Asia-Pacific is expected to exhibit highest growth during the forecast period, Such as China, Japan, South Korea, Australia, Malaysia.
— Allied Market Research
WILMINGTON, DE, UNITED STATES, October 23, 2023 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, “Tag Management System Market by Component (Tools and Service), Application (User Experience Management, Risk & Compliance Management, Content Management, and Campaign Management), Deployment Mode (On-premise and Cloud), Organizational size (Small and Medium Scale and Large Scale), and Industry Vertical (Healthcare, Retail & E-commerce, BFSI, IT & Telecommunication, Media & Entertainment, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027.
The global tag management system market size was valued at $635.77 million in 2019, and is projected to reach $1722.32 million by 2027, growing at a CAGR of 13.0% from 2020 to 2027.
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Surge in adoption of new cutting-edge technologies in various organizations and rise in need to create new mile stone in digital marketing sector drive the growth of the market. In addition, increase in demand for detailed web analytics among small & medium enterprises fuels the growth of the market. Furthermore, increase in need of interactive, efficient and cost-effective tag management system service along with emerging technology such as artificial intelligence and cloud computing are expected to provide remunerative opportunities for the expansion of the market during the forecast period.
Growth in awareness about numerous benefits of tag management system among the end-users and rise in utilization of cloud-based tag management system in the small and medium scale organization drive the growth of the global tag management system market. On the other hand, lack of skilled technical resources impede the growth to some extent. However, growth in use of live mobile app marketing technology and worldwide acceleration of digital transformation among enterprises due to outbreak of covid-19 are expected to create multiple opportunities in the industry.
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The competitive environment of Tag Management System Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Tag Management System Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Matomo and Many More
Based on region, North America garnered the major share in 2019, holding around two-fifths of the global tag management system market. This is owing to high adoption of online services and media and growing use of customer data analytics & online campaigning in the region. Conversely, the Asia-Pacific region would also manifest the fastest CAGR of 16.0% from 2020 to 2027.
The adoption of tag management system has increased over time to deliver reliable and consistent experiences for their subscribers. In addition, the ability of tag management system to provide various opportunities for businesses to gain new insights to run the business efficiently is increasing its popularity among end users. Furthermore, many industries such as healthcare, retail & e-commerce, BFSI, IT & telecom, and manufacturing are heavily investing in tag management system to increase web traffic and customer engagement in organizations, which in turn fuels the growth of the market.
Impact of Covid-19 on Tag Management System Market:
The increase in home stay has augmented the use of web based platform to perform various tasks such as online banking and online shopping widely. This has significantly augmented the adoption of tag management system.
The closure of retail stores, malls and others, has boosted the adoption of tag management system in the retail & e-commerce sector.
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