In today’s world, due to increasing digitalization and adoption of the social and web media by individuals, the incorporation of media monitoring tools in organizations are growing. Media monitoring tools are used in order to know a customer in the entire media universe and increase a company’s presence in the market. Media monitoring tools are those that assist an organization to interact with customers in terms of brands, products and public opinions on media platforms or web. The entire process of monitoring involves listening to the conversations, tracking them and taking necessary action.
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The media monitoring tools help enterprises to monitor the media platforms and learn about their customer reach and market presence by tracking the number of times and places where the company gets mentioned and analyze and measure trends in the market. In agencies, the monitoring tools are used in order to achieve real-time monitoring of their client, identify the key influencers of the market and build up their brand. In case of education, institutions can monitor themselves on media platforms and determine things being said about their campus, events, and students.
Media Monitoring Tools: Drivers and Restraints
Social media monitoring tools enable an organization to measure the opinions presented by their customers, customize their alerts, increase awareness about the organization in the market and engage the audience. Such benefits are driving the market of media monitoring tools.
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The factors like overpriced solutions, automated sentiment analysis which provides 70%-80% accuracy, negative feedback from customers are factors restraining the growth of media monitoring tools.
High investments and spending of organizations in media, rapid industrialization and digitalization are the trends in media monitoring tools market.
Media Monitoring Tools: Segmentation
Also, media monitoring tools market can be segmented into end-users as Business organization, Education, and Agencies
Media Monitoring Tools: Competitive Landscape
The key players of the market are Google Inc., Mention Solutions SAS, Brand24 S.A., BuzzSumo Limited, Pinterest, Inc., Twitter Inc., Cyfe, Inc., SumAll Inc., Tailwind Capital Group, LLC and Klear.
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Regional Overview
North America is expected to the largest market of Media Monitoring Tools. The majority of Media Monitoring Tools vendors such as Pinterest, Inc., Twitter Inc., Cyfe, Inc., and GoogleInc., are based in North America region. This is attributed to the rising penetration of cloud and increasing digitalization in the market. The market is anticipated to grow in Europe region since many other vendors like Mention Solutions SAS, Brand24 S.A., and BuzzSumo Limited are expanding their presence in the region.