New Product Launches as the Major Strategy to Achieve Further Growth in the Global Audience Analytics Market.
The audience analytics market 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, due to the existing market offerings and the increasing focus on pricing and promotions.
The major players in the audience analytics market include Adobe (US), Oracle (US), IBM (US), Google (US), and SAS (US). These players have adopted various growth strategies, such as business expansions, acquisitions, partnerships, collaborations, product enhancements, and new product launches. These players have adopted new product launches as the major strategy to achieve further growth in the global audience analytics market.
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Adobe has well-versed product offerings and has established itself as one of the leading players in the audience analytics market. It also has an extensive ecosystem of marketing agencies, systems integrators, and developers who help license and deploy Adobe’s solutions for customers. The company is continuously focusing on enhancing its product offerings. For instance, in November 2017, Adobe introduced new capabilities to its cloud analytics platform; some of these capabilities are context-aware sessions, audience analytics, enhancement to the analysis workspace, and virtual report suite updates for mobile teams. These new capabilities enable increased collaboration, faster analysis, and improved customer intelligence. The company has made continuous efforts to diversify and expand its product portfolio and market reach by adopting inorganic growth strategies, such as acquisitions. For instance, in May 2018, Adobe announced the acquisition of Magento Commerce for USD 1.68 billion. The acquisition of Magento Commerce Cloud would assist Adobe in delivering a single platform that serves both Business-to-Business (B2B) and Business-to-Consumer (B2C) enterprises globally.
The Oracle Data Management Platform (DMP), with its built-in audience analytics capabilities, provides a centralized hub for analyzing all audience and media-related performance data. The basic features of Oracle DMP include attribution reporting, revenue modeling, and building strategies, based on the data attributes in the Oracle Data Cloud. The recent addition of Infinity Analytics and CX Audience to Oracle Data Cloud in April 2018 helped identify a better audience. Oracle Infinity unifies behavioral data, develops and distributes actionable insights to a broader business user community, enhances the performance of marketing automation systems, and manages the increasingly large and complex enterprise data sets, whereas Oracle CX Audience centralizes, manages, and enriches the customer data; easily creates and publishes audience segments at scale; and analyzes the segment performance to discover new opportunities. The company has made continuous efforts to diversify and expand its product portfolio and market share by adopting organic growth strategies, such as new product launches.
The audience analytics market research report analyzes the global adoption trends, growth potentials, key drivers, vendor portfolio analysis, restraints, and opportunities in the market.
Related Reports:
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
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