Marketing Automation Software Market Overview
The global marketing automation software market is projected to grow rapidly in the coming years. The market is primarily driven by increasing adoption of digital marketing among enterprises and increasing social media usage. With surging social media and e-commerce adoption, businesses across the globe are focusing on investing heavily on digital marketing to leverage the opportunity of accessing and targeting a larger audience base, to expand their business.
Based on solution, the market is segmented into cross-channel campaign management (CCCM), real-time interaction management, lead-to-revenue management (L2RM), marketing resource Management, and content marketing platform (CMP). Among these, CCCM category is estimated to hold the largest revenue share in global marketing automation software market in 2018. This is attributed to increasing need of large enterprises to manage large volume of data to be processed on multiple platforms/channels.
In terms of enterprise size, the market is categorized into large enterprises, and small & medium enterprises (SMEs). Among these, large enterprises are estimated to hold a larger market share in 2018, owing to surging demand for marketing automation software by businesses with higher investment capabilities.
On the basis of deployment type, the cloud-based marketing automation software market is expected to witness faster growth owing to its advantages such as remote accessibility, easy scalability, and swift deployment as compared to on-premises. Moreover, implementation of cloud-based solutions by SMEs and growing awareness among enterprises regarding digital transformation, is further expected to propel cloud-based marketing automation software market growth.
Marketing Automation Software Market Dynamics
One of the key trends observed in the marketing automation software market is focus of marketers on personalized content. Marketing automation software has the ability to learn from data, identify purchasing pattern, and make decisions with minimal human intervention. By using this software, product recommendations are displayed automatically depending on individual profiles, and their online activities. Also, with increasing online shoppers, the demand for personalized content is increasing across the globe. Since users prefer products that they can identify with or meet their specific demands, the demand for personalized content is increasing in marketing automation software market, globally.
Growing social media usage across the globe is a prime driver stimulating the market growth. The usage of social media grew considerably in recent years, with about 2.6 billion users recorded in 2018, across the globe. Currently, social media platforms such as Facebook, Twitter are driving new forms of social interaction. These platforms give businesses the ability to easily reach huge number of potential customers. A marketing automation software allows businesses to generate leads by tracking and analyzing the activities and preferences, using the information that users leave behind when browsing the internet.
Also, with the help of marketing automation software, businesses can easily react to the social media users’ actions by setting up automatic interaction with the users. Furthermore, businesses able to provide relevant content to the prospective customers based on clicks on various social media platforms. As a result, businesses can increase their revenues in a more cost-effective manner with growing social media usage which is further expected to boost marketing automation software market growth across the globe.
Growing adoption of marketing automation software among SMEs would pose lucrative opportunities for market players. Presently, SMEs hold a major share of all types of enterprises across the world. For instance, as of 2018, there were around 6 million SMEs in the U.K, which accounted for over 98% of all businesses. Also, as of 2018, SMEs represented 99% of all enterprises in Turkey.
Presently, SMEs have started to implement marketing automation software for lead generation, lead monitoring, customer segmentation, and automated email marketing which can reduce the operational cost of companies, improve efficiency, and compete effectively. Thus, SMEs are adopting marketing automation software to increase their profitability, thereby posing opportunities for marketing automation software market players, globally.
Another key opportunity witnessed in the marketing automation software market includes integration of artificial intelligence (AI) with marketing automation software. AI combined with marketing automation software, can empower businesses to better understand customer needs, translate data into decisions, interact with potential customers, and positively impact business outcomes. AI can enable customer segmentation at a more granular level, which can allow businesses to target customers more accurately and optimize conversion rate.
Moreover, use of AI enables better personalization of offers, analysis of customer behavior and offers data to build mailing campaigns. Thus, integration of AI would support the growth of marketing automation software in the coming years.
Marketing Automation Software Market Competitive Landscape
The intensity of rivalry among players in the marketing automation software market is high. The major players in the marketing automation software market are involved in mergers and acquisitions, product launches, and in partnerships, to maintain a strong foothold in the market.
Some of the key players operating in the marketing automation software market are Oracle Corporation, IBM corporation, Adobe Systems Incorporated, Salesforce.com Inc., HubSpot Inc, Teradata Corporation, Act-On Software Inc., SharpSpring, Inc., SAS Institute Inc. (SAS), Infusionsoft Inc., and ActiveCampaign Inc.