The global media monitoring services market was valued at around USD 3 billion in 2016 and is expected to reach almost USD 4 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on media monitoring services for the period 2017-2021. This market study discusses the key drivers and main emerging trends that will prompt the growth of the media monitoring services market during the forecast period. Some of the top vendors listed in this industry analysis include Starcom Worldwide, OMD Worldwide, Zenith, Mindshare, and Carat.
In terms of geographical analysis, the Americas are the largest shareholder in the global market, with a market share of around 44%. The US accounted for around 92% of the demand resulting in the growth of the American market.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The rise in media monitoring requirements across domains will boost the demand in the global media monitoring services market. Media monitoring enables buyers to have knowledge of what the target audience feels and use these insights to make better decisions. This process is becoming an integral part of the decision-making in different organizations across multiple sectors. Governments across regions are increasingly spending on media monitoring to keep an eye on what reporters, critics, and their spokespersons are saying.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Rise in content generation
The promotion of low-cost mobile devices has spurred the growth of content with over 70% of the population having access to mobiles and 45% having access to tablets, making it easy for users to generate content on blogs, podcast, and social media accounts. The exponential rise in content needs to be monitored by various organizations to understand what is the sentiment about their brand and service offerings among various users and stakeholders. Hence, raising the requirement for monitoring media across multiple platforms to understand the requirement of buyers and generate insights for future decision making.
Growth in number of interactive media platforms
The growing shift to various interactive platforms such as social media, blogs, and podcast where content generator, content buyers, and other stakeholders can exchange their views from traditional media platforms such as T.V, Radio, and print will help in the growth of the market. The growth of these new platforms has contributed to the demand for suppliers, which can provide media monitoring services that find and analyze the content across multiple platforms and understand the industry requirements based on the discussion taking place on the message boards.
Increasing importance of social listening
Social listening is a process of tracking conversations around certain brands, words, and phrases, and analyzing them to find patterns, tracking sentiments, and drawing a business conclusion. Various multinational corporations, start-ups, governments, authors, and financial services companies are using social listening to understand and cater to the needs of the consumer, and respond to buyers’ issues and as R&D tool to improve the product or service offering. Media monitoring helps with the identification and collection of relevant data that provide insights for business decisions based on social listening.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Media Monitoring Services Market – Procurement Market Intelligence Report 2017-2021.’
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