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Marketing Analytics Market Size
Marketing Analytics Market size was valued at USD 5.3 billion in 2023 and is anticipated to register a CAGR of over 16% between 2024 and 2032. The growing demand for data-driven marketing is significantly propelling the market expansion. Businesses are increasingly reliant on data to understand customer behavior, preferences, and market trends. Many companies are strengthening their portfolios by forming partnerships with key market players.
For instance, in June 2024, CleverTap, the all-in-one engagement platform, announced its partnership with RentoMojo, an online rental solution. Through this collaboration, RentoMojo aims to enhance its customer engagement strategies, drive substantial revenue growth, and streamline its marketing efforts.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 5.3 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 16% |
| 2032 Value Projection: | USD 20.1 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 220 |
| Tables, Charts & Figures: | 285 |
| Segments covered: | Application, Deployment Model, Organization Size, and End User |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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In addition, Artificial Intelligence (AI) plays a crucial role in driving the marketing analytics market growth. The demand for AI-driven analytics solutions has been growing as businesses seek to optimize marketing strategies, boost customer engagement, and achieve higher ROI, thus driving the market growth. For instance, in May 2024, Salesforce expanded its Einstein Copilot capabilities by introducing new features for marketers and merchants. This solution is Salesforce’s trusted and reliable conversational AI assistant and helps different-sized businesses with day-to-day marketing and merchandising tasks along with its existing functionalities for sales and service.
The high cost of marketing analytics solutions presents notable challenges, especially for small & medium enterprises (SME). These businesses often face budget constraints, limiting their access to sophisticated analytics tools. High-cost software licenses, implementation, and maintenance expenses make it difficult for SME to invest in comprehensive analytics solutions. The financial barrier prevents smaller companies from fully leveraging the benefits of advanced data analytics, hindering their ability to compete effectively in the market.
Marketing Analytics Market Trends
Omnichannel analytics is a rising trend focused on holistic data aggregation and analysis from multiple customer touchpoints. By unifying data across channels, such as web, mobile, social, and offline interactions, businesses can gain a comprehensive view of customer behavior. This integrated approach allows for deeper insights into customer journeys, preferences, and interactions. It further enables tailored & optimized marketing strategies across diverse platforms for a seamless, consistent, and personalized customer experience, improving engagement and driving conversions.
For instance, in May 2023, Skai's omnichannel marketing platform announced the integration of reporting and analytics with LinkedIn. It facilitates comprehensive insights, allowing marketers to harness LinkedIn's data within Skai's platform, enabling informed decision-making and enhanced campaign management across diverse channels.
Moreover, real-time analytics is an emerging trend that meets the demand for immediate data insights into marketing. These tools process data as it is generated and enable swift decision-making. Further, marketers can promptly adjust campaigns based on real-time metrics, and optimize strategies in different situations. With instant data access, businesses gain agility, and capabilities to respond to customer behaviors instantly. This trend enhances campaign effectiveness, ensures timely interventions, and allows for dynamic adjustments, creating more relevant, timely & successful marketing endeavors.
Marketing Analytics Market Analysis
Based on the deployment model, the market is divided into on-premises and cloud. The cloud segment accounted for over 70% market share in 2023, due to its scalability, accessibility, and cost-effectiveness. Cloud-based analytics solutions offer flexibility in data storage, processing, and accessibility, enabling businesses to scale their analytics infrastructure as needed.
In this context, many companies, such as GrowthLoop, partnered with Google Cloud in July 2023 to advance marketing using data cloud and generative AI. Leveraging Google Cloud's technologies, the partnership aimed to enhance businesses' segmentation, activation, personalization, and measurement methods. This transformative approach enables more sophisticated and data-driven marketing endeavors, resulting in improved performance and tailored customer experiences.
Based on end user, the marketing analytics market is categorized into retail & consumer goods, BFSI, healthcare, retail, media & communication, industrial and others. The retail & consumer goods segment accounted for a market share over 26% in 2023, owing to heightened competition and evolving consumer behaviors.
As businesses seek deeper insights into buyer preferences and behaviors, advanced analytics tools aid in understanding market trends, improving product positioning, and enhancing personalized marketing strategies. With increased demand for data-driven decision-making to meet dynamic consumer needs, the consumer goods sector is expected to invest significantly in marketing analytics, driving the segment growth within the industry.
North America is witnessing growth in the marketing analytics market. The region accounted for over 39% market share in 2023, attributed to advanced technological infrastructure and significant investments in data-driven solutions. With a robust digital ecosystem and a tech-savvy consumer base, the region fosters the adoption of sophisticated analytics tools. The presence of key industry players and an increased focus on innovative marketing strategies in sectors including retail, e-commerce, and finance drive the regional market growth, thus positioning it as a leader in technological advancements and adoption.
Marketing Analytics Market Share
HubSpot, Mailchimp, and Microsoft Corporation dominate the marketing analytics industry and hold over 8% of the market share globally. HubSpot offers an all-in-one marketing platform. Mailchimp excels in email marketing analytics and customer engagement. Microsoft provides advanced analytics solutions catering to diverse business needs. The user-centric interfaces, robust features, and wide-ranging capabilities of these companies make them dominant players as they can fulfill marketing analytics requirements effectively.
Marketing Analytics Market Companies
Major players operating in the marketing analytics industry are:
- CleverTap
- HubSpot
- Mailchimp
- Microsoft Corporation
- Salesforce
- SAP SE
- SAS Institute, Inc.
- Semrush
Marketing Analytics Industry News
- In May 2024, ClevetTap announced the launch of its AI engine, Clever.AI, designed to provide brands with next-generation AI capabilities. This advanced engine aims to build a human-like understanding of customers and deliver personalized experiences efficiently, resonating with them and ultimately maximizing customer lifetime value.
- In January 2024, Microsoft Corp. on Thursday announced new generative AI and data solutions and capabilities for retailers that span the retail shopper journey, from enabling personalized shopping experiences, empowering store associates, and unlocking and unifying retail data to help brands in reaching their audiences more effectively.
The marketing analytics market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2021 to 2032, for the following segments:
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Market, By Application
- Social media marketing
- E-mail Marketing
- Search Engine Marketing
- Content Marketing
- Others
Market, By Deployment Model
- Cloud
- On-Premises
Market, By Organization Size
- SME
- Large Enterprises
Market, By End User
- Retail & Consumer Goods
- Social media marketing
- E-mail Marketing
- Search Engine Marketing
- Content Marketing
- Others
- BFSI
- Social media marketing
- E-mail Marketing
- Search Engine Marketing
- Content Marketing
- Others
- Healthcare
- Social media marketing
- E-mail Marketing
- Search Engine Marketing
- Content Marketing
- Others
- Retail
- Social media marketing
- E-mail Marketing
- Search Engine Marketing
- Content Marketing
- Others
- Media & Communication
- Social media marketing
- E-mail Marketing
- Search Engine Marketing
- Content Marketing
- Others
- Industrial
- Social media marketing
- E-mail Marketing
- Search Engine Marketing
- Content Marketing
- Others
- Others
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Nordics
- Rest of Europe
- Asia Pacific
- China
- India
- ANZ
- Japan
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- MEA
- UAE
- South Africa
- Saudi Arabia
- Rest of MEA
Frequently Asked Questions (FAQ) :