Growing focus of firms on increasing their marketing expenditure is expected to drive the growth of the global Marketing Attribution Software Market. In addition, the marketing attribution software also provides firms with various advantages such as enhanced personalization, optimizing marketing expenditure of firms, and assisting firms in adding new features to their products. This, in turn, will help in expanding the scope of demand for marketing attribution software across various sectors. Nevertheless, increase in investments across BFSI, IT & telecom, and healthcare sectors will create new growth opportunities for the global market.
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Based on organization size, the large enterprises segment held the largest share of nearly two-thirds of the global marketing attribution software market share in 2021, and is expected to maintain a prominent growth during the forecast period. The growth of the segment over the forecast timeframe can be attributed to the technological developments in the marketing attribution software such AI supported data analytics and data mining, which has increased the adoption of the product among large enterprises. However, the small and medium-sized enterprises segment is likely to exhibit the highest CAGR of 17.3% in 2031. The segmental growth can be credited to the continuous rise in number of government initiatives through various digital SME campaigns throughout the world.
Based on type, the multi-source attribution segment was the largest in 2021, occupying more than half of the overall marketing attribution software market share and is likely to dominate the global market share during the forecast period. The growth of the segment during the forecast timeline is owing to the growing need for raising the marketing expenditures and the increase in marketing channels for contacting end users. However, the probabilistic or algorithmic attribution segment is expected to grow at the fastest CAGR of 18.7% during 2022-2031. The growth of the segment during the forecast period can be attributed to the ability of probabilistic or algorithmic attribution model to evaluate, convert, and non-convert consumer journeys. Apart from this, it aids in determining which marketing channels have the greatest impact and importance at various touch points throughout the consumer journey.
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Based on region, the market in the North American region held the largest market share in 2021, accounting for more than one-third of the global marketing attribution software market share. The growth of the regional market during the forecast timeline is due to the increase in usage of marketing attribution software solution in BFSI, travel, healthcare and other sectors to improve businesses and customer experience. However, the Asia-Pacific region is likely to dominate the global market share and record the highest CAGR of nearly 17.9% during the forecast timeline. The growth of the market in the region over the forecast period can be credited to the increase in penetration of advanced technology and higher adoption of cloud-based solution and services. The other regions discussed in the report are Europe and LAMEA.
The key players that operate in the marketing attribution software market analysis are Adobe Inc., Alphabet Inc., Hubspot, Inc., Merkle Inc., Oracle Corporation, Ruler Analytics Ltd., SAP SE, The Nielsen Company, Windsor.ai and Wizaly SAS. These players have adopted various strategies to increase their market penetration and strengthen their position in the marketing attribution software industry.
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Covid-19 Scenario
- The outbreak of the COVID-19 pandemic favorably impacted the growth of the global marketing attribution software market. This was due to the focus of firms on the use of AI-driven solutions, cloud computing, and automation for expanding their business during the COVID-19 pandemic.
- Furthermore, during the COVID-19 pandemic period, firms changed their digital transformation plans and added marketing attribution tool in their routine business activities. This accelerated the demand for marketing attribution software during the pandemic timespan.
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