Media Monitoring Tools Market Expected to Reach USD 13.7 billion by 2031 | Top Players such as -Hootsuite Inc., Lucidya, M-Brain, Meltwater

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.

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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.

The global media monitoring tools market 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 Forecast, 2022-2029".

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.

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On the basis of deployment, the 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.

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.

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.

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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.

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 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 ongoing digital transformation of the region.

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Covid-19 scenario:

• 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 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.

Major market players:

• 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
• YouScan

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The report analyzes these key players of the global media monitoring tools market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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