Media Monitoring Tools Market in Brief
- The media monitoring tools market is expected to register a CAGR of 14.1% between 2020 and 2030. The market is projected to be driven by rising adoption of media monitoring tools within the retail as well as healthcare industry.
- The global media monitoring tools market is expected to reach US$ 11,995.4 Mn by 2030 from US$ 3,209.7 Mn in 2020. Increasing adoption of digitized technology to manage the digital content is expected to drive the growth of the market.
- The media monitoring tools market in Asia Pacific and Middle East & Africa is anticipated to expand at a rapid pace during the forecast period, followed by South America and North America
- North America remained the dominant leader in the global media monitoring tools market in year 2019, primarily due to rapid adoption by small & medium enterprises in this region
- Asia Pacific is projected to witness significant growth in the global media monitoring tools market during the forecast period. Increasing investment as well as adoption of digitized technology for content management is expected to drive the adoption of media monitoring tools.
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Media Monitoring Tools Market Definition
- The media monitoring tools market report provides analysis of the global media monitoring tools market for the period 2018 – 2030, wherein 2019 is the base year and 2020 to 2030 is the forecast period. Data for 2018 has been included as historical information.
- The report studies the media monitoring tools market from the perspective of different components and industry verticals.
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Global Media Monitoring Tools Market – Snapshot
North America is expected to see highest opportunity addition in the media monitoring tools market globally, with Europe being the next closest region.
Key Growth Drivers of the Media Monitoring Tools Market
- Increased Internet Accessibility in Developing Countries – The media monitoring tools market is being driven by the increasing accessibility of the internet in developing countries which receive government support for the development of electronic infrastructure, which includes internet connectivity. Countries such as India, Indonesia, and Malaysia are highly focused on digitization. Internet access is growing worldwide, including in developing countries. However, it remains higher in advanced economies. A minimum of 60% of the population in several large economies have access to the internet. These economies include Russia, China, Brazil, etc. Internet access rates are increasing in developing countries and are concentrated mostly in sub-Saharan Africa and parts of Asia. The increasing accessibility has driven the volume of digital content exponentially. The need for media monitoring tools has increased with the increasing scope of digital advertising and growing number of internet users.
- Increasing Spend on Digital Advertising – By the end of year 2020, it is expected that digital advertising will likely hit US$ 336 Bn. A growth of 6.5% in overall U.S. ad spend is anticipated in 2020 with a 12.4% jump in digital advertising to US$ 135 Bn, making up more than 53% of total ad spend. BFSI is expected to spend more than US$ 53 Bn in advertising. The growing spend on digital advertising is driving the need to adopt media monitoring tools to capitalize the huge market opportunity.
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Key Challenges Faced by Media Monitoring Tools Market Players
The cost of deployment of media monitoring tools and integrating it with the existing system is costly for enterprises. The amount of opportunity loss as well as revenue loss during the short term period due to system integration could impact the growth of the market. Within Asia Pacific, enterprises still use the conventional system to manage the content. Integration of the conventional/old system with the new content management system could slow down the growth of the enterprise for a short period of time. This could impact the adoption level by SMEs and impact the growth of the market. For instance, the average content management development services starts at US$ 2,200 and can reach US$ 15,000 for a small and medium enterprise. Such high costs would directly impact the adoption level of the software in developing regions. However, awareness about ROI and the efficiencies of the software for long term growth could reduce the impact of the restraint in the media monitoring tools market.
Global Media Monitoring Tools Market Taxonomy
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