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Global Marketing Analytics Software Market Propelled by Increasing Demand for Measuring ROI

Marketing Analytics Software Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
Published 16 December 2015

The global marketing analytics software market is worth billions and is projected to demonstrate healthy growth in the coming few years. Marketing analytics software blends various technologies and processes enabling an organization to analyze and quantify its efforts in marketing. This software offers useful tools that aid organizations to measure, control, manage, and evaluate their marketing performance.

Marketing Analytics Software Provides Consumer Behavior Insight

By deploying marketing analytics software, companies are able to improve their marketing strategies and boost their return on investment (ROI) on marketing activities. Marketing analytics software provides insights about consumer behavior to organizations such as consumer buying trends and other preferences. This information is critical during many processes such as product design, customer service, and consumer surveys.

Some of the key players operating in the global marketing analytics software market are Oracle, Accenture, Adobe Systems, IBM, Teradata, Wipro Corporation, Harte Hank, and Experian. According to an IBM case study for its client, Mueller Incorporated, a manufacturer of steel products, with IBM Analytics implemented a comprehensive analysis and reporting system. This helped Mueller Incorporated gain insights into customer demand and supply chain trends and allowed it to cut down financial reporting times.

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Likewise, Teradata Interactive analytics helped Novartis to boost enhance customer engagement. Data revealed by Google Analytics demonstrated a positive impact on popular content sales and Air Show Buzz (ASB) employed these strategies to emphasize on the right content, which directly enhanced revenue.

Rising Social Media Activities to Drive Global Marketing Analytics Software Market
 

The aforementioned examples demonstrate how marketing analytics software has supported companies to boost their return on investment. This is one of the key drivers of the global marketing analytics software market. The rising competition and economic challenges in the global market are pressuring organizations to optimize their marketing expenses.

Another key driver for the global marketing analytics software market is the rising use of social media. Popular social networking sites such as Twitter, Facebook, and Instagram create large volumes of consumer-related data. This data is vital to an organization’s marketing strategy. By evaluating this critical data, companies can enhance their marketing strategies.

Technology drivers such as the rise of big data analytics and cloud computing will also fuel the growth of the global marketing analytics software market. These technologies are allowing organizations to efficiently manage and examine large volumes of data generated online. Although the global marketing analytics software market will be driven by these factors, the high deployment costs of marketing analytics software will suppress this market. This is particularly observed in the case of small and medium businesses (SMBs) preferring to employ open-source analytics over personalized analytics.

Nevertheless, the deployment of marketing software will grow substantially in the foreseeable future. Application-wise, the global marketing analytics software is divided into email marketing, social media marketing, SEO marketing, and video marketing. Marketing analytics software is used in several verticals. These include: Banking, financial services, and insurance (BFSI), media and entertainment, e-commerce, healthcare, energy and utility, consumer packaged goods (CPG), high-tech manufacturing, and retail.

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