The marketing automation software market is expected to reach $32.6 billion by 2024, registering a CAGR of 13.6%, during the forecast period, the growth in the market can be attributed to rising adoption of digital marketing, and growing social media usage across the globe, finds P&S Intelligence
Insights into the market segments
Based on deployment type, the global marketing automation software market is categorized into cloud and on-premises. Among these, cloud-based deployment of marketing automation software is expected to register a faster growth, during the forecast period. This is primarily attributed to the development of cloud services across the globe, with growing emphasis on mobility coupled with the increasing demand for scalability and reliability, in order to improve business operations, and enhance IT functionality.
Based on industry, the marketing automation software market is segmented banking, financial services, and insurance (BFSI), telecom and IT, retail, automotive, manufacturing, hospitality, healthcare, government, media and entertainment, e-commerce, education, and others (defense, aerospace, research companies, and logistics). Among these, BFSI category is estimated to hold the largest share in the global marketing automation software market, in 2018. Growing BFSI sector subsequently leads to augmenting need to handle huge amount of data which can be leveraged to target greater number of prospects, to achieve lead conversion.
With increasing market competitiveness, the need to market appropriately by engaging customers using the most advanced tools, is being rapidly displayed in the global market. Moreover, improving consumer awareness, security regulations, and economic and financial conditions, are also contributing to the overall growth of marketing automation software adoption in the BFSI industry, across the globe.
North America is the largest marketing automation software market
North America is estimated to hold largest share in marketing automation software market in 2018. The major factors pushing the adoption of marketing automation software in the region are perpetual digital marketing growth, and proliferating start-ups. Brands in the region are shifting their marketing budgets to digital platforms, since the population is increasingly spending time online, and digital platforms are becoming increasingly pervasive with time and growing economy. The tech-savvy millennials and commercial sectors are contributing to the market growth in North America, by showcasing a rapid inclination toward social media.
Retail and e-commerce sectors are both witnessing a stimulated growth in the region, subsequently resulting in the brands to market on online platforms. Additionally, with rising internet penetration, growing IT sector, and IoT technologies, the scope for innovations is also augmenting. Hence, an increasing focus of vendors to offer advanced techniques for marketing is being observed. These factors are resulting in the growing marketing automation software market in North America.
Browse report overview with 85 tables and 66 figures spread through 177 pages and detailed TOC on "Marketing Automation Software Market by Solution (Cross-Channel Campaign Management (CCCM), Real-Time Interaction Management, Lead-to-Revenue Management (L2RM), Marketing Resource Management, Content Marketing Platform (CMP), Through Channel Marketing Automation (TCMA)), by Enterprise Size (Large Enterprises, Small & Medium Enterprises), by Deployment Type (Cloud, On-Premises), by Industry (BFSI, Telecom & IT, Retail, Automotive, Manufacturing, Hospitality, Healthcare, Government, Media & Entertainment, E-Commerce, Education), by Country (U.S., Canada, U.K., France, Germany, Italy, Spain, China, Japan, India, South Korea, Australia, Brazil, Mexico, Saudi Arabia, U.A.E., Egypt, Nigeria, South Africa, Turkey) – Global Market Size, Share, Development, Growth and Demand Forecast, 2014–2024" at:https://www.psmarketresearch.com/market-analysis/marketing-automation-software-market
Rising adoption of digital marketing to drive market growth
Digital marketing agencies are increasingly adopting automation tools to advertise on multiple channels and improve the process of lead nurturing. Automation tools in digital marketing are used for effective management of repetitive tasks as they can be used in various digital marketing platforms, including search engine optimization (SEO), e-mail marketing, and social media marketing (SMM).
The growth of digital marketing is primarily due to growing internet penetration in developed countries (U.S., Australia, and Singapore) and developing countries (India, and China). Currently, a major portion of global population use internet. For instance, as per Office for National Statistics, 90% of all households had access to the internet in 2018, in Great Britain. Also, from 2006 to 2018, the percentage of adults who used internet daily increased from 35-86% in the country, respectively. Presently, with everything turning to digital, companies are switching to digital marketing to market their products and services, which is one of the key factors driving the market growth.
Marketing Automation Software Market Competitive Landscape
Marketing automation software market is highly competitive, predominantly due to the emergence of marketing automation as an essential platform for every business-to-business (B2B) and business-to-consumer (B2B) organizations for lead nurturing and lead generation. Companies such as Adobe System Incorporated and HubSpot Inc. are involved in mergers and acquisitions to enhance their offerings, whereas companies such as Oracle Corporation, and ActiveCampaign, Inc. are involved in product launches.
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.
Global Marketing Automation Software Market Segmentation
Market Segmentation by Solution
Market Segmentation by Enterprise Size
Market Segmentation by Deployment Type
Market Segmentation by Industry
Market Segmentation by Region