Published: November 2021 | Report Code: IM11018 | Available Format: PDF | Pages: 208
The global marketing automation market generated $4,438.7 million revenue in 2020, and it is expected to grow at a CAGR of 12.3% during 2020–2030. The key factors responsible for the growth of the market include the rising adoption of digital marketing, surging social media usage across the globe, and increasing implementation of marketing automation software by small and medium enterprises (SMEs).
Stay-at-home orders and financial constraints during the COVID-19 pandemic have affected the consumer buying behavior significantly. At that time, e-commerce became the best way to search for products and services. A lot of consumers have accepted this as the new normal, and it is evident that the e-commerce sector will not shrink even after the easing of the restrictions and lockdowns around the world. For instance, orders have been sent via WhatsApp to greengrocers, and hair dye kits have been ordered through Instagram from hairdressers. Thus, a positive impact of COVID-19 has been seen on the market for marketing automation.
The solutions category held the larger share in 2020 in the marketing automation market, based on offering. This is mainly attributed to the surging adoption of automation solutions in various industries, such as retail & e-commerce, banking, financial services, and insurance (BFSI), IT & telecom, and media & entertainment, for generating quality leads, capturing real-time customer data from online channels, and effectively managing marketing campaigns.
The large enterprises category is expected to hold the larger share in the market during the forecast period (2021–2030), based on enterprise. This is mainly due to the consistent focus on automated marketing operations, surge in the requirement for improved customer engagement, and rise in the need for the analysis of customer insights to predict customer needs and preferences beforehand and offer them customized options.
The cloud category held the major share in the market for marketing automation during the historical period (2015–2020), based on deployment. This is mainly due to the rising implementation of the cloud computing technology among enterprises as it provides higher data storage capacity, increased data access flexibility, and reduced IT expenditure.
The report analytics category is expected to witness the fastest growth in the market during the forecast period, based on application. This can be mainly attributed to the surging requirement for measuring the impact of marketing campaigns and increasing focus on the utilization of data analytics tools for data-driven decision making and forecasting customer requirements in advance. Moreover, reporting and analytics solutions help in creating standard and customized reports using filters and providing a comprehensive view through real-time dashboards.
The BFSI sector is expected to witness the fastest growth in the marketing automation industry during the forecast period, based on industry. This will be mainly due to the increasing focus of financial enterprises on the utilization of data to target a greater number of prospects, to achieve lead conversions. Moreover, improving levels of consumer awareness, security regulations, and economic and financial conditions are also contributing to the increasing deployment of automation software in the BFSI industry, across the globe.
Geographically, North America is expected to lead the marketing automation market throughout the forecast period. The rapid growth in demand for digital marketing, surging adoption of automation tools, primarily in the retail sector, and developments in cloud computing are providing momentum to the regional market. Additionally, the increasing utilization of social media marketing, search engine optimization (SEO), conversion rate optimization (CRO), and online press release (PR) techniques for lead targeting and generation is resulting in the high deployment of automation software in North America.
Personalized content is one of the major trends being witnessed in the market for marketing automation. In today’s digital landscape, customers expect companies to come up with products based on their choice and preference. Marketing automation software has the ability to learn from data, identify purchasing patterns, and make decisions with minimal human intervention. This software recommends appropriate products and services automatically, depending on customers’ profiles and their online activity. This way, such software helps businesses increase engagement with customers, fulfill their specific needs, improve business processes, and offer better customer support.
One of the major factors driving the marketing automation market is the rising adoption of digital marketing. Both SMEs and large enterprises are increasingly adopting automation tools to advertise their products and services on multiple channels, including email, social media, and the web, and improve the process of lead nurturing. Moreover, global digital ad spending is expected to exceed $450.7 billion by the end of 2021, accounting for more than 50% of the total ad spending. The U.S., China, Japan, the U.K., and Germany are among the topmost investors in digital marketing.
The increasing deployment of automation software among SMEs to automate the market is another major driver for the marketing automation industry. Presently, SMEs hold a major share in all types of enterprises across the world. Currently, there are over four million of these in the world. According to the World Bank, they represent about 90% of the businesses and more than 50% of the employees. The rising share of SMEs is expected to result in a high demand for automated marketing operations across the globe.
The marketing automation market is fragmented in nature with the presence of several key players. In recent years, the players in the market have been involved in product launches in order to attain a significant position. For instance:
The global marketing automation market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.
Based on Offering
Based on Enterprise
Based on Deployment
Based on Application
Based on Industry
In 2030, the market for marketing automation solutions will value $14,180.6 million.
The marketing automation industry will grow the fastest in the BFSI sector.
The market for marketing automation solutions is dominated by North America because of the developed IT infrastructure, rising focus on digital marketing, and rapid automation of the retail industry.
The demand for personalized content is the key trend in the marketing automation industry.
Players in the market for marketing automation solutions are engaging in mergers and acquisitions and launching new products.
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