The global marketing attribution software market is expected to grow at a Compound Annual Growth Rate (CAGR) of 14.4 percent during the forecast period, from USD 1.8 billion in 2018 to USD 3.6 billion by 2023. The rising need to optimise marketing spend and effective tracking of customer behaviour for targeted marketing activities are the major growth drivers for the market.
During the forecast period, the multi-source attribution segment will have the largest market size.
Multi-source attribution attributes credit to each channel that contributed to the final lead conversion. It tracks the entire customer journey and assigns credit to multiple touchpoints, including ads, social posts, webinars, and eNewsletters. This attribution type is difficult to implement and does not measure the actual contribution of different channels. There are six different models for multi-source attribution: linear, time decay, U-shaped, W-shaped, full path, and custom.
During the forecast period, the cloud segment will grow at a faster CAGR.
The cloud-based deployment model allows users to access the software from any location or device, including personal computers, laptops, and smartphones. The cloud deployment model provides simple deployment options, low costs, easy upgradeability and accessibility, and no initial capital outlay for software purchase. Furthermore, it reduces IT budgets, lowers financial risks, and increases flexibility. Organizations require solutions to manage and repurpose their web-based content, as well as integrate it with other systems such as customer relationship management and marketing resource management. This, in turn, enables organisations to boost their marketing efforts more cost-effectively. Cloud-based marketing attribution solutions are being considered and preferred by SMEs because they help them reduce operational costs and increase productivity.
During the forecast period, the telecom and IT verticals will have the largest market share.
Enterprises in the telecommunications and information technology sectors are focusing on effectively targeting new users while decreasing the attribution rate of existing customers. Furthermore, they are emphasising the implementation of effective marketing campaigns in order to increase its subscriber base, and thus are targeting users through various online channels. Due to the fierce competition in the market, businesses must implement a result-oriented marketing strategy in order to acquire maximum users and maintain a competitive edge over their competitors. According to reports, the rise in the number of internet and mobile devices has fueled the growth of the telecom and IT verticals in the marketing attribution software market. Marketing attribution solutions assist telecommunications and information technology companies in analysing effective digital channels in order to optimise marketing spends and improve user experience. Because of the growing need for effectively targeting an audience through the appropriate communication channel, this vertical is at the forefront of leveraging marketing attribution solutions. To facilitate marketing campaigns and improve end-user experience, global telco providers are embracing marketing attribution strategies.
Market for Marketing Attribution Software: Overview
Because of the growing need to track consumer relationships for targeted marketing activities, the global marketing attribution software market is expected to grow significantly. Another driver supporting the market’s growth in the coming years is the growing need to optimise market spending.
The global marketing attribution software market can be divided into algorithmic attribution or probabilistic data-driven conversion credits across all touch points, as well as machine learning solutions to determine where credit is due.
The report offers a thorough examination of the global marketing attribution software market in the coming years. The research report also includes a regional and segmental analysis of the global marketing attribution software market. The research report also includes a competitive analysis of the global marketing attribution software market. The research report also includes a discussion of the major drivers and restraining factors.
Trends and Opportunities in the Marketing Attribution Software Market
In the coming years, demand for the global marketing attribution software market will be driven by the increasing need to improve marketing spend and track customer behaviour for targeted marketing activities. On the other hand, the protection of personal data and data privacy is critical to the adoption of marketing attribution software. This is yet another factor impeding the global marketing attribution software market’s growth. The rise in the number of internet and mobile devices is expected to fuel growth in the marketing attribution software market for the IT and telecom industries. These are some of the major factors driving the global marketing attribution software market.
Because of the growing need for effective targeting audiences, this vertical is at the forefront of leveraging market attribution solutions, which is expected to stimulate market growth in the coming years. Furthermore, global telco beneficiaries are implementing marketing attribution strategies to simplify their marketing campaigns and improve end-user experience. This could be another factor supporting the global marketing attribution software market’s growth in the coming years.
Market Analysis for Marketing Attribution Software by Region
Geographically, North America is expected to dominate the global marketing attribution software market due to the presence of a large number of multinational corporations in the region. Other economies, such as APAC, are expected to grow significantly due to increased demand for marketing-related software and services. Major APAC regions such as New Zealand, China, Australia, and India present enormous opportunities for regional providers of marketing attribution services and software.
Marketing Attribution Software Market Key Players
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), CaliberMind (US), WIZALY (France), OptiMine (US), Analytic Partners (US), Merkle (US), Fospha (UK), and IRI are among the major vendors offering (US).
Adobe has established itself as a strong brand among the market attribution software market’s leading players. The company is expanding its product portfolio by introducing new products and updating existing products with new features. It is primarily concerned with providing services to content creators, digital media professionals, and web application developers. To strengthen its solutions, the company is constantly investing in R&D. For example, in 2017, the company spent 16.8 percent of its revenue on R&D activities. In order to strengthen its offerings and presence in the market attribution software market, it has used inorganic growth strategies such as acquisitions and partnerships. For example, in October 2018, the company acquired Marketo in order to provide its customers with a combination of Adobe Experience Cloud’s analytics, personalization, and content capabilities as well as Marketo’s lead management, account-based marketing, and revenue attribution technology.