The global marketing analytics market is gaining from the unprecedented benefits of marketing analytics that marketers leverage to evaluate the outcome of their efforts. Marketing analytics not only help marketers comprehend lead generation and sales analytics, it also provides valuable insights about customer preferences and trends. Moreover, marketing analytics solutions enable marketers to oversee online marketing campaigns and evaluate their respective success outcomes, which helps them to allocate money for the most successful campaigns.
Marketing analytics involves measuring, analyzing, managing, and controlling the performance of a marketing campaign in order to maximize the effectiveness of a campaign and optimize return on investment (ROI). Marketing analytics solutions are also used by marketing managers to plan and execute marketing activities based on analytics obtained for need for enhanced content sharing and enhanced customer involvement on social media channels.
A report by Transparency Market Research (TMR), forecasts the global marketing analytics market to be evaluated at US$2,109.6 mn in 2017. Expanding at a pace of 14.3% CAGR for the 2017-2022 forecast period, the market is estimated to be worth US$4,108.2 mn by the end of 2022.
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Software Platform Component Segment to Outshine amongst all
The worldwide market for marketing analytics is broadly assessed on the basis of component, deployment, industry, application, and region. Depending upon component, the segments into which the global marketing analytics market is divided are software platform, professional service, and managed service. Of them, software platform is the leading segment which is anticipated to account for a revenue contribution of US$1,036.1 mn in 2017 to represent 49.1% of the market in the same year. Expanding at a CAGR of 15.2% over the 2017-2022 forecast period, the software platform segment is expected to become worth US$2,100.7 mn vis-à-vis revenue by the end of 2022; the software platform segment will thus represent 51.1% of the market in 2022. The annual growth of the segment is pegged at US$212.9 mn over the 2017-2022 period, which is greater than the absolute growth displayed by all other component segments.
Based on deployment, the segments into which the global marketing analytics market is divided are SaaS and on-premise. Depending on application, social media, content optimization, campaign management, email marketing, and others are the segments into which the marketing analytics market is divided.
In terms of industry, retail and consumer goods, healthcare, BFSI, travel and hospitality, automotive, telecommunication, and others are the segments of this market.
North America to Continue to hold Supremacy through 2022
The key regional markets for marketing analytics are North America, Europe, Latin America, Asia Pacific except Japan, Japan, the Middle East and Africa. Among them, North America is anticipated to dominate the global market analytics market vis-à-vis revenue and the trend is anticipated to continue over the forecast period. The region is estimated to display the leading 17.1% CAGR over the 2017-2022 forecast period.
The growth of North America marketing analytics market is mainly because of increasing adoption of advanced business analytics techniques, which is a transformation from traditional techniques for analyzing business data. Enterprises heavily rely on social media channels to obtain insights about customer preferences and trends. Increasing adoption of cloud, growth of advanced analytics, emergence of Internet-of-Things based technologies, and adoption of data-driven decision making practices are some other factors that are stoking growth of North America marketing analytics market.
Europe marketing analytics market is anticipated to account for 27.6% of the overall market in in 2017 in terms of revenue. The region is expected to lose 284 basis points (BPS) in its market share between 2017 and 2022.
Leading companies in the global marketing analytics market include Tableau Software, GoodData, Google Inc., Adobe Systems, Salesforce, Neustar, IBM Corporation, Oracle Corporation, Pega-Systems, and Teradata Corporation.