The market’s growth is positively influenced by the increased demand for effective crisis management tools within the media monitoring sector.
PORTLAND, PORTLAND, OR, UNITED STATE, November 3, 2023 /EINPresswire.com/ — 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.
Media monitoring is a tool to measure communication and marketing strategies, track target audiences, and glean the sentiment around a brand. It allows users to track mentions of brands, products, and services across all media outlets, including traditional print and broadcast, online and social. This includes both text and imagery, the latter can have as much impact as the former. A comprehensive media monitoring tool can trawl for any content relevant to a user, its company, industry, and competition.
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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.
Furthermore, surge in usage of cloud-based solutions and the need for effective competitor analysis (industry trend monitoring) boosts the growth of the global media monitoring tools market size. In addition, the need for efficient crisis management tools in media monitoring tools market share positively impacts the growth of the market. However, high initial deployment, service costs, and data privacy concerns hamper the media monitoring tools market growth. On the contrary, advancements in the field of AI and machine learning (providing more capable monitoring tools) are expected to offer remunerative opportunities for expansion of the media monitoring tools market during the forecast period.
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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 the 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.
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.
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.
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 media monitoring tools market analysis highlights key industry players such as Agility PR Solutions LLC, BoomSonar Suite, Burrelles, Buzzcapture, Cision US Inc., Coosto, Critical Mention, Inc., Glean.info, Hootsuite Inc., Lucidya, M-Brain, Meltwater, SemanticForce, Snap Inc., The Social Media Research Foundation, Sprinklr, Inc., Talkwalker Inc., TVEyes Inc., Ubermetrics Technologies GmbH, and YouScan. These companies have employed diverse strategies to enhance their market presence and solidify their positions within the sector.
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