Multichannel Analytics Market

Global Multichannel Analytics Market Size (2024 to 2029)

The global multichannel analytics market size is predicted to be worth USD 43.25 billion by 2029 from USD 15.12 billion in 2024, growing at a CAGR of 23.4% from 2024 to 2029.

Multichannel analysis is now a complete answer to all the needs of the marketing environment because it has evolved enormously. The recent trend of online shopping has prompted shoppers to turn to multi-channel shopping. They collect data on the products they want to buy from multiple sources. The information can be anything, such as cost, reviews, reputation, brand, and benefits. Multichannel analytics helps organizations organize their customer engagement data, which is collected from various sources such as web, mobile, campaigns, call centers, email, and more. Multichannel tools allow organizations to organize their business strategies.

Multichannel solutions act as a channel between suppliers and consumers. Today, consumers use a wide range of devices and services to purchase products and to learn more about brands and product features. Multichannel analytics creates a platform to understand the revenue generated from marketing activities, calculate return on investment (ROI), and gain insight into customer behavior and preferences. Thus, multichannel analysis helps the organization and suppliers to plan future strategies and overcome market challenges by knowing their customers' behavior and purchasing model. The solution enables businesses to analyze customer activity and patterns by tracking and correlating customer action data across multiple channels.

Global Multichannel Analytics Market Drivers:

The growth of the global multichannel analytics market is primarily driven by the rising adoption of analytics solutions to understand customer behavior. Multichannel analytics helps companies develop spending strategies by calculating expected revenue and ROI. Moreover, the growth of the multichannel analytics market is driven by the increasing adoption of social media. Companies collect data from these social media websites and use analytical solutions to analyze customer behavior in terms of likes and dislikes and buying behavior of customers.

Additionally, the market participants have been finding potential growth opportunities by providing unique packaged solutions that can be used for various analytical applications. The rising acquisition of multi-channel marketing for customer engagement is anticipated to drive the global multichannel analytics market. The increasing trends of online shopping due to the extensive internet connectivity are supposed to support the market growth during the forecast period. The rise of multichannel buyers can extend the reach of B2C and B2B marketing, which is expected to positively impact the growth of the market. The rise of cloud-based applications and the need for unified multi-channel analytics solutions offer new opportunities for market growth over the forecast period.

Multichannel analytics solutions are widely used across a wide range of industry verticals, including consumer goods and retail, BFSI, healthcare and life sciences, government, travel and hospitality, telecommunications and computing, media and entertainment, and other verticals. Basically, these solutions apply to various sales and marketing activities, such as customer acquisition and retention, cross-selling and upselling, customer experience and loyalty management, customer management campaigns, sales and performance management, and other activities. This analytics solution tracks customer buying trends and areas of interest by monitoring channels such as websites, social media, call centers, mobile, email, direct purchases, advertising online, search, microsites, and blogs and presents results in dashboards and reports up management to extract useful business information.

Global Multichannel Analytics Market Restraints:

The factor restraining the growth of the multi-channel analytics market is that the operation of these solutions requires high-level expertise, resulting in price escalation which defies the growth of the market.

Impact of COVID-19 on the global multichannel analytics market:

Although the coronavirus pandemic had its worst impact on several industries, it is acting positively for the developments in information technology. The rising trend of remote access and digital marketing is promoting the adoption of multichannel analytics in different end-user verticals lately. The same trend is foreseen to continue in the coming years with the possibility of a second wave of COVID-19.

REPORT COVERAGE:

This research report on the global multichannel analytics market has been segmented and sub-segmented based on type, application and region.

Global Multichannel Analytics Market - By Type:

• Professional Services
• Support & Maintenance

The Professional Services segment includes predictive analytics and data mining solutions, query and report management solutions, and visualization software. This software and solutions are used to provide services such as professional analysis and maintenance services. These multichannel analytics solutions are deployed on-premise or available in the cloud. Moreover, the growing adoption of cloud services across all industries is likely to drive the cloud-based multichannel analytics market.

Global Multichannel Analytics Market - By Application:

• Retail
• Financial Services
• Administrative
• Travel
• Media
• Entertainment
• Telecommunications
• Others

The retail section is estimated to show a high growth rate during the foreseen period. The high growth rate is attributed to the increase in online sales of consumer goods around the world. Moreover, the ease of obtaining data through online portals is adding to the growth of the multi-channel analytics market.

Global Multichannel Analytics Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The Asia-Pacific region is determined to experience strong market growth during the conjecture period owing to the increasing application of alternatives and the awareness of companies to manage marketing strategies and the need to manage customers on all channels. The growing use of multichannel analytics software to organize sales and marketing campaigns to retain customers, customer experience management and sales management are key points behind the growth of the multichannel analytics market in the APAC region.

North America is supposed to experience strong growth in the next few years due to the strong demand for monitoring websites, social media, call centers, mobile devices, email, direct shopping and online advertising. Growing usage of analytics services in BFSI, healthcare, IT and electronics as well as other verticals is expected to entertain the market during the envisioned period. Europe is expected to dominate the global multi-channel analytics market during the projected period mainly due to an on-demand solution that allows companies to assess customer patterns and transactions by tracking and correlating information customer stocks customers through different channels.

KEY MARKET PLAYERS:

Companies playing a notable role in the global multichannel analytics market include Google Inc., IBM Corporation, SAP SE, HP Autonomy, Oracle Corporation, iJento, Webtrends, SAS Institute Inc., Teradata Corporation and Adobe Systems.

RECENT HAPPENINGS IN THE MARKET:

• In February 2020, BlueVenn launched a new CDP-based messaging channel within its omnichannel marketing hub.
• In September 2019, Mintent launched a multi-channel analytics system to track content performance.
• In March 2019, M Science launched research and data analysis on multi-channel consumer electronics. The new offering offers product-level pricing, unit count and dollar volume visibility across multiple end markets including video game hardware, streaming devices, smart speakers, portable devices and action cameras. The stats cover both retail and online channels including Amazon, Best Buy, Walmart, Target, and direct sales through several additional merchants.
• In April 2019, eMite signed the first commercial partners and announced the first sales to customers. Without a good understanding of the real issues, companies are spending energy fixing the wrong things or solving problems that don't really exist, effectively wasting millions of dollars and countless hours of employee time.
• In April 2017, IOVOX launched a multichannel marketing analysis tool, a solution for enterprises with numerous marketing channels. Apply a unique phone number to each referring domain used to drive call traffic to the business.