Marketing analytics software includes various technologies and processes which enable an organization to evaluate and quantify its marketing efforts. Marketing analytics software offers tools to manage, measure, control and analyze marketing performance. With the use of marketing analytics software, organizations are able to improve the effectiveness and optimize the return on investment (ROI) of marketing activities. Marketing analytics software enables organizations to gain insights about consumer behavior, buying trends and preferences. Such information plays a crucial in during various processes including customer survey, product design and customer support. Thereby, organizations can make use of marketing analytics software throughout its product’s lifecycle.
In addition, marketing analytics software enables organizations to manage multi-channel marketing campaigns including online marketing, social media marketing, email marketing, video and audio marketing. Thus, organizations can evaluate every medium and method of marketing used to identify the effectiveness of such varied marketing efforts. Thereby, marketing analytics software plays a crucial role in optimizing an organization’s marketing strategies and activities. Organizations are able to identify correct marketing medium and method to target their potential customers.
Marketing analytics also enables organizations to gain feedback about its products and services to improve their offerings as per customer’s requirements. Marketing analytics software has found a wide range of applications including prototyping, acceptance testing and developing marketing strategies with correct time, place and target. Marketing analytics software are widely used in various industries including banking, financial services and insurance (BFSI), e-commerce, healthcare, media and entertainment, consumer packaged goods (CPG), energy and utility, retail and high-tech manufacturing.
One of the major factors driving the growth of marketing analytics software market is increasing social media activities. Social networking websites such as Facebook, Twitter and Instagram have led to the generation of large volumes of consumer related data. The data thus obtained proves vital for an organization to assess and evaluate their marketing strategies. Another factor driving the growth of this market is the increasing need to calculate return on investment (ROI) of the marketing activities. With increasing competition and economic challenges, organizations across the world need to make correct marketing expenses. Other technological factors including rise of big data analytics and cloud computing have offered a viable solution for organizations to effectively and efficiently manage and analyze large volumes of data. However, the marketing analytics software market faces a few restraints due to the availability of open-source analytics software. On account of its high deployment costs, small and medium enterprises (SMEs) prefer to use open-source analytics software over customized analytic solutions.
Increasing opportunities in customer analytics, sentiment and behavior analytics, the marketing analytics software market has been lucrative in recent years. Companies in this market seek to offer comprehensive solutions to its customer to cover various aspects of product lifecycle. Depending on the requirements, marketing analytics software providers can deploy both on-premise or cloud-based solutions. Some of the key players in the marketing analytics software market include Oracle Corporation, Adobe Systems, Inc., SAS Institute, Inc., Harte-Hanks, Inc., Experian Plc., IBM Corporation, Wipro Corporation, Teradata Corporation and Pegasystems, Inc.