The global marketing analytics software market was valued at USD 2.24 billion in 2020 and is expected to grow at a CAGR of 14.5% during the forecast period. The growth of this industry is driven by the continuous need for innovations in the field of analytics software to improve the product offering, coupled with the increasing marketing budgets for an adequate Return on Investment (ROI) among enterprises.
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Furthermore, the rising adoption of cloud technology and big data in analytics software, along with large-scale investment by several organizations for modernizing and simplifying marketing analytics software campaigns to keep the customers informed, further expands the implementation of marketing analytics software market globally.
Marketing analytics software is becoming a general standard for increasing marketing efforts across each industry these days. Providing a range of tools for analyzing, measuring, and managing performance with the help of more significant insights grew from consumer behavior. Marketing analytics software has shown its ability to augment returns and refine marketing activities' efficiency, which has further impacted the global growth.
The continual rise in the proliferation of social media platforms has created a significant growth prospect for industry players. Instagram and Facebook are two of the most utilized social media platforms globally that creates a new channel to advertise their products in the analytics software systems industry. Nowadays, social media platforms collect a vast number of consumers data, such as audience demographics and demands, which can be efficiently employed to recognize consumer buying preferences and deliver products, services, and solutions as per their needs.
Several SMEs like Zulily, LLC, RealEats, and large organizations including Subway IP LLC and TGI Fridays Franchisor, LLC have utilized marketing analytics software solutions, which have facilitated the companies to promote their product offerings and enhance business operations. Additionally, the rise in the number of social media users has been expanding significantly. Therefore, several companies extremely involved in analytics through marketing analytics software platforms are enhancing their product offerings and improving business operations.
For instance, the number of social media users in 2016 was about 3.484 billion across the globe, representing an increase of 9% year-on-year, as per the Global Digital Report. This accelerating number of social media users on the back of the digital transformation strategies has forced enterprises to replace conventional marketing analytics software solutions. Thus, global companies are looking forward to integrating social media analytics and playing a critical role in changing the dynamics of the marketing analytics software market during the forecast period.
The report is primarily segmented on the basis of deployment, application, industry vertical, and region.
By Industry Vertical
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Based on the application segment, the social media segment is expected to account for the largest share globally during the foreseen period. The is due to the extensive adoption of social media marketing analytics software in business organizations. It facilitates marketing analytics software teams to enhance customer relations and scrutinize competition more efficiently by examining customer engagement trends meticulously. These factors positively influence the marketing analytics software market growth fortune.
On the contrary, the e-mail marketing analytics software segment further accounted for the significant share in 2020, and hence, is witnessing considerable growth throughout the world. This can be recognized to factors, such as the growing effectiveness in reaching more individuals directly and the capability to form greater relations.
The consumer goods segment is expected to witness large revenue in the global industry, owing to the escalating demand among consumer goods manufacturers to identify and foresee consumer behavioral developments and product positioning productivity. Further, marketing analytics software is gaining wide popularity in the consumer goods sector on the back of these companies to generate a massive amount of data, which is then analyzed to evaluate the productivity of marketing analytics software campaigns. This, in turn, is expected to gain a significant profit share that accelerates the global growth.
On the flip side, the media & communication segment is expected to pave a significant share in terms of revenue during the forecast period, owing to the rising adoption of connected devices and smart ecosystems, which has resulted in the development of a demanding huge customer base. In the media & entertainment sector, promoters must interpret the nature of audience interaction, which is projected to impel the segment growth over the foreseen period.
Geographically, North America dominated the global industry in 2020 and accounted for the largest share in terms of revenue due to the surge in trend of high social media utilization and accessibility of high-momentum internet services in the region. Additionally, the rise in the presence of the e-commerce ecosystem in the region delivers promoters the prospect to evaluate the data created by e-commerce sales, thus presenting greater insights concerning consumer buying preferences, which facilitates the design of economic marketing analytics software strategies. This, in turn, is expected to expand the growth at a rapid pace considering the global scenario.
U.S. and Canada are further estimated to register the high proliferation of advanced technologies, such as natural language processing, machine learning, and AI, coupled with the increased number of initiatives and partnership agreements that will prolong the application and usage of such software to engage in marketing and advertising across these countries. As a result, in March 2020, U.S. based Google LLC launched a new version of Google Analytics that integrated with machine learning to track and monitor key data trends and alert promotion executives to novel opportunities, which is expected to bolster the region’s growth.
Moreover, Asia Pacific is expected to witness a high CAGR in 2020. The demand for marketing analytics software in the region is attributed to an increase over the forecast period, owing to the rising utilization of technologies, including IoT, AI, and cloud computing, to effectively manage connected devices, coupled with the rapid advent of digital government initiatives.
According to the International Data Corporation (IDC), in 2016, Asia Pacific led the IoT spending with over 35.7%, compared to the U.S. with nearly 27.3%, and is further expected to raise the spending on IoT by about USD 398.6 billion in Asia Pacific by 2023. As a result, marketing analytics software has gained immense acceptance, which, in turn, the industry is gaining significant prominence worldwide.
Some of the Major Players operating globally include Accenture, Adobe, Experian Information Solutions, Inc., Funnel.io, Google Marketing Platform, Harte Hanks, IBM, Oracle, Pegasystems Inc., RTB Digital Media Corporation, SAS Institute Inc., TABLEAU SOFTWARE, LLC, Teradata, and Wipro Limited.
Market size value in 2020
USD 2.24 billion
Revenue forecast in 2028
USD 5.61 billion
14.5% from 2021 - 2028
2016 - 2016
2021 - 2028
Revenue in USD billion and CAGR from 2021 to 2028
By Deployment, By Application, By Industry Vertical, By Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Accenture, Adobe, Experian Information Solutions, Inc., Funnel.io, Google Marketing Platform, Harte Hanks, IBM, Oracle, Pegasystems Inc., RTB Digital Media Corporation, SAS Institute Inc., TABLEAU SOFTWARE, LLC, Teradata, and Wipro Limited