Digital analytics solutions and services are required for digitization of customer-facing organizational systems. Digital analytics is used to determine customer actions and trends. Digital analytics describes a set of business and technical activities that describe, produce, gather, verify, or transform digital data into research, reporting, optimizations, analysis, predictions, automations, and insights that generate business value. Tracking and evaluating a customer’s digital journey can help enterprises in understanding customer behavior, experience, expectations, and sentiments.
This analyzed data is significant to organizations in engaging and creating value for their customers. Furthermore, a combination of online and offline data provides enterprises robust understanding of its customers and in turn, get the best value for their customer acquisition efforts. Digital analytics helps in real time tracking and allow digital marketers to effectively manage multiple channels of reaching customers, such as social media, email marketing, search engine results, display advertising, etc. Digital analytics solution providers offer services, from deliberate planning to implementation to insight generation across all digital platforms such as mobile, tablets or web.
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According to Forbes, around 15% of Fortune 500 companies are using Big Data analytics and yet, the amount of digital information generated by companies continues to grow exponentially. Many corporations are adopting Big Data and cloud computing platforms to manage their business operations. Such rise in adoption of advanced technologies by enterprises is expected to contribute significantly to market growth during the forecast period. Enterprises are focusing on understanding their customer base in order to gain competitive advantage in the market.
Brands can improve upon their products and also build better marketing strategies, based on the data provided by the digital analytics tool. Furthermore, with the advent of Big Data, there is rising demand for digital analytics solutions by enterprises. Moreover, increasing adoption of smartphones and other technologically advanced solutions by consumers to receive any kind of service seems to generate huge amount of digital data. Therefore, rising adoption of smartphones and other consumer electronics is expected to drive the market during the forecast period.
Digital analytics software tracks user activity on an organization's website and other online channels, for the purpose of optimization.The market for digital analytics services can be segmented based on enterprise size, component, service type, deployment type, and geography. Market on the basis of component can be segmented into solutions and services. The services offered in the market include data visualization, tool implementation, tag management, reporting & analytics, testing & personalization, multi-touch attribution (MTA) and others. On the basis of application, the market is segmented into BFSI, healthcare, retail, IT & Telecom and others.
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In terms of enterprise size, the market can be segmented into small and medium sized enterprises and large enterprises. On the basis of deployment type, the market can be segmented into on-premise and cloud based. Geographical segmentation of the digital analytics solutions market includes North America, Asia Pacific (APAC), Europe, Middle East & Africa (MEA), and South America. Middle East & Africa and South America are expected to contribute toward growth of the market with lucrative opportunities in the long run.
Digital analytics provides useful insights into consumer behavior by collecting, measuring, and analyzing digital data on various interactive channels such as websites and mobile applications. However, lack of awareness about the implementation of digital analytics solutions among employees is expected to hamper the market growth during the forecast period.
Some of the major players active in the digital analytics services market includes Adobe, HCL Technologies Limited, Microsoft Corporation, SAS Institute Inc., Cartesian Consulting, Oracle Corporation, Google Inc., AT INTERNET, Nabler Web Solutions Pvt. Ltd., Webtrekk, and IBM Corporation. Players are adopting different strategies such as product innovation, partnerships and collaborations, mergers & acquisitions etc. in order to gain competitive advantage in the market.
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