The Global Marketing Attribution Software Market size is expected to reach $7.2 billion by 2028, rising at a market growth of 13.7% CAGR during the forecast period
Companies employ marketing attribution software to identify the activities, occasions, or touchpoints that contribute to the effectiveness of their marketing and sales teams during the prospecting and sales processes.
New York, March 23, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Marketing Attribution Software Market Size, Share & Industry Trends Analysis Report By Component, By Type, By Deployment Mode, By Organization Size, By Vertical, By Regional Outlook and Forecast, 2022 – 2028” –
It’s quite challenging to determine what made a closed deal effective because it frequently involves balancing several variables and circumstances that may occur in any sequence.
Based on the impact each factor had on the customer or prospect throughout their contacts with the business, companies utilize marketing attribution software to assign a value to each factor that might have contributed to the success of a sale. Since marketing attribution software frequently integrates with other marketing and software tools used by sales, marketing, or public relations departments, such as CRM, email marketing, demand generation, marketing automation, email tracking, or sales analytics tools, it is a hub software that gathers data from other marketing and software tools.
Marketing teams need cutting-edge analytics solutions that can precisely and quickly transform massive data into person-level insights that can be applied for in-campaign adjustments to attain the level of data granularity necessary for effective attribution. Marketing attribution is much more crucial because of the variety of this data and the sheer number of potential touchpoints. In addition, because analytical tools can pull information from various sources, the lessons from this attribution provide a complete view of business marketing performance and audience habits. When assessing marketing touchpoints, for instance, some analytical systems can consider asset type, exposure order, and device type.
COVID-19 Impact Analysis
The COVID-19 pandemic has had a significant impact on enterprises all over the world. The lockdown imposed by many governments has benefited from adopting marketing attribution software. Companies are concentrating on developing technology after the COVID-19 incident, including AI-powered solutions, cloud computing, and automation. Also, companies are spending more on marketing attribution software due to the expanding popularity of personalized marketing as a strategy to improve the customer experience. The program also provides businesses with several advantages, such as the capacity to manage marketing budgets and assess the efficiency of marketing channels and campaigns.
Market Growth Factors
Grown acceptance of cloud-based services and solutions
The majority of enterprises are embracing cloud-based strategies by dispersing their resources across multiple environments. As a result, the popularity of cloud-based marketing attribution solutions has increased due to their adaptability, scalability, and low cost. It also enables enterprises to centrally evaluate data created from several places and acquire data from diverse applications or platforms, making data collection and analysis easier. In addition, it allows the tracking of billions of events every day, the use of machine learning to connect the dots between views and purchases, and the visualization of results for clients and teams inside the company.
Monitoring client behavior for targeted marketing
It is essential for businesses to be able to take user behavior across devices into consideration as they continue to plow through the uncharted waters of digital marketing. Advertisers must be able to analyze data, accomplish cross-device attribution, and develop effective advertising strategies. This change in the purchasing journey highlights the requirement for accurate attribution of the digital consumer’s path, starting with product awareness, purchase consideration, loyalty to the product, and product advocacy.
Market Restraining Factors
Concerns regarding privacy & security
As the use of SMAC technology has increased, companies require more rigorous security and privacy measures to prevent breaches, which, if not taken properly, can have a negative impact on the success of digitalization. As the amount of client data increases, so do the number of security & privacy concerns, making them increasingly vulnerable to hacker attacks. Data privacy & security is a crucial concern that must be adequately addressed. Additional security concerns, such as account hijacking, insider threats, insecure Application Programming Interfaces (APIs), malware injections, shared vulnerabilities, and data loss, are more common in cloud-based marketing automation software.
Based on type, the marketing attribution software market is segmented into multi-source attribution, probabilistic or algorithmic attribution, and single-source attribution. The probabilistic or algorithmic attribution segment covered a considerable revenue share in the marketing attribution software market in 2021. The segment’s rise can be linked to the capacity of probabilistic or algorithmic attribution models to analyze, convert, and disqualify consumer trips. In addition, it helps determine which marketing channels have the highest impact and significance at various touch points along the customer journey.
Organization Size Outlook
By organization size, the marketing attribution software market is bifurcated into large enterprises and small & medium-sized enterprises. The SMEs segment garnered a substantial revenue share in the marketing attribution software market in 2021. The segment’s growth can be attributed to the global increase in the number of government programs, including digital SME marketing efforts.
On the basis of vertical, the marketing attribution software market is segmented into consumer goods & retail, IT & telecom, BFSI, media & entertainment, healthcare, travel & hospitality, and others. In 2021, the travel & hospitality segment procured a promising growth rate in the marketing attribution software market. With attribution, hotel brands can establish the value of the social initiative’s reach and whether the investments in this area yield the appropriate return regarding room nights and revenue. In addition, the hotel marketer can understand how different types of social investments and individual campaigns within various networks have fundamentally distinct ROI characteristics.
Based on component, the marketing attribution software market is fragmented into solution and service. In 2021, the solution segment generated the maximum revenue share in the marketing attribution software market. Businesses frequently employ a multi-channel strategy for marketing and create marketing campaigns specific to each level of the funnel. Models of marketing attribution quantify the impact of digital campaign expenditures on business results. To aid firms, marketing attribution solutions assess channels according to their value to them. They also understand marketing channels.
Deployment Mode Outlook
Based on deployment mode, the marketing attribution software market is segmented into on-premise and cloud. This can be attributed to the many benefits that come with on-premise deployment, including a high level of data protection and safety. Because on-premise deployment models have higher data security and fewer data breaches than cloud-based deployment models, industries prefer them, which fuels industry demand for on-premise deployment models.
Region wise, the marketing attribution software market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2021, the North America region led the marketing attribution software market by generating the largest revenue share. In the BFSI, tourism, healthcare, and other industries, marketing attribution software solutions are being utilized increasingly frequently to enhance organizations and the customer experience. The market for marketing attribution software in North America is anticipated to benefit from these lucrative growth potentials
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, Google LLC (Alphabet, Inc.), SAP SE, Adobe, Inc., Merkle Inc. (Dentsu Group Inc.), Neustar, Inc. (TransUnion LLC), HubSpot, Inc., Nielsen Holdings plc (Elliott Investment Management LP), Ruler Analytics Limited, and Windsor Group AG
Scope of the Study
Market Segments covered in the Report:
• Multi-source Attribution
• Probabilistic or Algorithmic Attribution
• Single-source Attribution
By Deployment Mode
By Organization Size
• Large Enterprises
• Small & Medium Enterprises (SMEs)
• Consumer Goods & Retail
• Telecom & IT
• Travel & Hospitality
• Media & Entertainment
• North America
or Rest of North America
or Rest of Europe
• Asia Pacific
or South Korea
or Rest of Asia Pacific
or Saudi Arabia
or South Africa
or Rest of LAMEA
• Oracle Corporation
• Google LLC (Alphabet, Inc.)
• SAP SE
• Adobe, Inc.
• Merkle Inc. (Dentsu Group Inc.)
• Neustar, Inc. (TransUnion LLC)
• HubSpot, Inc.
• Nielsen Holdings plc (Elliott Investment Management LP)
• Ruler Analytics Limited
• Windsor Group AG
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% free customization
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