Audience Analytics Market Complete Study of Current Trends and Growth Factors 2019-2023

Audience Analytics Market

MarketsandMarkets expects the Audience Analytics Market 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. The market growth is expected to be driven by the increasing user engagement on digital platforms, growing focus on competitive intelligence, and rising need to improve the audience experience.

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The services segment is expected to witness a faster growth rate over the next 5 years (2018–2023). Audience analytics services provide assistance during the different phases of planning, deploying, maintaining, and upgrading the audience analytics solutions. The various significant benefits of audience analytics services include huge cost savings, trained resources, 24X7 customer service availability, and support for recruiters using the audience analytics software.

The competitive intelligence application is expected to grow at the highest CAGR in Audience Analytics Market during the forecast period. Enterprises are rapidly adopting the competitive intelligence application to understand the market trends and quickly adapt to the changing market circumstances. The competitive intelligence application includes collection and analysis of information related to products, customers, and other variables affecting the business. However, the use of audience analytics for building competitive intelligence has not yet reached its full strength, and its use is expected to fuel in the coming years with increasing competition.

The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a faster rate in Audience Analytics Market in the next 5 years. Some of the common issues faced by these enterprises include the lack of expertise, capital, resource skills, and management control. To overcome these issues, SMEs are adopting audience analytics services to scale their business and grow faster. Moreover, SMEs are more inclined toward cloud-based analytics services, due to benefits such as lower costs using the pay-as-you-go model, greater flexibility and storage, and better scalability.

The Banking, Financial Services, and Insurance (BFSI) vertical is expected to register the fastest growth rate in Audience Analytics Market during the forecast period. The BFSI vertical is evolving and is expected to grow rapidly in terms of technological changes, customer needs, and employment. BFSI organizations are lagging behind other verticals, when it comes to the use of audience analytics to generate insights, due to internal compliance policies and security reasons. Moreover, it is expected that a majority of organizations in the BFSI vertical would quickly adopt audience analytics solutions to reap the benefits of advanced analytics technologies and offer better customer engagement and services.

Asia Pacific (APAC) is projected to be the fastest-growing region in adopting audience analytics solutions and services, due to the increasing adoption of automation and advanced technologies in the region. Factors such as the large talent pool, high domestic demand, good and improving infrastructure, increasing government incentives, and removal of trade barriers are expected to increase the hiring of qualified workforce in the APAC region, which, in turn, is expected to drive the growth of the Audience Analytics Market.Speak to Research Expert @