Marketing Analytics Market - Growth, Trends, and Forecast (2019 - 2024)

Market Overview

The Marketing Analytics Market is anticipated to register a CAGR of 14% over the forecast period (2019-2024). The benefits of analytics have become highly obvious for companies as the competition for the retention of customers has become a necessity for the businesses. Companies these days use multiple channels to keep the customers informed and connected with them. Analytics solution allows them to keep track of the impact of the actions taken. This has resulted in the Integration of these solutions with the existing ERP solution, which is beneficial in using the generated and available data.

Increasing need to utilize marketing budgets for an effective ROI is estimated to boost the market over the forecast period.
Further, the adoption of cloud technology and Big Data is also increasing the growth of the Marketing Analytics market.
Over the course of 2017, technology giants like Google, Adobe, Salesforce, and Oracle added more data sources to their ever-growing marketing capabilities. This particular trend is expected to continue, as businesses of all sizes work to lessen the complexity of data collection, cleansing, and usage across their organizations.

Scope of the Report

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.

Key Market Trends

Social Media Marketing Anticipated to Record

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 on social media video advertising has nearly double compared to previous years. The 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 consumers have been seeking other forms of consumer support. 31% have emphasized the need for text as an available support option.

North America to Hold Major Share

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 an optimal spend of budgets, which emphasizes the need for marketing analytics software in the region. Use of machine learning (ML), natural language processing (NLP), and artificial intelligence (AI) has further enhanced the capabilities of marketing analytics in this region. Use of qualitative analytics and such advanced analytics tools is currently limited to large enterprises, as they are costlier solutions and demand huge resource and capital investment.

Competitive Landscape

The Marketing Analytics market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. In Jul 2017, Teradata announced the acquisition of StackIQ, a prominent developer of cloud analytics software, which has managed the deployment of cloud and analytics software at millions of servers in data centers around the world. The acquisition is expected to strengthen the R&D capabilities of the company. Further In Jun 2018, Microsoft signed a MoU with New Sales Wales to trial a major data science project based on procurement analytics.

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