As per Zion Market Research study, The global marketing analytics software market was worth around USD 3.12 billion in 2021 and is estimated to grow to about USD 6.74 billion by 2028, with a compound annual growth rate (CAGR) of approximately 13.9 percent over the forecast period. The report analyzes the marketing analytics software market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the marketing analytics software market.
Zion Market Research published the latest report titled as “Marketing Analytics Software Market By Deployment (Cloud and On-premise), By Application (Online Marketing, E-mail Marketing, and Content Marketing), By End-User (Retail, BFSI, Education, Healthcare, Manufacturing, Travel & Hospitality, and Others), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” into their research database.
Marketing analytics software Market: Overview
Marketing analytics software is critical in ensuring that businesses get the full value of their data. Latest marketing analytics software gives businesses the tools and procedures they need to collect, analyze, manage, and govern their data more effectively. With the marketing analytical tools firms can profit from better operational efficiency, improved performance, and, eventually, a higher bottom line by embracing the actual promise of big data.
The impact of the COVID-19 pandemic on the global marketing analytics software market was low to moderate. Most of the firms around the world adopted marketing analytics tools to improve the overall performance during the pandemic period. Due to the need for critical decision-making many business operators preferred to take the help of marketing analytics to sustain and increase company revenue during the lockdown period.
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Marketing analytics is described as the process of monitoring and analyzing metrics data in order to assess the return on investment (ROI) of marketing initiatives, as well as the act of discovering improvement possibilities. Marketing analytics is important for gaining a broad grasp of marketing trends as well as tracking them through time. It aids in the prediction of future outcomes. Marketing analytics software helps a business track the data that influences traffic, leads, and revenue. The expansion of the marketing analytics market has been aided by rising marketing spending throughout the world.
Marketing analytics software Market: Growth Drivers
Growing necessity to employ marketing budgets for an effective ROI is likely to boost the market growth.
Return on investments is one of the major aspects companies care for, ROI is the core of any business for its successful growth over the future period. However, many firms struggle to optimize, analyze, and calculate returns on investment with their products and services. This is attributed to insufficient knowledge about the market, current trend, customer behavior, and pricing demand, also firms fail to analyze large customer data and product flow to streamline the product sale. These all factors affect the overall return on investments and ultimately ended up in big losses. Marketing analytics software can help with such hindrances and streamline the business by evaluating market growth, calculating multichannel customer views. These factors support the growth of the global marketing analytics software market.
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Marketing analytics software Market: Restraints
Large cost of arraying the marketing analytics software may hinder the growth of the market
The key factor restraining to the adoption of marketing analytics software is its high cost. In the need to gain precise marketing analytics software companies have to invest huge costs. For instance, paid marketing data research may range from USD 50 to USD 3000 per month, with many alternatives falling between USD 100 and USD 999. This cost is much high when there are free software versions available with lesser accuracy. However, investing in such freeware can cost to misleading the market trend or business decisions. Yet the paid version of the software cost reasonably and many small to mid-sized companies do not feel it necessary to use it. Such factors can hinder the growth of the market over the forecast period.
Marketing analytics software Market: Opportunities
An increase in data sources by major giants in the industry may offer better growth opportunities
Adobe, Google, Oracle, and Salesforce among other technological titans, added new data sources to their ever-expanding marketing capabilities in 2017. As businesses of all sizes try to reduce the complexity of data collection, purification, and use throughout their organizations. This trend is projected to continue which can offer better opportunities for the expansion of the global marketing analytics software market.
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Marketing analytics software Market: Challenges
Drawbacks with analytics precision may hamper the growth of the market
One of the major elements of companies marketing analysis is identifying the need of every segment in the market. Further, it is expected that the marketing analytics recognize other products and business issues that are impacting the growth of the segment. However, with such two-fold expectations market analytics software can overestimate the customers’ needs and demands even before analyzing the complete market scenario, this is one of the major hurdles that can affect the market growth.
List of Key Players of Marketing analytics software Market:
- Microsoft Corporation
- IBM Corporation
- Accenture PLC
- Salesforce.Com Inc.
- Adobe Systems Incorporated
- Oracle Corporation
- Teradata Corporation
- SAS Institute Inc.
- Neustar Inc.
- Pegasystems Inc.
- Tableau Software
- Google LLC.
Key Industry Insights & Finding of the Marketing analytics software Market Reports:
- As per the analysis shared by our research analyst, the Marketing analytics software Market is expected to grow annually at a CAGR of around 13.9% (2022-2028).
- Through the primary research, it was established that the Marketing analytics software Market was valued approximately USD 3.12 billion in 2021 and is projected to reach to roughly USD 6.74 billion by 2028.
- North America led the market with nearly 45 percent of the share.
Key questions answered in this report:
- What are the growth rate forecast and market size for Marketing analytics software Market?
- What are the key driving factors propelling the Marketing analytics software Market forward?
- What are the most important companies in the Marketing analytics software Market Industry?
- What segments does the Marketing analytics software Market cover?
- How can I receive a free copy of the Marketing analytics software Market sample report and company profiles?