Growing Usage of Digital Technology to Intensify Demand for Marketing Analytics
Marketing analytics helps marketers to gauge the success of their marketing activities through various processes and technologies. This is made possible by measuring the performance of a particular marketing initiative. For instance, is blogging more effective for a particular company, or is it engagement through social media or via channel communications that can ensure the best results? Marketing analytics apprise the marketers about the performance of the marketing programs they are implementing.
Marketing analytics involves measuring, analyzing, managing, and controlling the performance of a marketing campaign in order to maximize the effectiveness of a campaign and optimize return on investment (ROI). Marketing analytics solutions are also used by marketing managers to plan and execute marketing activities based on analytics obtained for need for enhanced content sharing and enhanced customer involvement on social media channels.
A report by Transparency Market Research (TMR), forecasts the global marketing analytics market to be evaluated at US$ 2,703.6 Mn in 2019. Expanding at a pace of 15.2% CAGR for the 2020-2022 forecast period, the market is estimated to be worth US$ 4,108.2 Mn by the end of 2022.
North America to Continue to hold Supremacy through 2022
The key regional markets for marketing analytics are North America, Europe, Latin America, Asia Pacific except Japan, Japan, the Middle East and Africa. Among them, North America is anticipated to dominate the global market analytics market vis-à-vis revenue and the trend is anticipated to continue over the forecast period. The region is estimated to display the leading 18.5% CAGR over the 2020-2022 forecast period.
The growth of North America marketing analytics market is mainly because of increasing adoption of advanced business analytics techniques, which is a transformation from traditional techniques for analyzing business data. Enterprises heavily rely on social media channels to obtain insights about customer preferences and trends. Increasing adoption of cloud, growth of advanced analytics, emergence of Internet-of-Things based technologies, and adoption of data-driven decision-making practices are some other factors that are stoking growth of North America marketing analytics market.
Europe marketing analytics market is anticipated to account for 26.8% of the overall market in in 2019 in terms of revenue. The region is expected to grow by 71.4% in its market share between 2019 and 2022.
Leading companies in the global marketing analytics market include
- Tableau Software
- Google Inc
- Adobe Systems
- IBM Corporation
- Oracle Corporation
- Pega-Systems Teradata Corporation