Marketing Analytics Market: Current Analysis and Forecast (2022-2028)

Marketing Analytics Market: Current Analysis and Forecast (2022-2028)

Marketing analytics software encompasses tools and processes which enable an organization to manage, evaluate, and control its marketing efforts by measuring marketing performance. In short, these solutions simplify and optimize a business’s marketing strategies and activities. With the use of marketing analytics software, businesses are able to improve their return on investment (ROI) by identifying effective marketing methods and adjusting campaigns to maximize conversions and sales.

The growing adoption of marketing analytics software is attributed to the growing need for organizations to penetrate the market more effectively and the complexities involved in understanding consumer demands. Moreover, the use of marketing analytics enables companies to understand the performance of their marketing campaigns better and engage in the comparative analysis as to which application offers the highest returns.

The Marketing Analytics Market is expected to grow at a steady rate of around 14% owing to the increasing focus of organizations to advertise/market their products online.

• Based on deployment, the market is segmented into on-premises and cloud. The cloud segment is expected to grow significantly during the forecast period. Cloud implementation is very cost-effective. Moreover, Several SMEs prefer adopting the cloud deployment model as it enables them to leverage marketing analytics software without making changes to the existing IT infrastructure. Furthermore, applications implemented on the cloud are accessible from anywhere.
• Based on application, the market is segmented into social media marketing, e-mail marketing, search engine marketing, content marketing, and others. During the forecast period, the e-mail marketing segment is expected to grow significantly. This is mainly attributed to various factors such as the wide reach of emails. Moreover, e-mail marketing is ideal for B2B sales as emails are mainly used as a business tool around the world. e-mail marketing offers a higher conversion ratio as different advertising campaigns can be planned according to different groups of people. People usually subscribe to their preferred brands’ e-mail lists, which offers marketers the opportunity to improve engagement rate, brand awareness, and revenue generated by marketing activities.
• For a better understanding of the market adoption of the marketing analytics industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. In 2020, the North American market is expected to grow with a larger CAGR during the forecast period. This is mainly attributed to the growing use of social media use coupled with the increasing internet penetration in countries such as America and Canada. 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. Moreover, the growing use of machine learning (ML), natural language processing (NLP), and artificial intelligence (AI) have further enhanced the capabilities of marketing analytics in this region. The use of qualitative analytics and such advanced analytics tools is currently limited to large enterprises, as they are costlier solutions and demand huge resources and capital investment.
• Some of the major players operating in the market include Accenture Plc, Adobe Inc, Google Inc, Funnel, IBM Corporation, Oracle Corporation, RTB Digital Media Corporation, SAS Institute Inc, Tableau Software LLC, and Teradata Corporation.