Albany, NY -- (SBWIRE) -- 07/02/2018 -- The global market for media monitoring tools has derived tremendous growth from the significant increase in the penetration of various digital platforms, such as online newspapers and magazines, e-books, and, particularly, social media. With the bolstering influence of various social media platforms, such as Facebook, on youngsters, this future of this market looks satisfactorily bright.
According to Transparency Market Research, the worldwide market for media monitoring will worth a total of US$2.23 bn by 2017 end. Analysts anticipate the opportunity in this market to rise exponentially at the CAGR of 13.60% between 2017 and 2022, increasing to a value of US$4.22 bn by the end of 2022.
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Software Platforms to Remain Dominating Component Segment
Largely, the global market for media monitoring tools is evaluated on four fronts: The component, end user, application, and the industry. Based on the component, the market is classified into software platform, professional services, consulting services, and managed services. Software platforms have occupied the most prominent share in this market and, augmenting at a CAGR of 13.40% between 2017 and 2022, this segment is likely to maintain its dominance over the next few years.
On the basis of end user, the market is categorized into large enterprise and small and medium enterprise. Large enterprises have been the leading contributor to this market and are expected to remain so in the near future. However, the demand for media monitoring tools and devices has increased among small and medium enterprises too, which is likely to lead to a bigger market share for this segment over the next few years.
Based on the application, the market is bifurcated into customer experience management, network security management, digital asset management, and sales and marketing management. As of now, Media monitoring tools are mostly utilized in network security management and digital asset management. However, they are expected to find application in other segments too in the years to come.
On the basis of the industry, the market is segmented into banking, financial services, and insurance (BFSI), retail and consumer goods, IT and telecommunication, government, media and entertainment, and travel and hospitality industries. The IT and telecommunication industry leads this category and will continue this trend over the forthcoming years.
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North America to Continue Dominating Global Monitoring Tools Market
Regionally, the worldwide market for media monitoring tools market is divided into the Middle East and Africa (MEA), Europe, Latin America, Asia Pacific excluding Japan (APEJ), North America, and Japan. North America, the current market leader, is anticipated to continue its dominance throughout 2017 and the trend is expected to keep on growing over the forthcoming years. The North America market for monitoring tools is projected to offer an opportunity worth a whopping sum of US$1.60 bn by the end of 2022.
Japan is expected to emerge as the second most promising market for media monitoring tools across the world in the near future, expanding at a CAGR of 15.70% between 2017 and 2022. APEJ and Europe are also projected to report a healthy rise in the respective markets for media monitoring tools over the forthcoming years.
The global market for media monitoring tools is extremely competitive due to the intensive rivalry between the leading players. Hootsuite Inc., Cision US Inc., Meltwater, Agility PR Solutions LLC, Mention, Trendkite, M-Brain, Nasdaq Inc., Critical Mention, and BurrellesLuce
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