(MENAFN- EIN Presswire) Marketing Attribution Software Market
Introduction of new marketing tactics such as more marketing channels or platforms to reach out end users is expected to foster the market.
PORTLAND, PORTLAND, OR, UNITED STATE, September 18, 2023/EINPresswire/ -- Allied market Research published a new report, titled, " The Marketing Attribution Software Market Reach USD 12.9 Billion by 2031 | Top Players such as - Alphabet, Hubspot & Merkle." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global marketing attribution software market was valued at USD 3.1 billion in 2021, and is projected to reach USD 12.9 billion by 2031, growing at a CAGR of 15.5% from 2022 to 2031.
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Growing focus of firms on increasing their marketing expenditure is expected to drive the growth of the global marketing attribution software market. In addition, the marketing attribution software also provides firms with various advantages such as enhanced personalization, optimizing marketing expenditure of firms, and assisting firms in adding new features to their products. This, in turn, will help in expanding the scope of demand for marketing attribution software across various sectors. Nevertheless, increase in investments across BFSI, IT & telecom, and healthcare sectors will create new growth opportunities for the global market.
The marketing attribution software market is segmented into component, deployment mode, type, organization size, industry vertical, and region. By component, it is bifurcated into solution and services. On the basis of deployment model, it is segregated into cloud and on-premise. By type, it is categorized into single-source attribution, multi-source attribution and probabilistic or algorithmic attribution. By organization size, it is categorized into large enterprises and small & medium-sized enterprises. Depending on industry vertical, it is segregated into IT & telecom, consumer goods & retail, BFSI, media & entertainment, healthcare, travel & hospitality, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on organization size, the large enterprises segment held the largest share of nearly two-thirds of the global marketing attribution software market share in 2021, and is expected to maintain a prominent growth during the forecast period. The growth of the segment over the forecast timeframe can be attributed to the technological developments in the marketing attribution software such AI supported data analytics and data mining, which has increased the adoption of the product among large enterprises.
Based on type, the multi-source attribution segment was the largest in 2021, occupying more than half of the overall marketing attribution software market share and is likely to dominate the global market share during the forecast period. The growth of the segment during the forecast timeline is owing to the growing need for raising the marketing expenditures and the increase in marketing channels for contacting end users.
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Based on region, the market in the North American region held the largest market share in 2021, accounting for more than one-third of the global marketing attribution software market share. The growth of the regional market during the forecast timeline is due to the increase in usage of marketing attribution software solution in BFSI, travel, healthcare and other sectors to improve businesses and customer experience.
The key players that operate in the marketing attribution software market analysis are Adobe Inc., Alphabet Inc., Hubspot, Inc., Merkle Inc., Oracle Corporation, Ruler Analytics Ltd., SAP SE, The Nielsen Company, Windsor.ai and Wizaly SAS. These players have adopted various strategies to increase their market penetration and strengthen their position in the marketing attribution software industry.
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Covid-19 Scenario:
● The outbreak of the COVID-19 pandemic favorably impacted the growth of the global marketing attribution software market. This was due to the focus of firms on the use of AI-driven solutions, cloud computing, and automation for expanding their business during the COVID-19 pandemic.
● Furthermore, during the COVID-19 pandemic period, firms changed their digital transformation plans and added marketing attribution tool in their routine business activities. This accelerated the demand for marketing attribution software during the pandemic timespan.
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