The North America Media Monitoring Tools Market would witness market growth of 13.7% CAGR during the forecast period (2023-2030).
Media monitoring is the process of maintaining a tab on broadcast, online, and print media production. It uses tools to listen to millions of online conversations to learn what is being said about a specific brand, problem, person, or product. Social media monitoring can be active or passive, such as listening to people to determine what interests them or pursuing references to a certain brand, campaign, or action.
The necessity for efficient competition analysis (industry trend monitoring) and increased use of cloud-based solutions drives the market expansion. Additionally, the demand for effective crisis management solutions positively impacts the market. Moreover, during the forecast period, improvements in the field of AI and machine learning (offering more capable monitoring tools) are anticipated to offer lucrative potential for growth in the market.
Because of the modern era's strong digitalization and the increasing end-user adoption of web and social media platforms, there is an increase in the demand for monitoring tools among companies. The market growth is projected to be fuelled by rising investments in digital advertising and expanding internet usage. The emergence of social media platforms and the growing demand for digital platforms like online magazines, newspapers, and e-books are projected to expand the market.
International Trade Administration claims the U.S. M&E (Media and Entertainment) industry is the biggest in the world valued approximately $660 billion. These industries increased 5.23% annually, whereas the U.S. economy grew 2.21%. This growing dominance inside the advertising ecosystem has mirrored the continual collapse of conventional forms of advertising like print and radio. Another element influencing the shifting advertising landscape in the US is the growth of influencer marketing. Hundreds of millions follow social media influencers like Kylie Jenner and Selena Gomez, encouraging businesses to use them to market their goods & services. Considering this, the adoption of media monitoring tools in the region is predicted to grow as a result of increasing social media use and expanding media and entertainment sector.
The US market dominated the North America Media Monitoring Tools Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,809.6 million by 2030. The Canada market is experiencing a CAGR of 16.3% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 15.3% during (2023 - 2030).
Based on Component, the market is segmented into Software, and Services. Based on Deployment Type, the market is segmented into On-premise, and Cloud. Based on Enterprise Size, the market is segmented into SMEs, and Large Enterprises. Based on Application, the market is segmented into Broadcast Media Monitoring, Print Media Monitoring, Online Media Monitoring, Social Media Monitoring (Marketing, Monitoring & Analytics, Asset & Content Management, and Risk & Compliance), and Others. Based on Vertical, the market is segmented into Retail & Ecommerce, BFSI, IT & Telecom, Media & Entertainment, Healthcare, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Media Monitoring Tools Market is Projected to reach USD 11.2 Billion by 2030, at a CAGR of 14.5%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Snap, Inc., Hootsuite, Inc., Spotler Group, UNICEPTA GmbH, Onclusive, Inc (Symphony Technology Group), BoomSonar Suite, Cision US Inc. (Platinum Equity, LLC), Talkwalker Inc. (Marlin Equity Partners), Meltwater and Agility PR Solutions LLC (Innodata Inc.)
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