Marketing Analytics Software Market is Growing Beyond Experts Expectation
Marketing analytics software provides tools and processes, which enable organizations to analyze, manage, measure, and control their marketing performance. It benefits in simplifying and optimizing marketing strategies, and suggests effective and improved marketing methods to several companies, thus, increasing their Return on Investment (ROI). Additionally, marketing analytics software helps monitor and manage customer relationships.
Increasing demand for analytic data pertaining to customer behavior and increasing number of social media channels are driving growth of the global marketing analytics software market
Increasing adoption of marketing analytics software is increasing the efficiency of marketing campaigns, by decreasing the market spending. Demand for analytics is increasing, as it helps understand preferences of consumers, further analyzing customer behavior, thus helping companies decide which services to upsell. Marketing analytics software also maximizes profit margins for software providers, owing to its improved performance in multiple areas of operation including customer analysis, and product positioning among others.
These factors further enables the creation of efficient strategies. For instance, according to Coherent Market Insights’ analysis, globally, around 52% of customers are extremely influenced to switch brands, if a company does not personalize their communications with its customers. Therefore, understanding customer behavior is a major factor, propelling growth of the global marketing analytics software market.
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Additionally, increasing number of social media channels is driving demand for marketing analytics software. The large volumes of consumer-related data obtained from the social media platforms, helps in analyzing data pertaining to consumer behaviour, which in turn increases the demand for marketing analytics software.
However, lack of awareness among the customers about the software and its features is the major challenge faced by the vendors of marketing analytics software.
Global Marketing Analytics Software Market: Regional Insights
On basis of geography, the global marketing analytics software market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is expected to witness highest growth in the marketing analytics software market over the forecast period. The U.S. is one of the major growth engines in the marketing analytics software market in North America. This growth is attributed to the large number of users actively participating in the social media activities in this country which includes Facebook, the most popular social network website in the U.S. based on visits, followed by YouTube and Twitter. This is further increasing the number of social media channels. For instance, according to the Coherent Market Insights analysis in 2016, 81% of the population in the U.S. were using Facebook in 2016, with around 207 million Facebook users in the country. Therefore, the increasing number of social media channels is expected to influence growth of the marketing analytics software market, during forecast period.
Global Marketing Analytics Software Market: Competitive Background
Key players operating in the global marketing analytics software market include IBM Corporation, Teradata Corporation, Good Data, Google LLC Inc., Adobe Systems, Salesforce, Neusta, Tableau Software, Pega Systems, and Oracle Corporation
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