The global market for marketing analytics is tipped to more than double from $US3.2 billion in 2021 to $US6.4 billion by 2026.
That’s according to the Marketing Analytics: 2021-2026 industry report, which provides a snapshot into the practice of using software for detecting relevant patterns in data to make informed marketing decisions.
Businesses across many sectors utilise marketing analytics to make data-driven decisions that optimise marketing spend on the most effective activities.
However, while companies rush to collect analytics, increasingly stringent and complex data privacy laws are being rolled out across the globe, forcing businesses to rethink how they collect the ‘new oil’ of the digital economy.
A major change impacting organisations’ interactions with online users is Google’s plans to phase out third-party cookies by mid-late 2023, which means a significant shift for organisations that have been relying on third party data and not asking for visitors and users to register to their sites.
The industry report says the availability of affordable internet access and data packages has facilitated the internet’s expansion into previously inaccessible areas, enabling marketers to ascertain consumers’ needs and design appropriate marketing strategies.
“To execute an efficient and profitable marketing plan, businesses must be equipped with the appropriate measurement tools. Marketing analytics enables businesses to precisely assess the effectiveness of their campaigns and make data-driven decisions,” states the report.
“Rather than basing marketing initiatives on disparate data sources or assumptions, marketing analytics enables businesses to view the full picture across all marketing channels, enabling them to make informed decisions about their marketing activities.”
“Large enterprises dominate the market for marketing analytics to large volumes of structured data and a skilled workforce. Large enterprises have significantly increased the adoption of marketing analytics solutions such as customer analytics, campaign analytics and sentiment analytics for efficiently managing the vast databases of customers and assets.”