Unlike many other fields that experienced significant disruption during the pandemic, the marketing analytics software market experienced huge gains.
Allied Market Research has published its most recent study of the Marketing Analytics Software Market. They predict a robust ten-year growth period for the field. It’s estimated to generate at least $14.3 billion by 2031 compared to a market size of $3.9 billion in 2021.
Companies are continuing to increase their efforts to reach and understand customers through social media channels. This provides the analytics market a significant foothold as companies shift with changing behavior through established and new social media channels. The report notes that North America holds the largest share of the market, but other markets are emerging.
In addition, large enterprises form the lion’s share of the coming market, with over three-fifths. It’s expected to maintain its lead, although SMEs will experience the highest compound annual growth rate (CAGR) at 15.1%.
See also: Top Challenges of Using Real-Time Data
Covid-19 wasn’t a disruptor—it was a stimulus
Unlike many other fields that experienced significant disruption during the pandemic, the marketing analytics software market experienced huge gains. It provided companies with positive alternatives to traditional business offerings as consumer behavior changed. The software is increasingly used to help manage the customer relationship and experience.
Social media analytics makes up a significant portion of the market and will continue to be a cornerstone. It holds one-third of the market share and will continue its lead over the next decade. However, content marketing analytics will experience the highest CAGR, showcasing the power of thoughtful, valuable content in consumers’ lives.
Major market analytics players leverage a variety of products, services, and partnerships
The research report noted many of the usual players—Accenture, Google, IBM, and Tableau—with some new players like funnel.io. Each has adopted different strategies for market share and is part of a wide variety of solutions for companies looking to solve challenges in marketing using technology solutions.
