Marketing analytics software encompasses tools and processes which enable an organization to manage, evaluate, and control its marketing efforts by measuring marketing performance. In short, these solutions simplify and optimize a business’s marketing strategies and activities. With the use of marketing analytics software, businesses are able to improve their return on investment (ROI) by identifying effective marketing methods and adjusting campaigns to maximize conversions and sales.
The Marketing Analytics Market is expected to grow at a steady rate of around 14% owing to the growing need for organizations to penetrate the market more effectively and the complexities involved in understanding consumer demands. Moreover, the use of marketing analytics enables companies to understand the performance of their marketing campaigns better and engage in the comparative analysis as to which application offers the highest returns.
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According to UnivDatos Market Insights (UMI)’ research report “Global Marketing Analytics Market”, the market is expected to witness robust growth during the forecast period (2022-2028). This is mainly due to the growing advancements in the marketing and analytics industry.
Based on deployment, the market is segmented into on-premises and cloud. The cloud segment is expected to grow significantly during the forecast period. Cloud implementation is very cost-effective. Moreover, Several SMEs prefer adopting the cloud deployment model as it enables them to leverage marketing analytics software without making changes to the existing IT infrastructure. Furthermore, applications implemented on the cloud are accessible from anywhere.
Based on application, the market is segmented into social media marketing, e-mail marketing, search engine marketing, content marketing, and others. During the forecast period, the e-mail marketing segment is expected to grow significantly. This is mainly attributed to various factors such as the wide reach of emails. Moreover, e-mail marketing is ideal for B2B sales as emails are mainly used as a business tool around the world. e-mail marketing offers a higher conversion ratio as different advertising campaigns can be planned according to different groups of people. People usually subscribe to their preferred brands’ e-mail lists, which offers marketers the opportunity to improve engagement rate, brand awareness, and revenue generated by marketing activities.
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North America to witness extensive growth
For a better understanding of the market adoption of the Marketing analytics industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. In 2020, the North American market is expected to grow with a larger CAGR during the forecast period. This is mainly attributed to the growing use of social media use coupled with the increasing internet penetration in countries such as America and Canada. Furthermore, a significant e-commerce ecosystem in the region offers marketers the opportunity to analyze the data generated by e-commerce sales, thus offering insights regarding customer buying preferences, which helps design efficient marketing strategies. Moreover, the growing use of machine learning (ML), natural language processing (NLP), and artificial intelligence (AI) have further enhanced the capabilities of marketing analytics in this region. The use of qualitative analytics and such advanced analytics tools is currently limited to large enterprises, as they are costlier solutions and demand huge resource and capital investment.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Marketing Analytics Market are Accenture Plc, Adobe Inc, Google Inc, Funnel, IBM Corporation, Oracle Corporation, RTB Digital Media Corporation, SAS Institute Inc, Tableau Software LLC, and Teradata Corporation.
“Global Marketing Analytics Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
- By Deployment (On-Premises and Cloud)
- By Application (Social Media Marketing, E-Mail Marketing, Search Engine Marketing, Content Marketing, and Others)
- By Region (North America, Europe, Asia-Pacific, Rest of the World)
- By Company (Accenture Plc, Adobe Inc, Google Inc, Funnel, IBM Corporation, Oracle Corporation, RTB Digital Media Corporation, SAS Institute Inc, Tableau Software LLC, and Teradata Corporation.)
Key questions answered in the study:
- What are the current and future trends of the global marketing analytics industry?
- How the industry has been evolving in terms of deployment and application?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global marketing analytics industry?
- What is the customer orientation, purchase behavior, and expectations from the global marketing analytics industry suppliers across various region and countries?
