Marketing Attribution Software Market to Reach $12.9 Billion, Globally, by 2031 at 15.5% CAGR: Allied Market Research

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Nov 11, 2022, 06:30 ET

Growing focus of firms on increasing their marketing expenditure is expected to drive the growth of the global marketing attribution software market.

PORTLAND, Ore., Nov. 11, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Marketing Attribution Software Market by Component (Solution and Service), by Deployment Mode (On-Premise and Cloud), by Type (Single-Source Attribution, Multi-Source Attribution, and Probabilistic or Algorithmic Attribution), by Organization Size (Large Enterprises and Small and Medium-Sized Enterprises), and by Industry Vertical (Consumer Goods and Retail, IT and Telecom, BFSI, Media and Entertainment, Healthcare, Travel and Hospitality, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global marketing attribution software industry generated $3.1 billion in 2021, and is estimated to reach $12.9 billion by 2031, witnessing a CAGR of 15.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario.

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Drivers and Opportunities

Growing focus of firms on increasing their marketing expenditure is expected to drive the growth of the global marketing attribution software market. In addition, the marketing attribution software also provides firms with various advantages such as enhanced personalization, optimizing marketing expenditure of firms, and assisting firms in adding new features to their products. This, in turn, will help in expanding the scope of demand for marketing attribution software across various sectors. Nevertheless, increase in investments across BFSI, IT & telecom, and healthcare sectors will create new growth opportunities for the global market.

Covid-19 Scenario

The outbreak of the COVID-19 pandemic favorably impacted the growth of the global marketing attribution software market. This was due to the focus of firms on the use of AI-driven solutions, cloud computing, and automation for expanding their business during the COVID-19 pandemic.
Furthermore, during the COVID-19 pandemic period, firms changed their digital transformation plans and added marketing attribution tool in their routine business activities. This accelerated the demand for marketing attribution software during the pandemic timespan.

The multi-source attribution segment to dominate the global market in terms of revenue during the forecast period

Based on type, the multi-source attribution segment was the largest in 2021, occupying more than half of the overall marketing attribution software market share and is likely to dominate the global market share during the forecast period. The growth of the segment during the forecast timeline is owing to the growing need for raising the marketing expenditures and the increase in marketing channels for contacting end users. However, the probabilistic or algorithmic attribution segment is expected to grow at the fastest CAGR of 18.7% during 2022-2031. The growth of the segment during the forecast period can be attributed to the ability of probabilistic or algorithmic attribution model to evaluate, convert, and non-convert consumer journeys. Apart from this, it aids in determining which marketing channels have the greatest impact and importance at various touch points throughout the consumer journey.

The small and medium-sized enterprises segment to achieve the fastest growth during the forecast period

Based on organization size, the large enterprises segment held the largest share of nearly two-thirds of the global marketing attribution software market share in 2021, and is expected to maintain a prominent growth during the forecast period. The growth of the segment over the forecast timeframe can be attributed to the technological developments in the marketing attribution software such AI supported data analytics and data mining, which has increased the adoption of the product among large enterprises. However, the small and medium-sized enterprises segment is likely to exhibit the highest CAGR of 17.3% in 2031. The segmental growth can be credited to the continuous rise in number of government initiatives through various digital SME campaigns throughout the world.

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Asia-Pacific to maintain its leadership in terms of revenue by 2031

Based on region, the market in the North American region held the largest market share in 2021, accounting for more than one-third of the global marketing attribution software market share. The growth of the regional market during the forecast timeline is due to the increase in usage of marketing attribution software solution in BFSI, travel, healthcare and other sectors to improve businesses and customer experience. However, the Asia-Pacific region is likely to dominate the global market share and record the highest CAGR of nearly 17.9% during the forecast timeline. The growth of the market in the region over the forecast period can be credited to the increase in penetration of advanced technology and higher adoption of cloud-based solution and services. The other regions discussed in the report are Europe and LAMEA.

Leading Market Players

Adobe Inc.
Alphabet Inc.
Hubspot, Inc.
Merkle Inc.
Oracle Corporation
Ruler Analytics Ltd.
SAP SE
The Nielsen Company
Windsor.ai
Wizaly SAS

The report analyzes these key players of the global marketing attribution software market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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