The global marketing analytics software is projected to expand at a robust CAGR during the forecast period, 2021–2028. The growth of the market is attributed to increasing penetration of social media platforms across the globe.
Marketing analytics software comprises of various processes and technologies that enable marketers to evaluate their success on the campaigns ran by them. The software solutions allow them to monitor the online marketing campaigns and respective outcomes, enabling them to spend money effectively.
Marketing analytics software products have become a standard to analyse the marketing efforts across various industry verticals. They provide a multilateral analysis of the market and consumer behaviour. These software solutions play a crucial role in improving the marketing strategies of the companies.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing need of tools to evaluate the ROI on the online marketing is driving the growth of the market
- Growing demand for traffic analysis for specific online marketing platform is driving the growth of the market
- The COVID-19 pandemic has encouraged industry players to shift the development of the software from offices to homes. This, in, turn, had impacted the IT industry in beginning; however, the market has adopted the work from trend, which have stimulated the market growth.
Marketing Analytics Software Market Segment Insights:
Social media marketing segment accounts for a significant market share
On the basis of applications, the market is divided into social media marketing, e-mail marketing, search engine marketing, content marketing, and others. The social media marketing segment accounted for a revenue share of over 25% in 2020. Social media marketing enables marketing teams to improve customer relations and monitor competition more efficiently by carefully analyzing consumer engagement trends. On the other hand, the e-mail marketing segment accounted for a significant revenue share during forecast period. This is attributed to the fact that e-mail marketing offers high conversion ratio, as advertising campaigns can be planned according to different groups of target audience.
Cloud segment accounts for a robust market share
Based on deployments, the market is divided into on-premise and cloud. In 2020, cloud segment accounted for a revenue share of over 70%, in terms of revenue. The cloud deployment model enables organizations to work remotely. Conversely, the on-premise segment accounted for a significant revenue share. The on-premise deployment of marketing analytics software improves data accessibility for marketing teams.
Large enterprises segment accounts for a significant market share
On the basis of organization sizes, the market is divided into SMEs and large enterprises. The large enterprises segment accounted for the significant revenue share as these enterprises gratify exhaustive marketing practices and run different marketing campaigns to improve sales. On the other hand, the SMEs segment accounted for a considerable revenue share. High ROI on the campaigns has encouraged SMEs to develop data driven marketing campaigns.
Media & communication segment accounts for a significant market share
On the bases of industry verticals, the market is divided into retail, consumer goods, industrial, BFSI, media & communication, healthcare, and others. The consumer goods segment dominated the market in 2020 with a revenue share of over 20%. Consumer good companies generate copious amounts of date regularly, which in turn, helps them to run marketing campaigns effectively.
The media & communication segment accounted for a significant revenue share and is anticipated to grow at a healthy rate during the forecast period. In the media & communication industry, marketers need to understand the nature of audience interaction and type of content consumed across various screens and channels. This, in turn, has increased the demand for marketing analytics software solutions across the globe.
North America accounts for a significant market share
Based on regions, the market divided into Asia Pacific, North America, Latin America, Europe and Middle East & Africa. North America accounted for a market share over 50% in 2020. Increasing use of social media and high penetration of Internet is propelling the growth of the market in this region. However, Asia Pacific accounted for a significant revenue share owing to rapid digitization in the emerging economies such as India and China due to the government initiatives.
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