The process of marketing products or services is basically a time-consuming and costly process. With the digitalization of things, including marketing, the demand for digital marketing has increased, so new marketing in addition to technology-based solutions encounters a huge amount of customer data. This data and sales analysis are effective not only to reduce the cost of errors but also to help better understand the target customer behavior to determine marketing strategies.
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Table of Contents
Market / Industry segment of marketing analytics
|Base Year||Market size(B$)||Duration(YEAR)||CAGR(%)||Source Name|
|2019||2.703||6||15.20%||Transparency market research|
|2016||1.4||6||11.2||Zion market research|
Influencing factors that changes market size of marketing analytics
The size of the market value changes under the influence of many factors; the increase and decrease in the rate of these influential factors leads to changes in the value of the market size, which is provided by direct and reverse drivers in the market of marketing analytics.
- Advances in data analysis
- High marketing costs
- Influence of marketing performance
- Lack of analysis tools
- Lack of awareness
- Lack of specialized personnel
In all different markets and industries, risk is always one of the factors that business founders should be sufficiently aware of. The first step is risk assessment is identification of risks in the market in order to perform risk management. The market of marketing analytics may also be threatened by the following risks:
- Technology risk
- Stage of business risk
- Sales and marketing risk
- Competition risk
- Reputation risk