Marketing Attribution Software Market is Expected to Reach $12.9 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Marketing Attribution Software Market, By Component (Solution, Service), By Deployment Mode (On-Premise, Cloud), By Type (Single-Source Attribution, Multi-Source Attribution, Probabilistic Or Algorithmic Attribution), By Organization Size (Large Enterprises, Small And Medium-Sized Enterprises), By Industry Vertical (Consumer Goods And Retail, IT And Telecom, BFSI, Media And Entertainment, Healthcare, Travel And Hospitality, Others): Global Opportunity Analysis And Industry Forecast, 2022-2031". The marketing attribution software market was valued at $3.1 billion in 2021, and is estimated to reach $12.9 billion by 2031, growing at a CAGR of 15.5% from 2022 to 2031.

Marketing attribution software helps marketing teams to aggregate and normalize consumer data from across channels to ensure each interaction is properly weighted. Furthermore, businesses have shifted toward digitalization and increased implementation of Industry 4.0 to cope with ongoing tough business competition, which creates the need for seamless solution and platform to meet the businesses requirements, which eventually boost the adoption of marketing attribution software in various sectors rapidly.

On the basis of component, the solution segment dominated the marketing attribution software market size in 2021 and is expected to continue this trend during the forecast period. The adoption of Marketing attribution software provides numerous benefits to the industry such as, streamline the business process, eliminate the manual process and reduces the time and costs, further fuel the growth of the market. However, services segment highest growth market share in the upcoming year. The adoption of marketing attribution services enhances software implementation, maximize the value of existing installation by optimizing it, and minimize the deployment cost & risks, and others, further fuel the growth of the marketing attribution software market for this segment.

Region-wise, North America dominated the market share in 2021 for the marketing attribution software market. Adoption of marketing attribution software growing steadily to meet increasing demands from today’s businesses to enhance their business process and improve the customer experience will provide lucrative opportunities for the market in this region. However, Asia-Pacific is expected to exhibit highest growth during the forecast period. This is attributed to increase in penetration of advanced technology and higher adoption of cloud-based solution and services, AI, big data and IoT, are particularly fueling regional market growth.

The outbreak of COVID-19 is anticipated to provide numerous opportunities for the market to grow during the forecast period. These opportunities include surge in demand for marketing attribution software in enterprises due to remote work initiatives, as more and more businesses see the benefits that these platforms bring to the table. It further altered how businesses handle their processes. Data storage has also been altered, as all business information has been moved to the cloud, where it is both safe and conveniently available to users for remote work.

Moreover, it is anticipated that post pandemic, companies will focus more on solutions that will support advanced planning and mitigate the impact of similar events in the future. Furthermore, increased requirement to optimize marketing expenditure while analyzing customer behavior for targeted marketing activities has fueled a boom in demand for marketing attribution software market. As a result, the global sales of marketing attribution software have grown. The marketing attribution software is projected to have increased demand in the coming years as more marketers use data-driven approaches for efficient marketing operations. In addition, it also offers a lot of advantages to businesses, such as marketing expenditure optimization and data-driven decision making, as well as performance measurement. Such benefits provide lucrative growth opportunities for the marketing attribution software market forecast.

Factors such as shutdown of educational institutions, offices, & manufacturing facilities for an indefinite period; major shift toward work-from-home culture; and implementation of social distancing policies have led to increasing need of technologies, which can help them to pass through these difficult times. COVID-19 has positively impacted on the digital transformation initiative, which is expected to provide the lucrative growth opportunities for the marketing attribution software industry in the upcoming year.

Key Findings of the Study

• By Component, the Solution segment accounted for the largest marketing attribution software market share in 2021.
• By Deployment Model, the on-premise segment accounted for the largest marketing attribution software market share in 2021.
• By Type, the multi-source attribution accounted for the largest marketing attribution software market share in 2021.
• On the basis of Organization Size, the large enterprise segment accounted for the largest marketing attribution software market share in 2021.
• Depending on Industry Vertical, the consumer goods and retail sector accounted for the largest marketing attribution software market share in 2021.
• Region wise, North America generated highest revenue in 2021.

The key players that operate in the marketing attribution software market analysis are Adobe Inc., Alphabet Inc., Hubspot, Inc., Merkle Inc., Oracle Corporation, Ruler Analytics Ltd., SAP SE, The Nielsen Company, Windsor.ai and Wizaly SAS. These players have adopted various strategies to increase their market penetration and strengthen their position in the marketing attribution software industry.