LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global media monitoring market is expected to grow at a CAGR of almost 5% over the next five years due to the growth in a number of interactive media platforms.
The research report titled ‘Global Media Monitoring Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“The global media monitoring services market is growing due to increased adoption of digital media platforms and rise in media spend of organizations across industries,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “With the increase in the number of new businesses and start-ups and the expansion of various industries in developing markets in APAC, the spend on ads and content has increased,” added Angad.
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Cost Saving Opportunities in Media Monitoring
The adoption of various cost optimization levers allows buyers of media monitoring services to not only realize direct cost savings but also enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the media monitoring market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Press clippings enabled organizations to search and document relevant content across newspapers, magazines, and other publications to monitor the news relevant to an organization, product, or brand.
Audiovisual recording technology helps to search, record, and analyze relevant content on broadcast media using audiovisual recording technologies. Initially, broadcast media was scanned and monitored by humans, after which VHS tape recorders and Betamax were used.
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Optimization of procurement practices saving aspects
The use of technology in the category is always seen as a cost-saving opportunity as well as a best practice in terms of ease of use. For example, the use of media monitoring tools such as Hootsuite helps buyers to track, monitor, and analyze the media across multiple platforms, increasing the ROI as this acts a one-stop solution.
Bundling of services saving aspects
Buyers should consider savings on cost by bundling services such as press clippings, daily media monitoring, event monitoring, media analysis, media audit, reputational trackers, and crisis monitoring services across multiple platforms. It reduces management complexities and ensures a streamlined collaboration of services across verticals.
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