Marketing Analytics Software Market Expected To Witness A Substantial Growth Of $7.43 Billion By 2027: Grand View Research Inc.

 

The global marketing analytics software market size is expected to reach USD 7.43 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 14.8% from 2020 to 2027. The integration of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML) offers promising growth prospects for the market. AI is expected to help marketers deliver the right brand message across different marketing channels and improve search results, which lead to desired landing pages and websites. The primary objective of marketing analytics is to understand and offer insights regarding customer preferences, which can be achieved by deploying AI-enabled chatbots for customers and carefully analyzing consumer demands. For instance, Starbucks Corporation uses predictive analytics to gather and analyze customer data and offer personalized marketing messages to customers.

The 5G delivery model offers promising market growth opportunities owing to its ability to enhance users' internet-using experience. This will lead people to spend more quality time on the internet and consume content or perform tasks specific to their needs. The consumption of specific content and buying trends can be monitored to develop efficient marketing strategies and effective profit-generation models. 5G internet is also expected to accelerate mobile e-commerce sales, enabling marketers to improve customer experiences and streamline shopping apps, particularly for the retail and consumer goods industry.

The automation of marketing analytics helps brands and corporations to gauge the success of marketing campaigns. The emerging trend to automate marketing analytics is offering an impetus to market growth. It offers critical insights into lead scoring, more efficient predictive analytics, and milestone analysis as well as helps save operational expenditure. Companies such as Ancestry and Dropbox, Inc. have witnessed the benefits of marketing analytics automation, such as creating strategically outlined welcome mails and carefully curated win-back programs, which ensure higher revenue-generation opportunities. Essentially, automating marketing analytics practices enables companies to gain access to prospect leads, which can be pursued to ensure prolonged business practices.

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The BFSI industry is expected to register a significant growth rate over the forecast period. In the BFSI industry, the marketing budget is usually based on the revenue generated in the previous fiscal year. The use of Marketing Mix Models (MMM) and digital attribution powered by big data analytics aids banking and financial institutions in quantifying the impact of marketing campaigns on return on investment and determining the optimum marketing budget. Furthermore, several large financial institutions including Citibank use big data analytics for profiling and customer segmentation, thus enabling marketing teams to identify the right channel for the right targets.

Marketing Analytics Software Market Report Highlights

• By application, the social media marketing segment is expected to witness considerable growth over the forecast period. The promising growth prospects of the segment can be attributed to the rising penetration of social media and the subsequent need for corporations to tap social media platforms as a marketing channel
• Based on deployment, the on-premise segment is expected to register the highest growth rate over the forecast period owing to the ability to ensure better safety and security of data from an on-premise data center and more efficient data analysis
• In terms of organization size, the SMEs segment is expected to register the highest growth rate over the forecast period owing to the availability of cost-effective cloud-based analytics software, which helps SMEs offer marketing analytics services at affordable costs
• The BFSI industry vertical segment is expected to register the highest growth rate over the forecast period owing to the rapid digitization of banking practices and the emergence of digital-only banks
• Asia Pacific is expected to register the highest CAGR over the forecast period owing to the presence of significant AI development trends in countries, such as China and Singapore

Cloud computing technology has been one of the primary growth drivers for the market. Large enterprises engage in several marketing channels, which results in the generation of large datasets. Cloud computing technology enables marketers to organize and analyze structured and non-structured data using marketing analytics platforms in a cost-effective manner. The popularity of cloud-based marketing analytics software has increased owing to benefits, such as better functionality and cost-effectiveness, and this has encouraged service providers, such as Oracle Corporation and Adobe Inc., to offer cloud analytics solutions to marketers.

The rapid penetration of social media platforms has also offered growth opportunities to market players. Facebook and Instagram are two of the most used social media platforms worldwide that offer marketers new channels to advertise their products. Social media platforms gather a large amount of user data, such as audience demographics and demands, which can be effectively utilized to understand consumer buying preferences and offer products, services, and solutions according to their needs. Several SMEs such as Zulily, LLC, and RealEats and large enterprises such as TGI Fridays Franchisor, LLC and Subway IP LLC have used marketing analytics solutions, which have helped the companies enhance their product offerings and improve business operations.

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Organizations are continuously undertaking various measures to optimize their marketing investment, which is spent in different marketing campaigns. Big data analytics has facilitated the growth of the market as it helps in analyzing customer loyalty, marketing performance, and consumer engagement. The popularity of the Marketing Mix Model (MMM) is fueling the market growth due to the technology's ability to help organizations estimate spending on different advertising channels and their effectiveness. This has resulted in a rising demand to upskill marketers or hire technically qualified marketers responsible for incremental market growth.

Service providers in the market offer customizable dashboards and pre-built marketing dashboards to enhance their service offerings. The use of customizable dashboards enables users to generate reports according to their preferences and needs, thus offering the opportunity to churn out the platform's full capability. For instance, Klipfolio Inc. and Salesforce.com, Inc. offer users the opportunity to design their dashboards and leverage a more seamless software experience. Adobe Analytics is enabling users to add up to ten segments and three metrics, which offers more filtered and detailed results. 

There has been a shift in organizational demands when hiring marketing professionals. Companies now prefer more technically inclined marketing individuals to handle and process large datasets more efficiently. Corporations have also started engaging in M&A activities to diversify their service offerings and enhance the end-user experience. For instance, 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. Some prominent players in the global marketing analytics software market include:

·        Accenture

·        Adobe Inc.

·        Google Inc.

·        Funnel

·        IBM Corporation 

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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