With 16.5% CAGR, Media Monitoring Tools Market Size worth USD 11.54 Billion in 2029
Fortune Business Insights
6 min read
According to Fortune Business Insights, the global Media Monitoring Tools Market size is projected to reach USD 11.54 billion in 2029, at CAGR of 16.5% during forecast period; Rising Utilization of Social Media Platforms to Bolster Market Growth
Pune, India, May 04, 2022 (GLOBE NEWSWIRE) -- The global media monitoring tools market size 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, 2022-2029". 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.
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.
By Component, By Deployment, By Type, By Enterprise Size, By Application, By Industry, Region
Media Monitoring Tools Market Growth Drivers
Social Media Monitoring Segment to Grow Due to Rising Utilization of Internet
Increasing Adoption of Cloud-based Solutions to Augment Growth
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 Media Monitoring Tools Market growth.
COVID-19 Impact:
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.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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 Media Monitoring Tools 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 Media Monitoring Tools Market share is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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.
Competitive Landscape:
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.
List of Key Players Profiled in the Market Report for Media Monitoring Tools:
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