LONDON–(BUSINESS WIRE)–SpendEdge has been monitoring the global media monitoring services market and the market is poised to experience spend growth of more than USD 2 billion between 2018-2023 at a CAGR of over 10% during the forecast period. Request Free Sample Pages.
Read the 120-page research report with TOC and LOE on “The Global Media Monitoring Services Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
In this age of digitization, consumer’s purchase preference is being largely influenced by social media. This trend is creating a pressing requirement for enterprises to engage with media monitoring services providers who can track reviews about their merchandise and advise the enterprises accordingly. According to the forecasts, this is expected to drive spend momentum in the social media monitoring services market in the years to come.
North America and APAC are dominating the media monitoring services market in terms of their spend share. Both of these regions account for approximately 67% of the total spend on media monitoring services. North America has a wide service provider base, which offers buyers considerable bargaining power over their service providers. In Europe, traditional media channels such as television and radio are still observed to garner a high level of trust among end-users. This is expected to have a positive impact on spend growth in the media monitoring services market in Europe.
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Insights into the market pricing trends
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The growing adoption of technologies such as machine learning and AI is compelling 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 are increasing their R&D expenses 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.
What are the strategies to adopt to optimize procurement spend in this market?
From the section that is dedicated to media monitoring services procurement best practices, one of the highly recommended practices for buyers is to partner with services providers who can bundle services such as press clippings, daily media monitoring, event monitoring, media analysis, media audits, reputational trackers, and crisis monitoring across multiple platforms. While such partnerships will minimize the management complexities of associating with multiple suppliers, buyers will be benefitted from significant cost-savings in the long run.
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Some of the key topics covered in this report are:
- Media monitoring services market spend segmentation by region
- Total cost of ownership analysis in the media monitoring services market
- Regional spend opportunity for media monitoring services providers
- Media monitoring services providers cost structure
- Media monitoring services pricing models analysis
- Media monitoring services procurement best practices
- Category management objectives
- Cost saving opportunities in the media monitoring services market
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