Worldwide spending on digital marketing analytics totaled US$ 2 Bn in 2019, witnessing an increase of 14% from that recorded in 2018. A new Future Market Insights (FMI) study forecasts the near- and long-term growth outlook of global digital marketing analytics market. The current pandemic of COVID-19 is challenging the growth prospects of market in immediate future, says the report.
2020 will be a year of disruptions for key companies operating in digital marketing analytics market, as enterprises servicing ‘essential needs’ are flourishing, while most are seeing a significant drop in performance. As work culture take a shift to work from home model, businesses are likely to become more reliant on their digital strategy than before – offering tailwinds to the market growth. However, a headwind from companies slashing their digital spending as their products and service offerings in the non-essential category will become deterrent to the market growth.
Content Marketing Applications Capture over 23% Share
Due to cancellations of the annual circuit of trade shows and exhibitions during the pandemic crisis, larger enterprises are moving to content marketing, social media marketing, SEO, and influencer-led campaigns. Application of digital marketing analytics in content marketing will account for over 23% of the total estimated market revenues in 2020. In addition, growing application scope in social media, SEO, and email marketing would result in increased market share.
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“Complete disappearance of all channels related to conferences and live events and strict restrictions on face-to-face businesses have been posing an enormous challenge. Digital is likely to be a clear winner for changing customer acquisition behavior, thereby potentially raising the demand for digital market analytics software and services,” says the FMI analyst.
North American Market Continues to Lead in Terms of Adoption
North America and East Asia are neck and neck to lead the global market for digital marketing analytics. The former continues to maintains its lead, given the concentration of leading market players in the region. On the otherside, the exponentially increasing number of smartphone and tablet users in East Asia has been recently drawing significant attention. Adoption of digital marketing analytics solutions across East Asia will also be contributing heavily towards market growth.
The new normal of social distancing as an effort to flatten the curve will have massive ramifications on the online economy. Mobile, tablets, laptops, and PCs are the dominant way for business to communicate with their customers and maintain continuity. This, in turn, is expected to increase the need for integrated digital marketing analytics solution and subsequently favor the market growth.
According to the FMI study, global digital marketing analytics is projected to record a CAGR of 14% during the forecast period (2019-2029). The study emphasizes COVID-19 impact on the market.
Source: Future Market Insights