Audience Analytics - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

Audience Analytics - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

The Audience Analytics Market size is estimated at USD 5.04 billion in 2024, and is expected to reach USD 10.12 billion by 2029, growing at a CAGR of 12.10% during the forecast period (2024-2029).

Key Highlights

• Audience analysis helps companies gain a deeper understanding of their current and potential customers for improving marketing strategy, customer experience, and brand perception.
• Businesses can use audience analysis to derive key insights about their consumer base and better understand their customers to create more engaging content. Audience analysis can also help these organizations to gain new buyers and maintain customer loyalty.
• The huge untapped demand for personalized markets has emerged recently. The customers feel delighted due to the personalized approach to their demands and choices. It helps in creating brand loyalty.
• The surge in e-commerce activities across the world has increased user involvement on digital platforms. The rising usage of audience analytics in different industries is a result of companies' increasing focus on getting insights from audience involvement.
• However, there have been a lot of complexities while dealing with the analysis data. If the analysis contains errors, it can result in deviations between forecast and reality. This can lead to a huge amount of irregularities in the long run.
• COVID-19 significantly changed the way the audience consumed media. A major trend that emerged during this period was the increased adoption of OTTs. Many reports pointed to the growing market and consumer appetite for the content of choice available on OTT platforms. Such trends further accelerated the need for audience analytics.

Audience Analytics Market Trends

Media & Entertainment is Expected to Experience Major Market Share

• Compared to audiences ten years ago, today’s consumers have access to unlimited amounts of content and are consuming it on an increasingly diverse range of technologies and platforms. In this media-saturated environment, audiences demand content experiences that are enriching and convenient, and consumption patterns are changing in response.
• Millennials' engagement with smartphones has been on an increasing trend. Most of the time is spent watching movies on popular streaming platforms like Amazon Prime and Netflix. As a result, media and entertainment leaders face increasing pressure to find new ways to monetize content and generate revenue.
• With audience analytics, businesses in the media and entertainment industry are able to identify consumption patterns of the audience to gain valuable audience insight regarding viewership, preferences, social media platforms used, and watching habits. Extensive knowledge of which audience watches the content on what device, along with the factors that motivate them to click or watch, can aid in developing marketing and programming strategies. Consequently, such data can be used to enhance and personalize their experience.
• For instance, Netflix collects data from its huge subscriber base and implements data analytics models to discover customer behavior and buying patterns. Then, it uses that information to recommend movies and TV shows based on the subscribers’ preferences. According to Netflix, over 75% of viewer activity is based on personalized recommendations.
• Moreover, the revenue model of the media and entertainment industry significantly depends on highly targeted ads. Audience insights enable companies to pinpoint customer preferences on what content people prefer during specific times and duration. Such data improves the efficiency of advertising and marketing programs considerably, resulting in higher conversion rates.

North America is Expected to Hold a Major Market Share During the Forecast Period

• Content companies are increasingly using audience analytics to know what kinds of video to serve up in the future based on what consumers watch, when, and for how long. Analytics tools can help predict demand for certain kinds of content around the world. According to Recode, the BBC has used AI to predict where it might find the greatest demand for some of its series, such as “Sherlock.”
• Streaming platforms have gained huge popularity in the United States region, and providing people with personalized content has been proven successful in increasing brand loyalty.
• The retail industry in the region has undergone a significant transformation, especially during the pandemic, as it accelerated digital offerings and adapted quickly to new customer needs. As per the US Census Bureau, retail sales for the nation increased 17.1%, from USD 5,572.0 billion in 2020 to USD 6,522.6 billion in 2021.
• Audience analytics provides e-commerce companies with in-depth insights regarding the demographics of their audience, i.e., their gender, age, income, occupation, where they are based, and what language they speak. Consequently, the proliferating e-commerce sector in the region creates considerable opportunities for the market.
• Another key growth driver for the market in the country is the proliferating healthcare industry, as audience insights help healthcare institutions create personalized marketing campaigns. Healthcare spending is far higher in the United States than in other high-income countries, according to the Commonwealth Fund, indicating the growth potential for the market.

Audience Analytics Industry Overview

The audience analytics market is moderately competitive and is characterized by several major players. Currently, only a few companies dominate the market in terms of market share. Given the increasing recognition of the significance of audience analytics by video streaming platforms, it has become a highly lucrative market.

In June 2022, Comscore launched Total Digital, a comprehensive solution that seamlessly integrates the company's digital and social measurement tools into an intuitive dashboard. This innovative platform caters to marketers, agencies, and publishers, providing them with a unified, always-on cross-platform perspective of how consumers engage with content and advertising.

In June 2022, Adobe announced new services in Adobe Analytics. These services were designed to offer brands a consolidated workspace for unifying data and insights across various media types, including the metaverse and streaming media. By leveraging these services, brands gain the ability to conduct omnichannel analysis effectively. This includes utilizing Customer Journey Analytics to gain deeper insights into emerging consumer behaviors, enabling a more comprehensive understanding of their audiences.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support