Global audience analytics market was valued at USD 3.1 billion in 2017 and expected to grow at a CAGR of 6.9% during the forecast period (2019–2026).
Audience analytics offers deeper understanding of current potential customers to improve marketing strategy, customer experience, and brand perception. In recent years, rising trend on analyzing social media and internet search engines utilization focusing to study and examine behavior of people by different social activities is expected to be the major factor to drive the audience analytics market during the forecast period 2019–2026. It provides better opportunity to understand customer demands through open management of product and resources. This new advent of technology inclined with business allows data sharing in systematic and efficient manner providing a positive stretch towards the growth of audience analytics market. Prolific increase in the adoption of advanced technologies such as cloud, analytical and decision-making tools, etc. is expected to foster the market growth.
Prolific rise in accessing of social media platforms such as Twitter, Facebook, Instagram and several others is one of the most prominent factors driving the growth of audience analytics market. This is attributed to social media contributing to a vast and readily accessible form of Big Data which would require analytics in order to provide qualitative and quantitative analytical data for further operational processes. In 2017, Facebook recorded its mobile ads are gaining popularity such that its platform started to run out of space for them.
Growing engagement on digital platform and increasing initiatives towards the development of smart cities results to drive the demand for audience analytics solutions and services between enterprises. Additionally, rising focus on competitive intelligence and increasing requirement to improve customer experience is expected to be major factor to drive the audience analytics market during the forecast period 2019-2026. Additionally, the rising demand for mobile devices, computers, and media streaming devices is increasing the audience analytics market growth. Audience analytics is projected to expand over the forecast years as social media provides better impetus to understand customer behavior. Moreover, increasing advent of social media has created a positive space for data mining resulting to influence the audience analytics market. Furthermore, social media data sources with Google trends are aiming to optimize the performance of the audience analytics framework which is further expected to boost the demand for audience analytics market.
The Global Audience analytics market is segmented by component, organization, application, end user and region.
On the basis of Component, the global audience analytics is bifurcated into solution and services. component segment is expected to witness significant growth in audience analytics market owing to increasing demand for audience analytics solution and services among enterprises. This is attributed to audience analytics becoming an integral part of business processes. Additionally, it is expected to be driven by various factors such as rising focus on competitive intelligence, growing user engagement on digital platform and the need to improve the audience experience.
By organization, the global audience analytics is segmented into SMEs and Large Enterprise. Rapid adoption of advanced and cloud-based technologies for providing better CRM solutions would throw positive impact in the growth of the market in this segment. For instance, recently Oracle introduced a product called CX Audience which will provide solution for large scale audience segmentation and analytics. Additionally, rise in adoption of IoT devices and growing demand for data analytics among SMEs are expected to fuel the audience analytics market. Moreover, most of the SMEs and large enterprises are making a shift to adapt cloud-based technology to have a positive effect on their entire business.
Based on application, the global audience analytics is segregated into customer experience management, sales and marketing management, and competitive intelligence. Application segment is expected to witness substantial growth in audience analytics market owing to solutions offered by competitive intelligence for improved decision making among enterprises analyzing useful information about competitor business.
By end user, the global audience analytics is segmented into media & entertainment, IT & telecom, government organizations, and others. Business are engaging with the customers through various social media platforms, associating its products with e-commerce sites and gaining insights into customer behavior; which is driving the demand for the retail sector in audience analytics market.
Higher adoption of analytical tools by SMEs and online retailers for predictive analysis assists companies in segmenting products and services thereby results to drive the audience analytics market in this segment.
Geographically, the audience analytics market is segmented to North America, Europe, Asia Pacific, and Latin America, Middle East and Africa (LAMEA).
In North America, social media being one of the prominent means of communication is expected to witness significant growth in audience analytics market. On account of adoption of advanced data analytics solutions and increasing popularity of social media in the region is likely to propel the market growth. Furthermore, increase in the number of internet users in this region drives the growth of the market.
Europe is expected to maintain its dominance in the forecast period due to factors such as increasing penetration of mobile devices and social media in the region which has emerged as significant factor impacting the growth of audience analytics market.
Asia Pacific is expected to witness dynamic growth owing to the factor of increasing technological advancement and widely growing opportunities across different segments of audience analytics market. Moreover, rapid increase in social media users in the region is to further increase the market growth.
LAMEA is expected to witness considerable growth in audience analytics market during the forecast period owing to less access to social media platforms in the region. However, growing technology expenditures demand for cost effective and user-friendly analytical software solutions are expected to boost the demand for audience analytics market in this region.
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