Growing focus on achieving peak marketing performance and diligent analysis of customer engagement across various channels will continue to drive adoption of digital marketing analytics services, according to a new study by Future Market Insights (FMI). Advanced analytics services that map the entire customer journey are replacing basic models, and the shift is likely to become more pronounced as personalization becomes key to brand engagement.

According to FMI’s analysis, digital marketing analytics revenues will grow at 14% annually, with social media- and content- marketing channels creating significant opportunities. With a significant increase in demand for customized solutions, the digital marketing analytics market is projected to witness impressive growth during 2019-2029. Content marketing services will remain a highly profitable offering and continue to gain traction throughout the period of projection. Increasing inclination towards leveraging social media platforms from promotional activities is shaping up as a key trend.

‘Besides surging demand from large enterprises, digital marketing analytics is witnessing strong traction for smart TV applications,’ says the FMI analyst.

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Digital Marketing Analytics Market – Key Takeaways

• Social media marketing will remain the leading application area, majorly driven by applications such as chatbots.
• High installed base of software continues to account for a significant revenue share in market.
• North American market continues to lead; East Asia is emerging more lucrative and will possibly outpace the former by 2022.

Digital Marketing Analytics Market – Key Driving Factors

• Increasing investments of enterprise operators in digital marketing and mobile platforms remain among the key growth drivers.
• An escalating number of Internet users, particularly active on social media, continues to push adoption of digital marketing analytics strategies.
• Heightening demand for data analytics to get assistance with better decision making fosters the growth of market.
• More businesses embracing social media marketing solutions for better customer outreach will continue to offer an impetus to market growth.

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Digital Marketing Analytics Market – Key Constraint

• Security issues associated with data accessed by unauthorized users is a major factor that continues to restrict the market growth.

Anticipated Impact of Covid-19 Outbreak

The covid-19 outbreak has resulted in a multitude of event cancellations, which is forcing marketers to explore alternatives in digital platforms. As an increasing number of companies turn to delivering personalized customer experience, adoption of digital marketing analytics will see a heavy rise in near term. COVID-19 induced work from home culture, lockdowns, and stay-at-home orders are working in favor of the companies providing digital market analytics solutions.

Competition Landscape

Some of the leaders in digital marketing analytics market include, but not limited to, SAS Institute Inc., Adobe Systems Inc., Hewlett Packard, IBM Corporation, Hubspot, Oracle Corporation, Teradata Corporation, SAP AG, Microsoft Corporation, Salesforce.com, and Pega-Systems. A majority of key players are investing in multiple device applications with integrated analytics for a personalized customer experience. While large-scale enterprises continue to incorporate conventional analytics packages, some companies are also initiating subscription-based models to cover the requisites of both large enterprises and SMEs.

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DIGITAL MARKETING ANALYTICS MARKET TAXONOMY

The global digital marketing analytics market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.

Solution

• Software
• Services
  • Consulting
  • Design & Implementation
  • Support & Maintenance

Application

• Social Media Marketing
• Email Marketing
• SEO Marketing
• Pay Per Click Marketing
• Content Marketing
• Video Marketing
• Display Marketing

End User

• Large Enterprises
• Small and Medium Enterprises

Key Takeaways of Digital Marketing Analytics Market Study

• The adoption of digital marketing analytics solution and tools is anticipated to grow significantly in small and medium enterprises.
• Social media marketing one of the primary applications of marketing analytics has been on the rise owing to many developments, such as chatbot and other applications.
• Software segment to hold the largest market share of the digital marketing analytics market.
• Business partnerships help increase business revenue, and new innovations in IT are enabling digital marketing analytics solution providers reach new potential customers, globally.