The global marketing analytics market is oligopolistic in nature due to the presence of few players. As per Transparency Market Research (TMR), these players are leading the market as they have high proficiency in the field of marketing analytics. Companies are investing in mergers and acquisition to expand their geographical reach on the global platform to enhance their customer base to provide required services in minimal time. For instance, in December 2019, Proof Analytics acquired Musqot Marketing Technology AB, a marketing performance management tool company. In October 2019, Accenture acquired Happen, an innovation firm, to expand its analytics capabilities. Additionally, in January 2020, Dentsu Aegis Network Ltd. has acquired E-Nor Inc., to boost its marketing analytics platform. The report provides market analysis of leading companies such as GoodData, Tableau Software, Google Inc., Salesforce, Oracle Corporation, Neustar, IBM Corporation, Pega-Systems, Adobe Systems, and Teradata Corporation.
According to the TMR analysis, the global marketing analytics market valued at US$ 2,703.6 Mn in 2019, and is projected to reach a valuation of US$ 4,108.2 Mn by the end of 2022. The market is estimated to rise at a healthy CAGR of 15.2% during the forecast period from 2020 to 2022. Based on component type, software platform is expected to lead the market by representing 50.7% of the market in 2019. This segment is likely to rise at a CAGR of 15.3% during the forecast tenure from 2020-2022. Based on regional analysis, the marketing analytics market is dominated by North America, which holds higher revenue share in the global market.
Growing Use of Digital Technology to Escalate Demand for Marketing Analytics
The need for marketing analytics is increasing because it helps to analyze customer behavior and then formulate the online marketing camping and other marketing strategies. It increases the efficiency of the marketing program by means of computing results and based on those results marketing programs are formulated. Marketing analytics helps in managing, measuring, analyzing, and controlling marketing performance with which the manager can provide optimal campaign programs and optimize their return on investment (ROI). Increasing digitalization is opening newer opportunities for companies to expand their business.
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The global marketing analytics market is gaining traction with rising popularity of social media channels, to have better understanding of the customers, and to know the exact ROI achieved through online marketing. The increasing use of digital technology and internet, companies are getting into online marketing that require marketing analytics to develop a better understanding of the market. Thus, these factors are expected to accelerate the marketing analytics market at the international level.
Availability of Substitutes Hampering Market Growth
In contrast to the drivers of the market, some restraints may adversely affect the growth of the market in the coming years, some of which include the reluctance of companies to invest in marketing analytics software, dearth of necessary skill sets, and existence of open-source software and high cost of operating such software. Expensive implementation of marketing analytics software and availability of substitutes in form of open source solutions are considered as the major concerns related to the future scope of this market. Moreover, inability of the managers to exploit analytics software and compete with other mangers in the market also acts as a barrier for marketing analytics market. Thus, by increasing managers capability and knowledge about the changing analytics software will benefit the market to flourish in the coming years.