Multi-Touch Attribution Market Size

Multi-Touch Attribution Market Analysis

The Multi-Touch Attribution Market size is estimated at USD 2.14 billion in 2024, and is expected to reach USD 4.05 billion by 2029, growing at a CAGR of 13.64% during the forecast period (2024-2029).

Businesses are rapidly upgrading themselves and embracing technological disruptions globally, increasing the marketing managers to strategically spend on marketing activities and adopt the latest digital marketing trends. Hence, adopting the multi-touch attribution model over the single-touch attribution model is expected to increase.

• Due to the increased adoption of social media and other digital platforms, marketing managers are investing significantly to support and boost their sales. According to a published article by Advertising Age, a financial services firm boosted marketing spending by 55% in the first nine months of 2022, on top of a 78% increase in 2021.
• In May 2022, Veritonic, an audio research and analytics platform, announced the debut of its audio attribution solution. It will assist businesses in tracking and measuring audio ad performance across any app, hosting platform, or listening device. It would allow marketers to better understand the effect of their audio creative and gain actionable insights that would increase the ROI on their advertising spend.
• The massive growth of the e-commerce website is a major factor driving marketers' adoption of multi-touch or multi-channel attribution strategy. Nowadays, the primary issue the e-commerce website faces is when a user abandons the product in the shopping cart. According to Contact Pigeon, about 70% of e-commerce shoppers abandon their carts. Marketing automation helps in sending out automated mail to the user, notifying them about the discontinued product.
• The advent of artificial intelligence (AI) and machine learning (ML) further propelled the growth of predictive personalization, expected to be the most prolific advantage of utilizing marketing attribution over the forecast period. AI allows managers to understand their customers more profoundly, which involves analyzing and predicting the channels. It acts as a major driver for customer conversion and retention.
• Due to the COVID-19 pandemic, retailers and leading luxury brands globally were facing short-term challenges across sustained revenues, health and safety, supply chain management, labor shortages, and pricing, to name a few. With governments worldwide enforcing quarantines to curb transmission of COVID-19, people staying back at home led to increased online shopping and bulk buying of goods. It resulted in massive supply chain stress. Amidst this outbreak, multi-touch attribution solutions also assisted retailers in attaining positive outcomes.