Media Monitoring Tools Market
Increasing adoption of digitized technology to manage digital content is expected to drive the growth of the market.
PORTLAND, PORTLAND, OR, UNITED STATE, October 11, 2022 /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.
The rise in the use of cloud-based solutions and demand for reliable competitor analysis has 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.
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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 needing 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 component, the service segment is estimated to register the highest CAGR of 16.4% during the forecast period, due to the 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 the growing social media presence of modern business enterprises.
By enterprise size, the SMEs segment is projected to register the highest 16.3% during the forecast period, due to the 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 and the media presence of large enterprises.
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By application, the online media monitoring segment is anticipated to register the highest CAGR of 17.5% during the forecast period, due to the growing need for online media monitoring and moderation services across different industries. However, the broadcast media monitoring segment held the lion’s share in 2021, contributing to nearly one-third of the global media monitoring tools market, and is expected to maintain its dominance during the forecast period. This is due to needing to ensure the quality of information flowing through public broadcasting channels.
By region, the global media monitoring tools market across North America held the largest share in 2021, accounting for nearly two-fifths of the market, and is expected to continue its dominance during the forecast period. This is due to the high concentration of specialized data analytics and data mining vendors in the region. However, the market across Asia-Pacific is projected to portray the highest CAGR of 16.9% during the forecast period, due to the ongoing digital transformation of the region.
Covid-19 scenario:
• The media monitoring tools market was positively affected during the pandemic due to the 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.
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