Technavio analysts forecast the global brand management software marketto grow at a CAGR of more than 10% during the forecast period, according to their latest report.
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Technavio has published a new report on the global brand management software market from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the global brand management software marketfor 2017-2021. The market is segmented on deployment (cloud-based and on-premise), end-user (retail, media, and government), and geography (the Americas, EMEA, and APAC).
The global brand management software market is dynamic in nature that is experiencing changing consumer demands and rapid changes in technologies. Organizations require advanced IT solutions to manage their digital assets to improve business performance. Cloud-based brand management solutions are quickly gaining popularity among small and medium enterprises (SMEs) as the solution eliminates the need for high initial CAPEX.
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Technavio ICT research analysts highlight the following three factors that are contributing to the growth of the global brand management software market:
- Need for protecting brand identity
- Brand management software used in social media for brand awareness and promotion
- Growth of data in companies
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Need for protecting brand identity
For maintaining the sustainability of a brand, it is essential that the company maintains and communicates a visual identity through several channels. The visual identity, which includes fonts and logos, should be updated consistently. This must be done with complete awareness regarding brand history and vision by involving all relevant employees in the process. Also, any change made in visual identity should be reflected in all the subsequent works of the company.
Amit Sharma, a lead enterprise application research analyst at Technavio, says, "Brand management software creates a brand portal and replaces branding repository. This portal provides all relevant parties with updateable branding information. Fonts and logos will be available for direct download in the portal, making sure that all materials produced company-wide are branded uniformly."
Brand management software used in social media for brand awareness and promotion
Companies find social media sites like Facebook, Twitter, LinkedIn, Instagram, and Snapchat as a good platform to promote themselves and build their brand and audience. Finding time to update profiles and blogs can be a challenge for companies that release several products in a month. Tracking the consumer updates regarding products from social media is another time-consuming task.
"Social media monitoring feature in brand management software is widely used to achieve this. Brand management software, such as Hootsuite, helps to respond to messages, brand mentions, and comments in social networks through a single dashboard. Also, it helps to identify the people who are significant to the business and help vendors to follow them and their activities on the web," adds Amit.
Growth of data in companies
The development of technologies, such as cloud computing, Internet of Things, and social networking, has increased the amount of data accumulated. At present, the amount of global data is rising exponentially. The emergence of big data has attracted industries like healthcare, retail, finance, logistics, telecommunication, and manufacturing because of its great social value and industrial potential.
Big data is generated from various sources like enterprise applications, web-based searches, social networks, and cloud-based applications. Big data ranges from terabytes (10^12 bytes) to petabytes (10^15 bytes) and exabytes (10^18 bytes). The characteristics of big data are 4 V's: Volume, velocity, variety, and veracity.
- Hootsuite Media
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