Transparency Market Research, in a report titled “Marketing Analytics Software Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023”, states that the rising need to fully understand evolving consumer behavior and devise strategy ic plans by evaluating ongoing purchasing preferences, patterns, and trends, is a key factor driving the global marketing analytics software market. These software solutions find application in different industries including e-commerce, media and entertainment, energy and utility, high-tech manufacturing, banking, financial services, and insurance, healthcare, consumer packaged goods, and retail.
Marketing analytics software includes a host of processes and technologies that help companies assess, measure, quantify, and control its marketing efforts. As stated above, understanding consumer behavior and trends is vital when it comes to developing product design. In addition, insights gained with the help of marketing analytics software also comes in handy in a number processes such as customer support and consumer survey.
Marketing analytics software allows companies to not only improve the effectiveness of their marketing activities but also fully optimize the return on investment of these activities. Organizations are able to manage and evaluate every method and medium of marketing used, such as social media marketing, video and audio marketing, online marketing, and email marketing. This analysis can help organizations zero in on the most effective channels and plan strategies accordingly.
The most significant factor that drives the global marketing analytics software market is surge in social media activities. Social networking sites such as Twitter, Facebook, Instagram, and Pinterest have resulted in the generation of massive volumes of consumer-related data, which can be crucial for organizations in assessing and strategizing future plans. Rise of big data analytics, need to make accurate marketing expenses and calculate return on investment, and the growing popularity of cloud-computing are other factors that fuel the marketing analytics software market. In contrast, high deployment costs can prove to be detrimental for the growth of the overall market.
There are a number of strong players competing in the global marketing analytics software market, such as Pegasystems, Inc., Teradata Corporation, Experian Plc., Wipro Corporation, Oracle Corporation, Harte-Hanks, Inc., SAS Institute, Inc., Adobe Systems, Inc., and IBM Corporation. These companies offer a host of cloud-based and on-premise solutions that cover different aspects of a product lifecycle.
The research report on the marketing analytics software market reviews the vendor landscape over the past years and identifies the key players that have contributed towards the development of the global market. These players are then analyzed based on several core parameters such as business overview, financial standing, product and service portfolio, recent developments, and business strategies. A detailed scrutiny of the competitive landscape also sheds light on the strengths, opportunities, weaknesses, and threats of individual companies.
All in all, the report on the marketing analytics software market is a comprehensive collation of useful and analytical data designed to guide investors, businessmen, and other stakeholders to make informed decisions for the future of the company.