The competitive landscape of the global media monitoring tools market is defined by the intense rivalry between the leading vendors of media monitoring tools across the world, such as, Hootsuite, Cision US, Meltwater, Agility PR Solutions, Mention, Trendkite, M-Brain, Nasdaq, Critical Mention, and BurrellesLuce, reports a new market study by Transparency Market Research (TMR).
Up till now, these players have been relying upon continual launches of new products to stay strong in this market. However, their focus is increasingly shifting towards expanding their presence across various regional markets, which is leading to them getting more and more involved into mergers, acquisitions, and strategic alliances with regional players over the next few years, states the research report.
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Global Media Monitoring Tools Market to Rise at 13.60% CAGR between 2017 and 2024
As per the estimations of this study, the worldwide market for media monitoring is expected to stand at a value of US$2.23 bn by 2017 end. Researchers at TMR project the market to expand tremendously at the CAGR of 13.60% over the period from 2017 to 2024, presenting an opportunity worth US$4.22 bn by the end of the forecast period.
“The exponential rise of several digital platforms, such as online newspapers and magazines, e-books, and, especially, social media, is the main factor behind this growth of the global media monitoring tools market,” says an analyst at TMR. With the rising number of young subscribers of various social media platform, particularly, Facebook, the demand for media monitoring tools will increase substantially in the years to come, reflecting greatly on this market.
Large Enterprises to Continue Reporting High Demand
Currently, the demand for media monitoring tools has been higher in large enterprises. Although this trends is likely to remain so over the next few years, small and medium enterprises are also projected to report an increase in their demand for these tools in the near future. Software platforms are witnessing the most prominent demand among the components of media monitoring tools. Proliferating at a CAGR of 13.40%, this segment is expected to maintain its lead over the period of the forecast. Network security management and digital asset management have surfaced as the leading application areas for media monitoring and are expected to continue with their high demand in the years to come.
On the basis of the geography, North America has emerged as the current market leader of the global media monitoring tools market. Researchers expect it to remain dominant throughout 2017 as well as over the forthcoming years. By the end of the forecast period, the opportunity in the North America market for monitoring tools is anticipated to reach a value of US$1.60 bn, states the research report.
The review is based on a report by Transparency Market Research (TMR), titled “Media Monitoring Tools Market (Component – Software Platform, Professional Services, Consulting Services, and Managed Services; End User – Large Enterprise and Small and Medium Enterprise; Application – Customer experience management, Network security management, Digital Asset Management, and Sales and Marketing Management; Industry – BFSI, Retail and Consumer Goods, IT and Telecommunication, Government, Media and Entertainment, and Travel and Hospitality) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017–2022.”
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