The global marketing analytics market is gaining from the profound benefits of marketing analytics that help marketers to evaluate the outcome of their efforts. Besides lead generation and sales analytics, marketing analytics provide valuable insights into customer preferences and trends. In addition, marketing analytics solutions allow marketers to monitor online marketing campaigns and their respective success analytics, which helps them to allocate money for the most successful campaigns.
Marketing analytics solutions are increasingly becoming essential tools across a host of industries to analyze consumer behavior. It helps to improve the effectiveness of each marketing program by means of computing result and comprehending what works best. Marketing analytics include processes and technologies that allow marketers to evaluate the outcome of their efforts. It involves measuring, analyzing, managing, and controlling the marketing performance so as to maximize the effectiveness of a campaign and optimize return on investment (ROI). Based on the conclusion drawn from software for enhancing content sharing and customer involvement over social media, marketing manager plan and undertake marketing activities.
Some of the key growth drivers of the global marketing analytics market are rising popularity of social media channels, need to obtain exact ROI on online marketing efforts, and the need to undermine customer behavior. Companies across several industry sectors are investing heavily in marketing analytics that will help them maximize marketing return on investment (MROI) and reap competitive gains.
Moreover, the need to obtain conclusive traffic analysis on a particular online marketing channel is also acting in favor of the growth of marketing analytics market.
On the downside, high cost involved to deploy marketing analytics software and easily available open-source solution are hampering the market’s growth. Marketing analytics’ vendors also face challenges of creating awareness among customers about marketing analytics software and its features. Lack of competency among managers to use analytics software is also acting as a barrier to the growth of global marketing analytics market. This requires managers of enterprises to be aware of marketing analytics software and their benefits.
As per estimates of a report by Transparency Market Research (TMR), the global marketing analytics market will be evaluated at US$2,109.6 mn in 2017. The market is anticipated to display robust growth at a CAGR of 14.3% for the 2017-2022 forecast period to touch a valuation of US$4,108.2 mn by the end of 2022.
Here are some key insights into the growth trajectory of the global marketing analytics market:
Among the various segments based on component, software platform is likely to lead to represent 49.1% of the market in 2017. Expanding at an impressive 15.2% CAGR between 2017 and 2022, the segment is likely to serve a demand to attract a revenue of US$2,100.7 mn by the end of 2022.
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Application-wise, the segments of the marketing analytics market are social media, content optimization, campaign management, email marketing, and others. The key deployment segments of the market include SaaS and on-premise. The segments of the market based on industry are retail and consumer goods, healthcare, BFSI, travel and hospitality, automotive, telecommunication, and others.
On the basis of geography, North America is anticipated to lead the marketing analytics market in 2017 vis-à-vis revenue. The region is anticipated to hold supremacy over the forecast period.
Global Marketing Analytics Market: Competitive Analysis
The global market for marketing analytics is competitive with the dominance of few well-entrenched players. Key players that operate in the global marketing analytics market include Tableau Software, GoodData, Google Inc., Adobe Systems, Salesforce, Neustar, IBM Corporation, Oracle Corporation, Pega-Systems, and Teradata Corporation