RETARGETING SOFTWARE MARKET SEEN SOARING 15.23% GROWTH TO REACH L USD BILLION BY 2030, PROJECTS UNIVDATOS MARKET INSIGHTS
- Vikas Kumar
- June 24, 2024
- NEWS, TELECOM & IT
- Retargeting Software, Retargeting Software Market, Retargeting Software Market growth
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Key Highlights of the Report:
1. Increasing demand for personalized advertising: With the rise of digital marketing, businesses are looking for ways to deliver more personalized ads to their target audience. Retargeting software helps them achieve this goal by serving targeted ads based on users’ browsing history and behavior.
2. Growth in e-commerce: E-commerce has been one of the fastest-growing industries in recent years, and retargeting software has played a crucial role in helping online retailers reach potential customers who have abandoned their shopping carts or viewed specific products.
3. Mobile usage: As mobile devices become increasingly popular, retargeting software providers are adapting their solutions to work seamlessly across different devices and platforms. This enables businesses to reach their target audience wherever they are – on desktop, tablet, or smartphone.
4. Data analytics integration: Many retargeting software providers now offer integrated data analytics tools, allowing businesses to track the effectiveness of their campaigns and make data-driven decisions when optimizing their ad spend.
5. Competition from social media platforms: Social media platforms like Facebook and Instagram have introduced their own retargeting features, which may pose competition for standalone retargeting software providers. However, many businesses still prefer using specialized retargeting software due to its greater flexibility and customization options.
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.
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Some of the recent developments are:
- In December 2023, to expand accessibility for self-service buying on YouTube ads, Google have rolled out a streamlined method for purchasing reserved media through Google Ads. With this update, advertisers can seamlessly reserve their desired inventory and create effective video campaigns with greater ease.
- In October 2023, OpenX partnered with Cedara to offer a comprehensive programmatic campaign emissions solution, making it the first ad tech platform to do so. This collaboration will enable OpenX to provide its clients with detailed insights into the environmental impact of their advertising campaigns, allowing them to make more informed decisions about their marketing strategies and reduce their carbon footprint.
Conclusion
The retargeting software market is expected to continue growing as businesses seek to personalize their online advertisements and reach their target audiences more effectively. To remain competitive, providers are focusing on user experience, data analytics integration, and emerging technologies like machine learning and AI. According to the UnivDatos Market Insights analysis, “Retargeting Software Market” report, the global market was valued at USD 1.9 billion in 2022, growing at a CAGR of 15.23% during the forecast period from 2023 – 2030 to reach USD billion by 2030.
Key Offerings of the Report
Market Size, Trends, & Forecast by Revenue | 2023−2030.
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities.
Market Segmentation – A detailed analysis of offering, deployment, and application.
Competitive Landscape – Top Key Vendors and Other Prominent Vendors.