The global marketing analytics software market size is expected to reach USD 5.61 billion by 2028 according to a new study by Polaris Market Research. The report “Marketing Analytics Software Market Share, Size, Trends, Industry Analysis Report, By Deployment (Cloud, On-Premises); By Application; By Industry Vertical; By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The perceptible factors esteeming the industry growth include the rise in trend among companies for the implementation of smart intelligence solutions with the ever-increasing rate of adoption of big data and cloud technology.
In addition, the surge in the trend towards the social media channels, the need for exact calculation of ROI on online marketing analytics software efforts, and the increasing understanding of consumer behavior are the few integral factors accelerating the growth during the forecasting years.
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The cloud segment accounted for a leading stake with almost two-thirds of the global industry based on deployment. The cloud-based marketing analytics software enables wider scalability and flexibility for data analysis, thus providing an impetus to the significant growth over the foreseen period, whereas the on-premises segment is further witnessing a significant growth rate worldwide.
Factors such as deploying on-premises analytics platforms promote companies to recruit specialized talent, thus allowing the output to be of high quality, which may contribute significantly to segment growth.
For the last decade, retail industry has become one of the world’s fastest-growing industry. To remain competitive, retailers use robust promotion and software analytics techniques to induce customer purchasing behavior towards any product purchase. According to India Brand Equity Foundation, in 2018, the retail industry reached USD 950 billion at a CAGR of 13% and is anticipated to reach USD 1.1 trillion by 2020. Thus, the growing retail industry and increased consumer spending fuel the growth of the industry in the forecast years.
Major Participants such as Wipro Limited, Harte Hanks, Accenture, IBM, Oracle, Adobe, Experian Information Solutions, Inc., Pegasystems Inc., SAS Institute Inc., RTB Digital Media Corporation, Google Marketing Platform, Funnel.io, TABLEAU SOFTWARE, LLC, and Teradata are few key players operating worldwide.
Several manufacturers are often backing to opt for varied marketing strategies to expand their business operations globally. In February 2021, Accenture Interactive and Microsoft corporation are partnering to facilitate promoters in Africa and the Middle East to embrace novel opportunities using advanced technology to deliver personalized customer experience. Such initiatives drastically contribute towards the higher growth in the global industry.
Polaris Market Research has segmented the marketing analytics software market report on the basis of deployment, application, industry vertical, and region:
Marketing Analytics Software, Deployment Outlook (Revenue, USD Billion, 2016 – 2028)
Marketing Analytics Software, Application Outlook (Revenue, USD Billion, 2016 – 2028)
- Social Media
- Search Engine
Marketing Analytics Software, Industry Vertical Outlook (Revenue, USD Billion, 2016 – 2028)
- Consumer Goods
- Media & Communication
Marketing Analytics Software, Regional Outlook (Revenue – USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa