Market Trends of Industrying Analytics Market
The Cloud-based Solutions Segment is Expected to Witness Growth
- Cloud computing technology is considered a powerhouse for market growth. Many large organizations deploy multiple marketing channels by leveraging extensive datasets. Cloud computing facilitates cost-effective data structuring using a marketing analytics platform. Cloud-based marketing analytics is growing in popularity, mainly due to its good functionality and cost-effectiveness. It allows Oracle Oracle Corporation and Adobe Inc. to offer cloud solutions to marketers.
- The demand for the cloud system management market is driven by the increasing usage of hybrid and multi-cloud architectures, allowing consistent building and operation across cloud, on-premises, and edge environments. The cloud has dramatically aided initiatives for digital optimization and transformation.
- Businesses invest in structured innovation programs to achieve growth objectives, react to market conditions, and carry out expedited digital transformation activities. For instance, Red Hat OpenShift, the industry-leading hybrid cloud container technology, was created by IBM. With Red Hat OpenShift, users can create and use cloud services from any cloud, anywhere.
- Banking and financial institutions can significantly benefit from on-demand scalable infrastructure services, adequate data and storage management, SDI-enabled private cloud infrastructure in pay-per-use models, AI-driven cloud management, and agile operations solutions that embrace their cloud adoption journey. According to data from Eurostat, 45% of enterprises in the European Union bought cloud services in 2023. Also, the most significant number of enterprises that bought various cloud computing services were in Finland (78.3%), followed by Sweden (71.6%) and Denmark (69.5%).
- Furthermore, cloud-based marketing analytics software further provides scalability and flexibility for data analysis, which boosts the market growth for this type of software. Combining artificial intelligence and cloud-based platforms can provide many techniques that facilitate multiple options to address challenges. These provide recommendations to business owners regarding marketing campaigns. Such features increase the adoption of digital marketing campaigns, which is expected to propel the market during the forecast period.
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North America is Expected to Hold the Majority of Market Share
- Owing to innovations, North America is expected to dominate the marketing analytics market. Most major global vendors are based in the region. The increasing investment in marketing services and an enormous social media presence make the country a lucrative hub for the market.
- Factors such as the increasing adoption of SaaS cloud services, increasing demand for data integration services, and expanding 5G network coverage are expected to provide a massive scope for the region's market. In May 2023, Microsoft announced an investment of USD 13 billion in OpenAI and its early efforts to integrate AI technology into Bing's search engine and other products such as e-mail, Word, and Excel. Microsoft is rolling out a chatbot or Copilot that allows users to make sense of the information stored in corporate databases.
- The increasing demand for digital marketing and the growing need to integrate advanced technologies such as machine learning (natural language processing) and data cloud in marketing practices are dominant factors leveraging market growth in North America.
- The adoption of retail marketing analytics solutions in the United States is increasing as more retailers realize significant returns from using BI and analytics platforms and services. Major factors driving the retail marketing analytics market in the region are growing online shopping, social media utilization, consecutive increases in Big Data, and the proliferation of smartphones, which have made shopping easy for customers.
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