Media Monitoring Services Industry Analysis
Spend growth of this industry has the potential to touch a value of over USD 2 billion with spend momentum that will accelerate at a CAGR of more than 10% between 2019-2024. This increasing spend on media monitoring services will be primarily attributed to the influence of social media on customer buying behavior. Consumer’s purchasing preference is being largely governed by the reviews and criticisms of products and services in social media. This trend is creating a pressing requirement for enterprises to engage in media monitoring services that can identify the reviews about their merchandise and secure their brand image in the process. This will drive the spend momentum for social media monitoring services to a significant extent during the forecast period, thereby contributing to spend growth in the global media monitoring services industry.
Top Spending Regions in the Media Monitoring Services Industry
North America and APAC are the leading regions in the media monitoring services industry, accounting for approximately 67% of the total spend.
North America
Regions in North America are characterized by the early adoption of advanced technologies in the media monitoring services industry. These regions have a wide service provider base, which offers buyers considerable bargaining power over their service providers. The viewership for online media over traditional media by end-users is observed to be growing which is motivating businesses to increasingly invest in advertising and brand promotion campaigns on online platforms. This will drive the demand for monitoring of online media platforms in these regions among businesses.
APAC
The growing trend of utilizing social media for product research that influences consumers’ purchasing behavior is generating demand for media monitoring service providers in this region. This is influencing the prospects of growth in the media monitoring services industry in APAC.
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What are the Key Price Trends in this Industry?
- The growing adoption of technologies such as machine learning and AI has compelled media monitoring service providers to employ skilled and experienced professionals, which is increasing their OPEX. This is expected to drive media monitoring services prices during the forecast period.
- Service providers account for significant investments on their R&D activities to automate their operations and to offer value-added services such as sentiment monitoring. This is expected to impact the cost structure of service providers in the media monitoring services industry.
- The growing competition in the industry has necessitated media monitoring service providers to increase their spend on sales and marketing activities. This increased their operational costs, which directly impacted their cost structure.
Download the free sample of this report to know what the key media monitoring services procurement best practices that you must adopt to address price dynamism in this industry.
Insights Offered in this Media Monitoring Services Industry Report
- Global and regional spend potential for the media monitoring services industry for the period of 2019-2024
- Supplier relationship management practices in the media monitoring services industry
- Supplier margins and selection criteria in the media monitoring services industry
- Top media monitoring service providers and their cost structures
- Top media monitoring service providers in the US and their cost structures
- Media monitoring services industry spend analysis in the US
- Media monitoring services price trends, and forecasts
- Cost drivers influencing the media monitoring services prices
Insights into Media Monitoring Services Supply Industry
- Global media monitoring service providers can deliver media monitoring for different platforms such as print, radio, television, online media, and social media and in different languages. This will be beneficial to large buyers having global operations as it will enable them to engage with the same service provider for all media monitoring requirements.
- However, regional service providers have significant awareness about regional regulations and legal nuances in comparison to their global peers. This can help them attract buyers that have region-specific requirements for media monitoring.
- Buyers are advised to asses service providers’ capability to provide live media monitoring during conferences, events, and discussion forums so that they do not miss valuable insights. It helps buyers evaluate the practices being followed by their competitors using metrics such as share of voice, total social volume, and sentiment analysis and make changes in strategies accordingly.
Insights into Some of the Leading Media Monitoring Service Providers
This media monitoring services industry procurement intelligence report has enlisted the top service providers and their cost structures, SLA terms, best selection criteria, and negotiation strategies for the top media monitoring service providers. The top service providers highlighted in this report include:
- WPP Plc
- Interpublic Group of Companies Inc.
- Cision Ltd.
- Dentsu Inc.
- Omnicom Group Inc.
- Ipsos SA
Criteria to select suppliers in this dynamic media monitoring services industry is subject to change based on the day-to-day industry outlook. Get a free demo of our procurement platform to gain immediate access into real-time insights to the changing suppliers selection criteria.
