The global Marketing Attribution Software Market size is expected to grow from USD 1.8 billion in 2018 to USD 3.6 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.4% during the forecast period. The major factors driving the growth of the marketing attribution software market are rising need to optimize marketing spend and effective tracking of customer behavior for targeted marketing activities.
On-premises deployment mode to hold a larger market size during the forecast period
Data security concerns among end users are contributing to higher adoption of on-premises marketing attribution solutions, globally. The on-premises marketing attribution software is majorly deployed by large farms, as they have better ability to invest. Moreover, large farms have a wide variety of business segments serving to a broader geographic region, hence data security is of utmost importance.
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SMEs segment to grow at a higher CAGR during the forecast period
A growing need for cost-effective solutions offering high scalability and enhanced system performance to drive the adoption of marketing attribution solutions among SMEs in the marketing attribution software market. The need to have a proper implementation of marketing attribution models becomes the need of the hour for enterprises to analyze effective marketing campaigns and optimize Return on Investment (RoI) to thrive in such competitive times.
The major marketing attribution software vendors include Adobe (US), Google (US), SAP (Germany), Visual IQ (US), Oracle (US), Rockerbox (US), Neustar (US), Engagio (US), LeadsRx (US), LeanData (US), Singular (US), Marketing Attribution (US), Attribution (US), CaliberMind (US), WIZALY (France), OptiMine (US), Analytic Partners (US), Merkle (US), Fospha (UK), and IRI (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global marketing attribution software market. Partnerships and new product launches have been the most dominating strategies adopted by the major players from 2016 to 2018, which have helped them innovate their offerings and broaden their customer base.
Adobe is a leader in offering marketing attribution software and services. The company offers comprehensive products, solutions, and services and helps its customers effectively make, manage, measure, and monetize their digital content across channels. Its Adobe Analytics Cloud helps businesses understand customer journeys across devices while improving Return on Investment (RoI). The company keenly focuses on developing cost-effective and easy-to-deploy innovative technology solutions and adopts both organic and inorganic growth strategies. For instance, in October 2018, the company acquired Marketo to offer a combination of Adobe Experience Cloud’s analytics, personalization, and content capabilities with Marketo’s lead management, account-based marketing, and revenue attribution technology to its customers. Furthermore, in March 2018, Adobe launched Adobe Experience Cloud Device Co-op, a network that helps brands better understand their customer’s journeys and enable them to offer personalized and enhanced brand experience across devices to their customers.
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Google is another leader offering marketing attribution software and services. The company is recognized for providing software, hardware, and related services to leading enterprises across the globe. The company specializes in internet-related services and products. It primarily focuses on web-based search engines, desktop and mobile operating systems, advertisement and tools, and enterprise solutions. Google Analytics 360 Suite helps marketers analyze consumer behavior. The suite combines enterprise analytics, tagging, site optimization, data visualization, market research, attribution, and audience management, helping enterprises gain useful insights. The company has adopted various growth strategies to expand its market reach and enhance its offerings for providing customers with comprehensive solutions. For instance, in November 2018, Google partnered with Salesforce for connecting the sales, marketing, and advertising data platforms. The integration of Sales Cloud data into Analytics 360 helps organizations gain new visibility into the sales cycle, enabling them to create rich audience segments and deliver smart ad optimization.
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