Tag Management Market Expected to Expand $1,286.1 million by 2023

Tag Management Market

Tag management systems help manage the multiple tags on a page through one single container tag, which prioritizes and fires individual tags when appropriate. These systems increase website’s speed and performance by loading details faster, thereby enhancing customer experience for better customer engagement. Additionally, as regulations continue to change, and management of critical information and data security becomes a major concern, organizations deploying these tag management systems while adhering to the law and keeping the company’s operations both safe and compliant.

MarketsandMarkets forecasts the global Tag Management Market size to reach USD 1,286.1 million by 2023, at a Compound Annual Growth Rate (CAGR) of 14.2% during the forecast period. The major growth drivers of the tag management system include an increasing need for established data governance policies and for building cohesive ecosystem.

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Many organizations across verticals have been utilizing the tag management system to ensure proper marketing and advertising is done. The growing importance of understand customer behavior to expand customer engagement through service enhancement is one of the major driving factors for tag management practices across verticals. Furthermore, with developments made in the General Data Protection Regulation (GDPR) and other data protection acts are expected to attract new customers in the coming years. An increasing use of mobile and smartphones helping in the adoption of mobile tagging as it easy to start any mobile marketing initiative, as well as better engage visitors in a mobile environment. This approach offers marketers and mobile teams the power to liberate their mobile application marketing strategy. With mobile applications, marketers can deploy third-party marketing technologies within the applications and create a unified view of the customer across the web and mobile applications, all in real time, without relying on lengthy application development cycles.

Major applications of the tag management system market include campaign management, content management, user experience management, risk and compliance management, and others (virtual assistance and search engine optimization). Campaign management is expected to grow at the highest CAGR during 2018–2023. Tag management systems are used widely by major industries, such as Banking, Financial Services, and Insurance (BFSI); healthcare and life sciences; retail and eCommerce; telecommunications and Information Technology (IT); media and entertainment; manufacturing; and others (real estate, travel and hospitality, government, and professional services ) for different business needs. The manufacturing vertical is expected to grow at the highest CAGR during the forecast period.

The region-specific market analysis includes industry trends, market potentials, and market forecasts based on component, application, deployment type, organization sizes, and vertical. The market is witnessing a rapid growth in emerging countries in Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America is expected to hold the largest market size over the next 5 years, followed by Europe. APAC is expected to be the fastest-growing region in the tag management system market during the forecast period. Globally, the adoption of tag management system is increasing due to the growing volumes of business-critical data and an increasing number of SMEs in the APAC region. Major companies, such as Google (US), IBM Corporation (US), Adobe (US), and Ensighten (US) offer competitive product and service portfolios across these regions.

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