PUBLISHER: The Business Research Company | PRODUCT CODE: 1465663
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465663
Audience analytics involves the systematic collection and analysis of data pertaining to a specific audience or demographic, aiming to gain valuable insights into their behaviors, preferences, demographics, and interests. These insights empower businesses to make informed, data-driven decisions, optimize marketing strategies, enhance consumer engagement, tailor content or products, and ultimately improve overall business performance.
Key components of audience analytics include services and solutions. Services encompass comprehensive support and assistance provided by providers to help businesses effectively leverage audience data for strategic decision-making and business growth. These services find application across various domains such as sales and marketing, customer experience management, and others, catering to diverse end users including banking, financial services, and insurance sectors, telecom and information technology companies, healthcare providers, media and entertainment firms, retailers, and others.
The audience analytics market research report is one of a series of new reports from The Business Research Company that provides audience analytics market statistics, including audience analytics industry global market size, regional shares, competitors with an audience analytics market share, detailed audience analytics market segments, market trends and opportunities, and any further data you may need to thrive in the audience analytics industry. This audience analytics market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The audience analytics market size has grown rapidly in recent years. It will grow from $5.18 billion in 2023 to $5.86 billion in 2024 at a compound annual growth rate (CAGR) of 13.0%. Historical growth in this field can be primarily attributed to several factors. These include the utilization of demographic information, analysis of previous marketing campaigns, examination of website traffic patterns, monitoring social media interactions, and gathering insights from customer feedback.
The audience analytics market size is expected to see rapid growth in the next few years. It will grow to $9.46 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. Anticipated growth in the forecast period is driven by several key factors. These include the ongoing trend of increasing digitalization, heightened demand for personalized experiences, the growing significance of enhancing customer experiences, and the escalating influence of social media and online communities. Major trends expected in this period include the integration of AI and machine learning technologies, enabling more sophisticated analysis and insights, the adoption of real-time analytics for immediate decision-making, cross-channel integration to provide a seamless customer journey across various platforms, the use of predictive analytics to anticipate customer behaviors and needs, and the implementation of personalized experiences at scale to cater to individual preferences and interests.
The surge in e-commerce activities is poised to drive the growth of the audience analytics market in the foreseeable future. E-commerce, the electronic buying and selling of goods and services over the internet or electronic networks, is experiencing a rapid ascent due to factors such as widespread smartphone availability, internet connectivity, competitive pricing, and consumer convenience. Audience analytics play a pivotal role in e-commerce by empowering businesses to gain deeper insights into their customers, deliver personalized experiences, optimize operations, and foster growth in a fiercely competitive landscape. E-commerce platforms leverage data analytics and algorithms to offer personalized recommendations and promotions based on consumers' browsing and purchasing histories, thereby enhancing the overall shopping experience. For example, according to the United States Census Bureau in February 2024, total US e-commerce sales were estimated at $1,118.7 billion in 2023, marking a 7.6% increase from 2022, with e-commerce total sales in the USA rising by 15.4% in 2023 compared to 14.7% in 2022. Hence, the burgeoning e-commerce activities are fueling the expansion of the audience analytics market.
Key players in the audience analytics market are actively focusing on the development of innovative AI-driven advancements, such as AI-based audience analytics platforms, to enrich their services and offerings and enhance market competitiveness. An AI-based audience analytics platform is a software solution that harnesses artificial intelligence (AI) and machine learning algorithms to analyze extensive datasets pertaining to audience behavior, preferences, and interactions. For instance, Alfi Inc., a US-based software company, launched AI Audience Analytics in June 2022, offering real-time audience matching, insights, and impression verification tailored for digital out-of-home advertising. This AI-powered SaaS advertising platform delivers cutting-edge measurement solutions, enabling brands and screen owners to gain real-time insights into consumer behavior. Furthermore, leveraging advanced algorithms, this innovative platform analyzes real-time audience data, enabling advertisers to derive actionable insights to fine-tune their digital out-of-home advertising campaigns, ensure precise audience targeting, and validate impressions with precision.
In February 2022, Brightcove Inc., a software company based in the United States, successfully acquired Wicket Labs Inc. for an undisclosed sum. This strategic acquisition is geared towards elevating Brightcove's analytics offering with enhanced audience insights. It underscores Brightcove's commitment to utilizing analytics, artificial intelligence, and machine learning to empower customers in effectively engaging and monetizing their content. Wicket Labs Inc., headquartered in the US, is renowned for providing audience analytics through its platform, offering valuable insights tailored for media companies.
Major companies operating in the audience analytics market are Google plc, Microsoft Corporation, Verizon Communications Inc., Alibaba Group Holding Limited, Comcast Corporation, AT&T Inc., Meta Platforms Inc., Tencent Holdings Limited, Amazon Web Services Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, ViacomCBS Inc., Salesforce.com Inc., Baidu Inc., Experian plc, Snap Inc., Akamai Technologies Inc., JCDecaux, Nielsen Holdings plc, Roku Inc., SAS Institute Inc., Pinterest Inc., Acxiom Corporation, Comscore Inc.
North America was the largest region in the audience analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the audience analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the audience analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The audience analytics market includes revenues earned by entities by providing services such as data collection and integration, behavioral analysis, predictive analysis, campaign optimization, and customer journey mapping. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Audience Analytics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on audience analytics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for audience analytics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The audience analytics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.