Retargeting Software

Retargeting Software

Retargeting software, also known as behavioral retargeting, is a form of online advertising that targets users who have previously visited a website or engaged with specific content. The goal of retargeting software is to re-engage these users and encourage them to return to the site or complete a desired action, such as making a purchase.

The Retargeting Software Market was valued at 1.9 billion in 2022 and is expected to grow at a steady rate of around 15.23% in the forecasted period (2023-2030) owing to the increased competition as with more businesses shifting their focus to digital marketing, the competition for customer attention has increased significantly therefore adding values to the market. Moreover, the use of advanced technologies like AI and machine learning algorithms enable more accurate targeting and better ad placement, further increases the demand for retargeting software. These advancements allow businesses to create more sophisticated and effective campaigns, ultimately leading to increased brand awareness and revenue growth. For instance, 91.6% of Fortune 1000 companies have plans to invest more in big data and AI initiatives.

• Based on the offering, the market is bifurcated into solutions and services. Among these, the solution segment holds the largest market share due to its widespread adoption by small and medium-sized enterprises. Solution providers offer pre-built templates, automation tools, and easy integration with various platforms, making it easier for businesses to implement retargeting software without requiring extensive technical expertise.
• Based on the deployment, the market is categorized into on-premises, clouds, and hybrid. Among these, the cloud segment holds the significant market share due to its ease of use, scalability, and cost-effectiveness. Cloud-based solutions provide businesses with flexibility in terms of pricing, allowing them to pay only for what they use, rather than investing in expensive hardware and infrastructure. Additionally, cloud-based solutions are often automatically updated, ensuring that businesses have access to the latest features and functionalities without requiring manual updates. For instance, according to O’Reilly’s latest Cloud Adoption report 47% of organizations are pursuing a cloud-first strategy, 30% are already cloud-native and 37% intend to be cloud-native in the coming years.
• Based on the application, the market is categorized into BFSI, retail, government, healthcare, and others. Among these, the retail segment holds the largest market share due to the growing competition among retailers and the need to personalize customer experiences. Retailers can use retargeting software to serve personalized ads to customers who have abandoned their shopping carts or browsed specific product pages, encouraging them to complete their purchases.
• For a better understanding of the market adoption of Retargeting Software, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The North American region has witnessed a significant surge in the demand for retargeting software, marking substantial growth in this dynamic market. Businesses across various industries are increasingly recognizing the value of retargeting strategies to enhance customer engagement and boost conversion rates. As e-commerce continues to thrive, companies in North America are investing in sophisticated retargeting software to re-engage website visitors and target potential customers with personalized content. This surge in demand can be attributed to the ever-evolving digital landscape, where staying top-of-mind with consumers is crucial. According to recent studies, businesses can improve their return on investment (ROI) by up to five times if they use retargeting adverts effectively. Moreover, the robust growth of the retargeting software market in North America reflects a strategic shift towards data-driven marketing solutions, underlining the region's commitment to leveraging technology for effective and targeted advertising campaigns.
• Some of the major players operating in the market include Google; Facebook; AdRoll; OpenX; Sitescout; NowSpots, Inc; Outbrain; Twitter; Criteo; Instagram.