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(I-SoftwareNews.Com, February 02, 2022 ) Brand Tracking Software/ Brand Tracker Market size is estimated to reach $45.1 billion by 2026 at a CAGR of 1.6% during the forecast period 2021-2026. The Brand Tracking Software application enables various business organizations to grow their brands and explore new opportunities with real-time brand intelligence, such as track brand perception and awareness, gather behavioral data, estimate ROI, mitigate risk and many more. The significant advances of digital technology to create an affordable and successful brand tracking campaign enable SMEs along with large enterprises to denote better customer experience, improve purchase intent and reputation management in the competitive business environment. Moreover, the increasing penetration of IoT devices and high adoption of business analytics software, such as Brand health tracker solution among several industry verticals are some of the key factors that have driven the Brand Tracking Software/Brand Tracker Industry. The increasing implementation of cloud-based big data analytics software for brand tracking and other Brand Funnel applications offer customer retention and future strategic direction, which will drive the growth of Brand Tracking Software/Brand Tracker Market.
Brand Tracking Software/Brand Tracker Market Segment Analysis - By Offerings
By Offerings, the Brand Tracking Software/Brand Tracker Market is segmented into Cloud-based Software Platform, Professional Service and Managed Services. Cloud-based Software Platform is analyzed to dominate the Brand Tracking Software/Brand Tracker Market in 2020 and generated $14.6 billion. The significant adoption of Cloud-based Software Platforms among the various enterprises, including large and SMEs for developing a full-blown IT department to save time and money is witnessing a significant growth in the market. In March 2019, Social intelligence company, Brandwatch acquired Qriously, a London-based market research SaaS start-up. The acquisition strengthens the brand and consumer insight tools of Brandwatch, combining market research with social intelligence of Qriously, thereby, such developments, and other inventive launches, including Brand Funnel solution have driven the growth of Brand Tracking Software/Brand Tracker Market.
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Brand Tracking Software/Brand Tracker Market Segment Analysis - By Organization Size
By Organization Size, the Brand Tracking Software/Brand Tracker Market is segmented into Small scale and medium sized enterprises, Large Enterprises. The Small scale and medium sized enterprises is estimated to grow at a CAGR of 12.0% during the forecast period. In order to optimize online presence and retain position in marketplace, several SMEs are adopting Brand Tracking Software. In October 2019, Brandwatch, UK – Consumer intelligence company launched game-changing analysis engine Consumer Research, the most powerful digital consumer intelligence product on the market to seek in-depth analyze of Customer behavior. Therefore, the launches of various advanced Brand Tracking Software, such as Brand health tracker for critical measurement of brand perception to sustain in the fast-changing, increasingly cut-throat world have driven the growth of Brand Tracking Software/Brand Tracker Market.
Brand Tracking Software/Brand Tracker Market Segment Analysis - By Geography
North America dominated the Brand Tracking Software/Brand Tracker Market in 2020 with a share of 44% owing to the significant use of AI application and rising digital investment such as display, pay-per-click and social media advertising for effective campaigns to the target market. The growing adoption of CRM software across the large industry verticals to track behavioral patterns of the consumers, and improve branding is contributing to the market growth. In November 2019, HubSpot acquired data synchronization platform, PieSync to address various complexities in terms of managing data by the users from multiple apps. Moreover, as a part of the HubSpot Ads tool, Linkedln ads that are available from February 2019 enables users to target ads, generate new leads and nurture loyal customers. Asia Pacific is estimated to be the fastest growing region owing to the growing prominence of digital marketing and internet advertising market. In May 2020, Accenture acquired an automated insights and big data analytics company, Byte Prophecy to offer the rising demand for digital analytics and enterprise- scale AI solutions across India. The Covid-19 pandemic has fueled the internet advertising for brands to evaluate consumer’s interest, and aims performance, value, testing strategies, such as brand momentum integration thereby, contributing positively to the Brand Tracking Software/Brand Tracker Market.
