MARKETING ANALYTICS SOFTWARE MARKET ANALYSIS

Market Challenges And Opportunities

Increasing demand for analytic data pertaining to customer behavior and increasing number of social media channels are driving growth of the global marketing analytics software market

Increasing adoption of marketing analytics software is increasing the efficiency of marketing campaigns, by decreasing the market spending. Demand for analytics is increasing, as it helps understand preferences of consumers, further analyzing customer behavior, thus helping companies decide which services to upsell. Marketing analytics software also maximizes profit margins for software providers, owing to its improved performance in multiple areas of operation including customer analysis, and product positioning among others. These factors further enables the creation of efficient strategies. For instance, according to Coherent Market Insights’ analysis, globally, around 52% of customers are extremely influenced to switch brands, if a company does not personalize their communications with its customers. Therefore, understanding customer behavior is a major factor, propelling growth of the global marketing analytics software market.

Additionally, increasing number of social media channels is driving demand for marketing analytics software. The large volumes of consumer-related data obtained from the social media platforms, helps in analyzing data pertaining to consumer behaviour, which in turn increases the demand for marketing analytics software.

However, lack of awareness among the customers about the software and its features is the major challenge faced by the vendors of marketing analytics software.