Marketing Analytics Software Market Expected to Reach $14.3 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Marketing Analytics Software Market," The marketing analytics software market was valued at $3.9 billion in 2021, and is estimated to reach $14.3 billion by 2031, growing at a CAGR of 13.9% from 2022 to 2031.

Marketing analytics software encompasses tools and processes that 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. Furthermore, the increasing use of social media channels and the rising use of big data analytics boost the growth of the global marketing analytics software market. In addition, the incremental need to gauge customer behavior positively impacts the growth of the market. However, the high cost of deployment hampers the marketing analytics software market growth. On the contrary, growth in advanced technology such as 5G is expected to offer remunerative opportunities for expansion during the marketing analytics software market forecast.

Increasing use of social media channel and the rising employment of big data analytics boost the growth of the global marketing analytics software market. In addition, the incremental need to gauge customer behaviour positively impacts the growth of the market. However, the high cost of deployment hampers the marketing analytics software market growth. On the contrary, growth in advanced technology such as 5G is expected to offer remunerative opportunities for the expansion of the marketing analytics software market during the forecast period.

Depending on enterprise size, the large enterprise segment holds the largest marketing analytics software market share as it helps to manage, evaluate, and control marketing efforts by measuring marketing performance. However, the SME segment is expected to grow at the highest rate during the forecast period, owing to continuous innovation and the cost-effectiveness of services.

Region-wise, the marketing analytics software market size was dominated by North America in 2021 and is expected to retain its position during the forecast period owing to, high social media usage and the availability of high-speed internet services in the region. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the rapid implementation of digital government initiatives in countries such as Singapore and China.

The global marketing analytics software market is expected to register high growth due to the continuous need to penetrate the market more effectively and understand consumer demands are expected to encourage organizations and institutions to adopt marketing analytics tools and solutions are expected to drive industry growth. Thus, the increase in the adoption of marketing analytics software, owing to its analytics platform is one of the most significant factors driving the growth of the market. With a surge in demand for marketing analytics, various companies have established alliances to increase their capabilities. For instance, in October 2022, GetintheLoop partnered with Thryv Holdings, Inc. to offer Thryv’s small business management software to clients across the country. For instance, in October 2022, Accenture partnered with Sitecore to help organizations accelerate response to market changes and better meet customers’ evolving demands across content, experience, and commerce.

In addition, with further growth in investment across the world and the rise in demand for marketing analytics, various companies have collaborated with increased diversification among customers. For instance, in October 2022, Mercedes-Benz collaborated with Microsoft Corporation to boost efficiency, resilience, and sustainability in car production.

The COVID-19 outbreak negatively impacts the growth of the marketing analytics software industry, the industry is expected to recover by the third quarter of 2022. This is attributed to significant investment in advanced technologies such as IoT and smart technologies and various government initiatives, such as smart cities, across Asia-Pacific countries, including China and India. Furthermore, adopting technologies such as cloud, Artificial Intelligence (AI), and IoT. With the considerable control achieved over the pandemic, various sectors such as retail, manufacturing, and automotive, are expected to witness rising investments as deception technology solutions grow in prominence across different business functions offering several opportunities to digitize and expand the business across regions. Moreover, various public and private entities are expected to come together to create ecosystems to share data for multiple use cases under a common regulatory and cybersecurity framework, which, in turn, is expected to provide lucrative opportunities for the growth of the global market.

KEY FINDINGS OF THE STUDY

• By deployment model, the on-premise segment accounted for the largest marketing analytics software market share in 2021.
• Region wise, North America generated highest revenue in 2021.
• Depending on enterprise size, the large enterprise segment generated the highest revenue in 2021.

The key players profiled in the marketing analytics software market analysis are Accenture, Adobe Inc., Google Inc., Funnel.io, IBM Corporation, Oracle Corporation, Improvado Inc, SAS Institute Inc., Tableau Software LLC, and Teradata Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the marketing analytics software industry.