Global Marketing Analytics Software Market: Overview
Marketing analytics software products are becoming a standard for marketing efforts across every industry these days. Offering a variety of tools for managing, analyzing, measuring, and controlling marketing performance with the help of insights gained from consumer behavior, marketing analytics software products have demonstrated their capability of optimizing returns and improving effectiveness of marketing activities. Capability of analyzing consumer preferences, buying trends, and other important criteria determining the growth prospects of a certain product or services makes marketing analytics software key to successful returns in today’s highly competitive business environment.
This report on the global marketing analytics software market analyzes and predicts the growth prospects of the market at regional and global levels. The predictions have been presented in terms of revenue (US$ mn/bn) over the period between 2015 and 2023, with 2014 considered as the base year. The report presents a thorough overview of factors such as drivers, restraints, trends, opportunities, and regulatory landscape, expected to have a significant impact on the overall future progress of the market over the said period. Opportunities are also highlighted based on the key regional markets examined in the report.
The report includes a detailed overview of the market’s value chain analysis, allowing the reader a clear and thorough overview of the various ways the market could serve better to its potential consumers. Suggestions are provided regarding the most promising segments and their potential growth prospects over the report’s forecast period. The report also includes a Porter’s Five Forces analysis of the market to help reader understand better the competitive landscape of the market. The report also encompasses a market attractiveness analysis, wherein technology, product segments, and end-users are benchmarked on the basis of their general attractiveness, market size, and growth rate.
Global Marketing Analytics Software Market: Trends and Opportunities
With the help of the multilateral analysis of a market and consumer behavior provided by marketing analytics software, organizations are able to evaluate all the key methods and mediums of marketing and identify the effectiveness of varied marketing efforts. As a result, marketing analytics software products play a key role in optimizing the marketing activities and strategies of companies, especially catering to consumers who are connected to the digital ecosystem through social media networks and online forums and whose purchase-related behavior is easy to analyze.
The vast rise in the number of people actively participating in a variety of social media activities is considered to be one of the key factors driving the global market for marketing analytics software. The vast volumes of consumer-related data obtained from popular social media platforms holds immense potential of uncovering trends that, when used as a basis for growth or expansion related decisions, could lead to excellent returns. The rising awareness among companies related to these benefits of marketing analytics software and the continuously rising array of application areas of these software are also driving the market.
However, the market is expected to bear the brunt of the easy availability of open-source software products. Inexpensive open-source software products are preferred over the highly expensive customized analytic solutions by small and medium-sized companies with low marketing budgets.
Global Marketing Analytics Software Market: Competitive Landscape
The vast growth opportunities in the market have encouraged many leading IT companies to enter into the field of marketing analytics with innovative products and services in the past few years. Owing to the presence of a large number of companies and an increasing number of companies continuously foraying into this market, it has become highly competitive. Some of the leading vendors operating in the market are Adobe Systems, Inc., Oracle Corporation, Harte-Hanks, Inc., Wipro Corporation, SAS Institute, Inc., Teradata Corporation, IBM Corporation, Experian Plc., and Pegasystems, Inc.