Brand Tracking Software/Brand Tracker Market Drivers
Growing demand among e-commerce owing to Covid-19 pandemic
In order to grapple the massive market disruption by Covid-19, keeping a constant track of customers about their feelings and perspective towards a brand has been more important than ever for the rising e-commerce businesses. In the age of social distancing, more business enterprises are adopting Brand Tracking Software tools as a “customized COVID-19 behavior-change tracker” to promote their products. The rising online networking due to pandemic outbreak resulted in the social media marketing activities, and thus, likely to influence the demand of marketing automation software among the organizations to reevaluate and personalize account-based marketing strategies. The emerging trends such as social media and search engines are estimated to drive the market positively. In December 2020, Vista Equity Partners acquired the technology workforce development company, Pluralsight, Inc. to develop world-class technologies pertaining to enterprise software, data and technology-enabled business solutions. Hence, the increasing adoption of cloud-based analytics solutions among the end-users like Food & beverage, Healthcare, Fashion, Hospitality as well as BFSI are likely to drive the Brand Tracking Software/Brand Tracker Market growth.
Growing adoption of CRM Software and social media platforms
The high penetration of social media platforms like Twitter, Facebook, Instagram, LinkedIn, Snapchat and Pinterest offers remarkable promotional attributes to various business hubs, and thus, driving the market successfully. Furthermore, owing to several advantages of CRM software that accounted to provide strategic planning, campaign management, A/B testing and on-site web experience is widely preferred among enterprises to seek optimum balance between cost and quality. In November 2020, the leading customer relationship management solution, Insightly launched a revolutionary CRM platform that offers an unified version of marketing, sales & project management solution. The unified platform of Insightly enables businesses with advanced analytics, better customizable emails and newsletters, customer journey evaluation, along with data freedom to seek better experience with customers. Thus, the latest investments in various business analytics due to competitive position and strategies are driving the market of Brand Tracking Software/Brand Tracker Market.
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Brand Tracking Software/Brand Tracker Market Challenges
Budget constraint due to expensive brand tracking solutions
In order to meet the ever-changing consumer demands, sophisticated expensive brand tracking software helps business organizations to gather suitable insights from the multi-mode survey research methods. However, some of them are very pricey due to platform management and thus, many SMEs opt for the inexpensive, and easy one to locate the relative information regarding their brand, which again is not suitable, owing to privacy issues coupled with too many irrelevant survey data. Thus, the respective factors are responsible to hinder the growth of the Brand Tracking Software/Brand Tracker industry outlook.
Brand Tracking Software/Brand Tracker Market Landscape
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Brand Tracking Software/Brand Tracker Market. Brand Tracking Software/Brand Tracker Market top 10 companies include Salesforce.com, Inc., Microsoft Corporation, Oracle, SAP SE, Insightly, Inc., Marketo, Inc., HubSpot Inc., SAS Institute Inc., SimplyCast, Pipedrive and among others.
In July 2020, Pipedrive launched a redesigned user experience (UX) along with a new platform, known as Insights that offers tracking sales data, trends and Sales Docs.
In March 2019, Adobe signed partnered with ServiceNow, a leading cloud computing firm, to empower brands with the support of industry-first solution for integrating digital experience data with the customer data. The partnership was developed to enable users to experience seamless digital workflows as well as monitoring personalized customer experience in all touchpoints.
North America dominated the Brand Tracking Software/Brand Tracker Market in 2019 with a share of 44%, owing to the significant use of AI application, rising digital investment, and growing adoption of CRM software.
The growing demand of Brand Tracking Software among e-commerce businesses owing to Covid-19 pandemic to keep a constant track of customers is driving the market growth.
The Small scale and medium sized enterprises is estimated to grow at a CAGR of 12.0% during the forecast period. In order to optimize online presence and retain position in marketplace, several SMEs are adopting Brand Tracking Software for aiming optimum business outcomes.
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