Increase in social media channels and increasing Need to calculate MROI to magnify growth in the global Marketing Analytics Software Market
Covid-19 Impact & Market Status
The report offers an exhaustive overview of the business dynamics and new investment strategies that are being adopted by business leaders across countries and regions to overcome the acute challenges and financial instabilities that have emerged in the post pandemic times.
The report highlights some of the best industry strategies and practices that are adopted by the players across local and global markets. Ever since the Covid-19 broke out in 2019, it has spread aggressively, resulting in rapid declaration by the WHO affirming Covid-19 as a global pandemic and an emergency.
The impact of the pandemic is widespread and the aftermath is well pronounced, gravely affecting the global marketing analytics software market. The sudden pandemic and its implications have posed significant challenges such as travel bans, quarantines, and lockdowns.
These developments are hampering operations resulting in supply chain breaches, stock market inefficiencies, and vendor chaos. These are constantly interfering with the normal functioning of industries.
Ever since the outbreak of the global crisis, impact on upstream, downstream, and midstream industries have been appalling. The report delivers a quick ready-to-deploy approach to counter such crisis and steer the global marketing analytics software market towards steady growth and systematic progression.
Amidst the pandemic, aligning with new dynamics, global marketing analytics software market has been witnessing new dynamics which are further necessitating new business models and approaches to recoup growth and revenue streams.
In this report, inquisitive business players would be provided with sufficient guidelines regarding business transformation, integral to sustain stiffening competition in the pandemic and beyond pandemic era global marketing analytics software market.
Marketing Analytics Software for Content Marketing Services to Sustain the Highest Revenues
Content marketing is the largest application area of this market, and display market holds least application area. The market is segmented into nine verticals; retail, Consumer Packaged Goods (CPG), high-tech manufacturing, energy and utility, Banking, Financial services and Institutions (BFSI), healthcare, e-commerce, media and entertainment, and other verticals. The software has a huge demand from the retail sector and CPG sector.
On-premise Deployment Type Services to be the Most Lucrative
The on-premise segment accounted for a significant revenue share in 2019 owing to higher security and control offered by on-premise datacenters. The on-premise deployment of marketing analytics software improves data accessibility for marketing teams, thereby helping to fit the results according to end-users. Deploying an on-premise analytics platform encourages companies to hire specialized talent, thus ensuring that the output is of high quality.
APAC to Sweep the Largest Revenue Streams Followed by North America
North America dominated the market in 2019 and accounted for a revenue share of over 46.0%. This can be attributed to the trend of high social media usage and the availability of high-speed internet services in the region. The high usage of social media offers marketers a new and efficient channel to engage in advertising and marketing practices. 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.
Asia Pacific accounted for a significant revenue share in 2019. This can be attributed to the vital AI development hubs in Singapore, Vietnam, and Malaysia. The emergence of new startups that offer AI-enabled analytics services is also driving the regional market. Additionally, the rapid implementation of digital government initiatives in Singapore and China has led to the emergence of several startups that offer services based on analytics and other advanced technologies, offering an impetus to the regional market growth
Increase in adoption of cloud-based technology and increase in trend of marketing analytics to offer new opportunities in the global marketing analytics software market
Marketing analytics software helps in interpretation and analysis of business data through continuous exploration and investigation of old business performance to gain decisive insights for business planning. By using the application of statistical methods and tools in business performance data, business analytics software conducts predictive analysis to derive decision-making insights and inputs. It helps organizations to optimize its business operations and facilitates informed & strategic decision-making. In addition, it helps to uncover patterns and relationships between data streams and leads to automation of tasks and processes for real-time responses in decision-making.
Despite a minor growth dip owing to Covid-19 implications, the global marketing analytics software market size is expected to grow at a CAGR of 14.5% during the forecast period.
Further, the rising usage of social media channels for advertisement purposes, an increase in average investment in advertising products and the necessity of understanding customer behavior are expected to ravel new growth opportunities in the global marketing analytics software market during the forecast period.
Social media marketing has been on the rise owing to many developments, such as chatbot and other applications. It is estimated that machines can generate about 20% of the content.
Chatbots have been implemented to give an enriched experience to the consumer. According to Facebook, about 100,000 monthly active bots on Facebook Messenger, which offers a variety of new platforms for marketers to connect with potential customers.
Forward-looking players in the global marketing analytics software market are furthering investments towards developing advanced marketing analytics software. The increasing awareness level is significantly pushing the Increase in budget for marketing analytics software to deploy comprehensive solutions.
With the help of the multilateral analysis of a market marketing analytics software, organizations are able to evaluate all the key methods and mediums of marketing and identify the effectiveness of varied marketing efforts. As a result, marketing analytics software products play a key role in optimizing the marketing activities and strategies of companies, especially catering to consumers who are connected to the digital ecosystem through social media networks and online forums and whose purchase-related behavior is easy to analyze.
The vast rise in the number of people actively participating in a variety of social media activities is considered to be one of the key factors driving the global market for marketing analytics software. The vast volumes of consumer-related data obtained from popular social media platforms holds immense potential of uncovering trends that, when used as a basis for growth or expansion related decisions, could lead to excellent returns. The rising awareness among companies related to these benefits of marketing analytics software and the continuously rising array of application areas of these software are also driving the market.
The high deployment cost of marketing analytics software and easy availability of open source solution is hindering the market.
The major players of the global marketing analytics software market are Accenture, Oracle, IBM, Adobe Systems, Wipro Corporation, SAS, Teradata, Harte Hank, Pegasystems and Experian.
The marketing analytics software market is a rapidly progressing industry and is characterized to have industrial frontliners as well as aspiring new players aiming to penetrate into the aggressive competitive landscape across global and local markets. Additionally, various new and aspiring players are improving their product lines and upgrading technological capabilities to improve revenue streams amidst Covid-19 impact.
Latest Innovations in the Global Marketing Analytics Software Market: a Snapshot
- In November 2020, Accenture acquired End-to-End Analytics to positively impact the supply chain, trade promotion, pricing, and marketing using its strong portfolio of accelerators and assets.
- On 02nd December 2020, Oracle launched MySQL Database Service with Business Analytics, performs transaction processing and business analysis tasks within the same database system. This software provides high-performance, lower-cost alternative to competing systems such as the Google Cloud SQL and Microsoft Azure SQL Database. Whereas, high deployment cost of marketing analytics software and easy availability of open-source solution is the major factor restraining the growth of global Marketing Analytics Software market during the forecast period.
Marketing Analytics Software Market Scope
|Forecast Unit||Value (USD)|
|Growth Rate||CAGR of 14.5% during 2021-2028|
|Segment Covered||Application, Deployment Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, LAMEA|
|Key Players Profiled||Accenture, Oracle, IBM, Adobe Systems, Wipro Corporation, SAS, Teradata, Harte Hank, Pegasystems and Experian.|
Key Segments of the Global Marketing Analytics Software Market
Application Overview, 2018-2028 (USD Billion)
- Social Media Marketing
- Email Marketing
- SEO Marketing
- Pay Per Click Marketing
- Display Marketing
- Video Marketing
- Content Marketing
Deployment Type Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of APAC
- South America
- Middle East