of COVID-19 pandemic has positively impacted the media monitoring tools market growth during the pandemic period. Increasing utilization of digital solutions and rising interest in social media platforms led to market growth. Also, the global market grew by 5.7% in 2020 compared to 8.3% in 2019. The remote work culture adopted by the companies during the pandemic bolstered market growth, due to which the market witnessed revenue growth of 2.89 billion in 2020.
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|Forecast Period 2022 to 2029 CAGR||16.5%|
|2029 Value Projection||USD 11.54 billion|
|Media Monitoring Tools Market Size in 2021||USD 3.39 billion|
|Historical Data for||2018-2020|
|No. of Pages||201|
Increasing Demand for Advanced Software Solutions to Drive the Market
By component, the market is bifurcated into software/platform and services. Increasing demand for software solutions such as Google Alert, Hootsuite, and others is expected to fuel the market growth.
Rising Adoption of Cloud-based Solutions to Bolster Service Demand
On the basis of deployment, the market is divided into cloud and on-premises. Cloud solutions are expected to gain momentum due to increasing demand from various industries. It includes the rising implementation of SaaS across several sectors.
Social Media Monitoring Segment to Grow Due to Rising Utilization of Internet
Based on the type, the market is segregated into print media monitoring, social media monitoring, broadcast media monitoring, online media monitoring, and others (social monitoring). The social media monitoring segment is expected to gain traction due to the increasing use of the internet in online video streaming platforms.
Large Enterprises to Lead the Market Due to Rising Investments
SMEs and large enterprises characterize the market according to the enterprise size. The large enterprises segment is anticipated to grow significantly during the forecast period due to increasing investments in adopting advanced technologies such as artificial intelligence, cloud computing, and machine learning.
Sales Management & Digital Marketing to Exhibit Significant Growth
By application, the market is distributed into customer experience & PR management, real-time analytics, content management, digital marketing & sales management, and others. Digital marketing and sales management are expected to grow at the highest CAGR due to the rising demand to analyze social media data and consumers behavior.
Rising Adoption of E-commerce Websites to Propel Growth
Based on the industries, the market is categorized into BFSI, healthcare, media & entertainment, retail & eCommerce, IT & telecommunication, and others (Education). The increasing adoption of e-commerce websites in different industries is expected to drive market growth.
Geographically, the market share is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The report provides ample information and statistical data regarding the recent trends and developments in the market. The impact of COVID-19 pandemic and growth factor amid the pandemic is highlighted further in this report. Drivers and restraints affecting the market growth are discussed, along with the regional market growth information. A list of prominent players in the market and recent launches introduced by the companies are given further in this report.
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Drivers & Restraints:
Increasing Adoption of Cloud-based Solutions to Augment Growth
The market for media monitoring tools is expected to grow significantly during the projected period owing to the increasing demand for digital technologies and social media platforms. Also, the rising utilization of cloud-based solutions among various industries is expected to fuel the market growth during the forecast period.
However, high initial service and deployment costs may hinder the market growth.
North America Dominates Global Market Share Due To Emerging Technologies
North America stood at USD 1.60 billion in 2021, and the regional market is expected to hold the highest media monitoring tools market share during the forecast period. The increasing adoption and implementation of advanced technologies is a major growth factor for the North American region.
Asia Pacific is anticipated to grow at the highest CAGR during the forecast period due to the rising demand for media tracking software tools such as Synthesio, Sysomos, Brandwatch, Talkwalker, etc.
Adopting Advanced Technologies Allow Key Players to Enhance Their Product Portfolio
Key prominent players such as Oracle Corporation, Hootsuite, and Alphabet Inc. focus on implementing numerous business growth strategies. Adopting developed technologies such as machine learning, cloud computing, and artificial intelligence will enhance media monitoring tools production and build smart solutions.
Key Industry Development:
- February 2021: Mynewsdesk PR Communication Company launched “Monitor,” a media-monitoring tool with advanced features. This media monitoring tool allows businesses to communicate accuracy, pace, and timing.
Companies Profiled in the Market Report for Media Monitoring Tools:
- Semantrum LLC (U.S.)
- Cision Ltd. (U.S.)
- Meltwater News US Inc. (U.S.)
- Critical Mention, Inc. (U.S.)
- Sprout Social, Inc. (U.S.)
- TVEyes Inc. (U.S.)
- Semrush Holdings, Inc. (U.S.)
- Hootsuite Media Inc. (Canada)
- BurrellesLuce (U.S.)
- Mention (U.S.)
- BuzzSumo Ltd. (U.K.)
- Zoho Corporation Pvt. Ltd. (India)
- Onclusive, Inc. (U.S.)
- Oracle Corporation (U.S.)
Quick Buy: Media Monitoring Tools Market Research Report:
Major Points in TOC:
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Media Monitoring Tools Key Players Market Share Insights and Analysis, 2021
- Global Media Monitoring Tools Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- By Deployment (USD)
- By Type (USD)
- Print Media Monitoring
- Social Media Monitoring
- Broadcast Media Monitoring
- Online Media Monitoring
- Others (Social Monitoring)
- By Enterprise Size (USD)
- Small and Medium Enterprises
- Large Enterprises
- By Application (USD)
- Customer Experience & PR Management
- Real-Time Analytics
- Content Management
- Digital Marketing & Sales Management
- By Industry (USD)
- Media and Entertainment
- Retail & E-commerce
- IT & Telecommunications
- Others (Education)
- By Region (USD)
- North America
- South America
- Middle East & Africa
- Asia Pacific
- North America Media Monitoring Tools Market Size Estimates and Forecasts, By Segments, 2018-2029
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