The Tag Management System Market is anticipated to witness a CAGR of 5.7% over the forecast period 2019 - 2024. The user-friendly and feature-packed software, better customer experience deliverance, and ability to build a unified ecosystem are some of the significant factors influencing the growth of tag management system market while the high initial fee for tag management systems is expected to hinder the growth of the market. The tag management system market is essential to track page views, events, remarketing lists, cross-domain tracking, and in-app analytics, among others.
- According to 'ROI of Tag Management' report, effectively managing website tags is fundamental to digital marketing and shows no sign of abating. An increasing number of enterprises have resulted in the need for digital marketing as people tend to spend additional time on the internet rather than on television or newspaper. The rapid expansion of the internet throughout the world is anticipated to help the market to grow steadily. Internet World Stats and International Telecommunication Union estimated that the number of internet users worldwide has increased from 3,170 million in 2015 to 3,896 million in 2018.
- The tag management system offers digital marketers tremendous flexibility and control to implement and optimize digital experiences while reducing IT dependence. They would be able to focus on marketing, rather than tags, as these systems can create most of the tags without the need to write a single line of code. This is one of the primary reason for the growth in its adoption.
- The tag management systems can be used seamlessly across the platforms. Smartphones are a significant growth platform for tag management systems due to high portability, easy installation, and monitoring.
Scope of the Report
The tag management system market is segmented by deployment type, application, end-users, and geography. By deployment type, the market studied is segmented into cloud and on-premises. On the basis of application, the market has been bifurcated into campaign management, content management, compliance management, and others. By end-user, the market studied is segmented into BFSI, retail & e-commerce, healthcare, manufacturing, and others. Besides, the scope of the report covers detailed information pertaining to significant factors influencing the tag management system market, such as drivers and restraints. The study of the market also focuses on various trends in the market, such as the ability to build a unified ecosystem and its effects on the market.
Key Market Trends
Tag Management Systems to Play a Significant Role in Retail and E-commerce Sector
- Tag management systems help retailers to maintain accurate and complete tagging for the variety of elements on their websites. These systems also help retailers to gain a more in-depth understanding of consumer's requirements, thereby addressing their expectation of personalized Omnichannel experience.
- In such a competitive retail market, the need for new customer acquisition and retention of the existing customers becomes crucial for the retailers. L.L.Bean, a privately-held retail company, is using Tealium solutions to align customer treatments across all the digital touchpoints better as well as enhance the performance of its browse and cart abandonment programs.
- The growing penetration rate of smartphones has increased the consumption of mobile data throughout the world, which is expected to increase the demand for mobility solution in the retail sector. Such data is used to understand the customers' behavior and extensively used for digital marketing in the retail and e-commerce industry. This is anticipated to create a massive growth opportunity for the market. GlobalWebIndex statistics indicate that China and South Korea have a high penetration rate of 83% of the share of the population, for online shopping. These two countries are closely followed by Germany and the UK with a penetration rate of 82% and 81% respectively, in 2018.
North America is expected to Account for the Largest Market Size during the Forecast Period
- North America is expected to hold the largest market size and dominate the tag management system market during the forecast period owing to the increasing adoption of these systems in the region. A large number of tag management system vendors in the region are attributed to early adoption of emerging technologies, cost-effectiveness and ease of implementation.
- The high concentration of large multinational companies such as Google Inc., Adobe Inc., Oracle Corporation, etc. also would help consolidate the majority of revenues from this region and largely contribute to the growth of the tag management system market. Statistics from Builtwith revealed that Tag Manager from Google Inc. has high usage distribution of 82% (1,061,300 websites) of the total websites on the Internet, followed by tag manager from Signal Group Inc. with a usage distribution of 7.6% (97,670 websites). The growing importance of digital marketing is another reason for this region to have a high market share.
- Tag management system vendors in the US are expected to make notable contributions to numerous businesses in the region who are relying more on digital marketing to expand their business. However, Asia-Pacific region is expected to provide lucrative opportunities for tag management system providers owing to growing technology adoption in countries, such as China and India and the demand for cost-effective solutions among small and medium-sized enterprises.
The Tag Management System Market is a highly competitive market and is currently dominated by a few players in the US, followed by those in Europe and Asia. The global market is expected to be consolidated in nature, and the major players with a prominent share in the market are focusing on the development of more efficient software for tag management and various solutions for boosting website traffic and by expanding their customer base across foreign countries by leveraging on strategic collaborative initiatives to increase their market share and their profitability. Google Inc., Adobe Inc., Tealium, Inc., Ensighten Inc., Qubit Digital Ltd., Signal Group Inc., Hub'Scan Inc., Piwik Pro Sp. z o.o., OpenX Software Ltd., and Fjord Technologies S.A.S. are some of the major players present in the current market.
- May 2019 - Tealium, Inc., a key player in real-time customer data orchestration, raised a funding of USD 55 million led by Silver Lake Waterman, Silver Lake's late-stage growth capital fund. ABN AMRO Digital Impact Fund, Declaration Partners, Parkwood, and existing investors are few others who participated in the funding series. This funding is expected to be used to expand the company's data integration ecosystem, accelerate new product development, and further scale global expansion activities.
- March 2018 - Aussie marketers of Salesforce rolled out their own data management platform (DMP) after successfully trialing the acquired technology across its Australian operations. This offering is expected to improve media efficiency among all marketing teams worldwide.
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