According to a new market research report "Audience Analytics Market by Solution, Service (Professional and Managed), Application (Sales and Marketing Management, Customer Experience Management, and Competitive Intelligence), Organization Size, Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global market size is expected to grow from USD 3.61 billion in 2018 to USD 6.30 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period.
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The growth of the Audience Analytics Market is driven by several factors, such as the increasing user engagement on the digital platforms, the growing focus on the competitive intelligence, and the increasing need to improve the audience experience. Moreover, the Audience Analytics Market is expected to gain major traction during the forecast period.
The solution segment is expected to hold a larger market size during the forecast period
The solution segment uses predictive analytics in combination with the machine learning algorithms to automate the process, and analyze and map the audience engagement and interactions with the company through various touchpoints and channels. The audience analytics solution provides enhanced functionalities, such as monitoring, audience profiling, campaign management, and demographic analysis, to improvise the current policies for the audience engagement.
The training, education, and consulting segment is estimated to hold a larger market size in 2018
With the growing adoption of the cloud-based services, user engagement on the digital platforms have also increased. Audience analytics solution enables companies to make intelligent decisions based on the behavior observed of the target audience. Training, education, and consulting services help enterprises choose the best audience analytics solutions and services, along with the education programs to mitigate the knowledge gaps. Several companies actively provide online training to their end-users with the help of user manuals, blogs, video instructions, and help forums.
The media and entertainment vertical is expected tohold the largest market size during the forecast period
Media and entertainment companies are increasingly adopting specialized audience analytics technologies for storing, managing, and analyzing large volumes of digitally generated data. Audience analytics helps simplify the analysis of the customers' requirements and identify opportunities to acquire a large customer base. The rise in the advancements in technologies, such as Virtual Effects (VFX) and graphics, are the driving factors for the adoption of audience analytics software and services in the media and entertainment vertical.
North America is expected to hold the largest market size during the forecast period
North America is expected to hold the largest market size in the global Audience Analytics Market during the forecast period, and APAC is projected to be the fastest-growing region during the forecast period. North America is a matured region in terms of the technology adoption, due to the various factors, such as standards regulation, the advanced Information Technology (IT) infrastructure, the presence of several enterprises, and the availability of the proficient technical expertise. The US and Canada are expected to contribute significantly to the growth of the Audience Analytics Market in North America.
The major vendors providing audience analytics solutions and services include comScore (US), Adobe (US), Oracle (US), IBM (US), Google (US), Unifi Software (US), SAS (US), Akamai (US), Cxense (Norway), NetBase Solutions (US), Cadreon (US), Socialbakers (Czech Republic), Crimson Hexagon (US), Quividi (France), 3DiVi (US), Flytxt (Netherlands), Telmar (US), StoryFit (US), Brandchats (Spain), Verto Analytics (US), AnalyticsOwl (US), Verimatrix (US), Brandwatch (UK), Sightcorp (Netherlands), and Lotame Solutions (US).
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