Digital Analytics Market Forecast to Reach $5.2 Billion by 2025
Digital Analytics Market is forecast to reach $5.2 billion by 2025, growing at a CAGR of 10.7% from 2020 to 2025. Digital analytics is used to determine the actions and trends of clients. Digital analytics helps in real-time tracking and enables digital marketers to effectively manage multiple customer reach channels, such as social media, email marketing, search engine results, advertising display, etc. Digital analytics solution providers offer services varying from deliberate planning to implementation to insight generation across all digital platforms such as mobile, tablet, or web. According to Forbes, around 15% of Fortune 500 companies use Big Data analytics and yet the amount of digital information generated by companies continues to grow exponentially. Many organizations are adopting Big Data and cloud computing systems to handle their operations. Such an increase in enterprise adoption of advanced technologies is projected to significantly contribute to market growth over the forecast period.
Digital Analytics Market Segment Analysis - By Organization Size
The Large Enterprise segment is expected to grow at a higher CAGR of 8.5% during the forecast period. The need to reach customers across different touchpoints, increase investment in digital marketing, particularly in mobile platforms, and incorporate analytics solutions to measure the efficiency of digital marketing investments is mutual between both large and small and medium-sized enterprises (SMEs). While the former has been the conventional end-user of digital marketing analytics, the latter is significantly attracting the emergence of subscription-based models in the same. Although small and medium-sized enterprises exhibit faster adoption rates, market players continue to reap substantial revenues from large enterprises.
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Digital Analytics Market Segment Analysis - By End-User
The IT & Telecom industry is expected to grow at a higher CAGR of 12.2% during the forecast period. Telecommunication and information technology companies have shifted their approach to a customer-centered one and focus on offering feature-rich, customized products at competitive subscriptions and price increases. There is a tremendous increase in user-generated data that involves digital documents, content on social media, and other digital data, such as location and activity logs on a large scale. The telecommunications and IT industry optimize powerful software and services for cloud-based streaming analytics to design improved marketing strategies for consumer acquisition and retention. In the competitive business climate, customer service plays a critical role. It helps to build customer loyalty and improves brand perception. In addition, the ever-changing customer preferences and rising smartphone and internet penetration are expected to accelerate further in the coming years.
Digital Analytics Market Segment Analysis - By Geography
APAC is expected to dominate the global Digital Analytics market with a share of more than 36.3% in the forecast period. APAC is home to the majority of smartphone and social media users around the world. The regional digital analytics market is driven by rising preference for online shopping and rising internet penetration, especially in countries such as China and India. The increasing prevalence of connected devices and gadgets such as smartphones, laptops, tablets, and wearable devices is accentuating the need for an integrated digital marketing analytics solution to organize data across multiple devices. The technology tracks user emotions across numerous devices and helps offer a highly personalized customer experience. Healthcare service providers, for example, provide custom advertising to users linked to a smartphone and wearable device designed for health purposes, based on real-time metrics. This is expected to boost market growth in this region.
Digital Analytics Market Drivers
Emerging technologies such as big data, IoT, and AI
Continuous developments in emerging technologies, such as AI, the Internet of Things ( IoT), big data, Machine-to-Machine (M2M) communication, and cloud technology, have created new opportunities to analyze data derived from streaming information. IoT devices generate a large amount of data from a variety of sources, such as sensors, cameras, and other connected devices. However, the data does not provide any value on its own unless it is converted into actionable, contextual information. Big data and techniques for the visualization of data allow users to gain new insights through batch processing and offline analysis. Real-time data analysis and decision-making are mostly done manually but it is preferred to do it automatically to make it scalable. Continuous data analysis includes streaming analytics systems that execute or update insights every second or two or milliseconds.
Increasing adoption of smartphones and other technologically advanced solutions
Digital analytics software monitors user activity on the website of an organization and other online channels, for optimization purposes. Increasing consumer adoption of smartphones and other technologically advanced solutions for accessing any form of service appears to generate huge amounts of digital data. Data analytics provides useful insights into consumer behavior by collecting, measuring, and analyzing digital data through various interactive channels, such as websites and mobile apps. Growing use of smartphones and other consumer electronics is therefore expected to drive the market over the forecast period.
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Digital Analytics Market Challenges
Handling large-scale data in a decentralized environment
Organizations are currently transforming their business either through partnerships or acquisitions, which in turn helps to expand different domains that involve the adoption of specific new technologies, causing several structural changes. Due to this reason, organizations are afraid of losing potential data or face difficulty in making track of the decentralized environment. Therefore there is increasing need for a single platform that can provide the full range of contextual information by supporting highly flexible architecture to interact with streaming data sources and output channels. Organizations are looking at a visual interface to streamline development and act relevantly and precisely.
Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in Digital Analytics Market. Digital Analytics Market is expected to be dominated by major companies such as Adobe, HCL Technologies Limited, Microsoft Corporation, SAS Institute Inc., Cartesian Consulting, Oracle Corporation, Google Inc., AT INTERNET, Nabler Web Solutions Pvt. Ltd., Webtrekk, and IBM Corporation.
Acquisitions/Technology Launches
In Aug 2019, IdeateLabs announced the launch of iCOGZ – a proprietary tool developed ground up with the integration of 100+ APIs and proprietary crawlers that gives each marketer a single dashboard view of their digital assets, ad campaigns, marketing automation, and analytics. All on one platform.
In Jun 2020, NHAI goes completely digital, launches cloud-based Big Data Analytics platform powered by AI.
Key Takeaways
Digital analytics helps in real-time tracking and enables digital marketers to effectively manage multiple channels of customer reach, such as social media, email marketing, search engine results, advertising display etc.
Big Data and cloud computing systems are adopted by many organizations to handle their operations. This increase in the adoption of advanced technologies by enterprises is expected to contribute significantly to market growth over the forecast period.
Although small and medium-sized enterprises exhibit faster adoption rates, market players continue to reap substantial revenues from large enterprises.
The ever-changing consumer preferences and the growing penetration of smartphones and the Internet are expected to intensify further in the coming years.
APAC is home to most of the world's smartphone and social media users. The regional market for digital analytics is driven by a rising preference for online shopping and growing internet penetration, especially in countries like China and India.
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