Global Marketing Analytics Market - Segmented by Type of Deployment (On-premise, Cloud), Application (Online Marketing, E-mail Marketing, Content Marketing, Social-media Marketing), End-user (Retail, BFSI, Education), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global marketing analytics market was valued at USD 2.09 billion in 2017, and is expected to reach a value of USD 4.4 million by 2023, at a CAGR of 13.17 %, during the forecast period (2018 - 2023).The scope of the report is limited to applications by major players, which include Online Marketing, E-mail Marketing, Content Marketing, and Social-Media Marketing. While the End-users considered in the scope of the report include Retail, BFSI, Education, Healthcare, Manufacturing, Travel, and Hospitality.
Measuring market effectiveness is an issue of prime importance, owing to the high amount of budgets and the role of marketing in every business. According to a survey about 57% of the total marketers cited have reported that the major bottleneck they face lies in measurement, analysis, and learning of the marketing techniques. Marketing analytics software aid a company in tracking the data pertaining to traffic, leads, and sales. Implementation of marketing analytics helps the person of interest to compare between various mediums of operation, such as social media vs. blogging vs. email marketing etc. these analytics also aid in diagnosing the difficulties faced in a particular channel, and the tactical steps which need to be taken to improve the background.
Growing Marketing Budgets for Marketing Emphasize the Need for Marketing Analytics
Marketing budgets all around the globe have been increasing. In a survey conducted at annual Marketing Budgets Report 2016, conducted by Oracle Marketing Cloud about 72% of the digital marketing budgets have been increasing. In the same survey, about 54% of the people have responded as hiring people into their digital marketing schemes indicating potential for analytics in marketing. Many marketers have been interested in increasing investments in digital marketing, owing to increasing internet penetration, and growing social media.
Consumers between 18 and 35 years old have been nearing the peak in careers into a high-spending life stage and have been contributing to the increasing households.This is now the living generation with highest population share, this generation spends an average of USD 600 billion a year.Brands will grow digital investment in order to connect with this millennial population. Owing to such trends there have been increasing investments in budgets as the potential spending power of the population has been increasing.
Social Media Marketing is one of the Primary Applications for Marketing Analytics
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.
The amount of spending for social media video advertising has nearly double compared to the previous years. Growth of social media, such as Facebook, integral, and Snapchat have emerged as one of the primary medium of advertising. According to a survey done by HeyWire business about 53% of its consumers prefer the use of electronic media such as email, web chat or social instead of phone support. About 79% of the consumers have been seeking for other forms of consumer support. 31% have emphasized the need for text as an available support option.
North America has a High Spending for Market Analytics
Many of the major market players have been in this region. Marketing budgets in the company have been increasing and companies, such as Ebiquity have been investing further in the region to increase the number of services provided. Many companies have comparatively reduced the budget expenditure in the region owing to the recent slump in the region. This decrease further emphasizes the need for optimal spend of budgets, which emphasizes the need for marketing analytics software in the region.
Key Developments in the Market