Growing smartphone and mobile internet penetration, surging adoption of digitization among enterprises, increasing need for automated marketing processes, and rising utilization of social media platforms positively impact the growth of the global marketing automation software market. Owing to these factors, the market is expected to generate $15,018.5 million revenue by 2030, demonstrating at a CAGR of 13.1% during the forecast period.
COVID-19 Impact Analysis
Owing to the effect of Covid-19 pandemic, a large number of enterprises are operating remotely with employees working from home. This has resulted slowdown of the business operations. Thus, organizations are reluctant toward spending money on adoption of marketing automation solutions. Most of the businesses are planning to decrease their ad spending, as customers have shifted their focus more toward essential products and services like related to healthcare, which up to some extents restricts the growth of the marketing automation software market.
Solutions Offering Is the Larger Revenue-Generating Category in the Industry
The marketing automation software market, based on offering, is classified into solutions and services. Among these, solutions category is expected to lead the market in the coming years. This can be mainly due to increasing deployment of marketing automation solutions across various industries, such as retail & e-commerce, BFSI, IT & telecom, and media & entertainment, for gathering real-time customer insights from multiple channels, creating personalized marketing campaigns and effectively managing them, generating maximum number of quality leads, and several other purposes.
The large enterprises category in terms of enterprise dominated the marketing automation software market in 2019. This is mainly due to high investments, continuous focus toward automated marketing operations, requirement for improved customer engagement, and growing need for analysis of customer insights in integration with business intelligence (BI) tools, in order to predict customer needs and preferences beforehand and offer them with options for customization.
During the forecast period, the reporting and analytics application category is expected to witness fastest growth, in the marketing automation software market. This is mainly attributed to the surging requirement for measuring the impact of marketing campaigns, growing focus toward utilization of data analytics tools for data-driven decision making, and forecasting customer requirements in advance. Reporting and analytics solutions offer support by creating standard reports and customized reports using filters, and provide comprehensive insights through real-time dashboards.
The BFSI industry category is projected to register fastest growth during the forecast period. This can be mainly due to the increasing focus of financial enterprises toward utilization of data, in order to target a greater number of prospects, to achieve lead conversion. With increasing market competitiveness, the need to market products and services appropriately by engaging customers using the most advanced tools is being rapidly displayed in the global market.
APAC is projected to register fastest growth in the global marketing automation software market, during the forecast period, owing to rising consumer demand for advanced products, escalating number of active users on social platforms, and increasing mobile connectivity and internet penetration. In addition, increasing focus of small and medium enterprises (SMEs) toward digital transformation and growing government support in terms of high investment in digital infrastructure are other factors that drive the deployment of automated marketing solutions in the region.
Partnership Is the Strongest Growth Initiative Adopted by the Market Players
Players in the marketing automation software market are building partnerships with each other to enhance their market presence. For instance, in July 2019, Act-On Software Inc. announced its partnership with Pipelinersales Corporation, a provider of CRM services. Under this partnership, Act-On’s marketing automation platform is integrated with Pipeliner CRM, which enables businesses to effectively implement lead generation campaigns and improve lead quality. In addition, it also provides support to sales and marketing teams, with synchronization of all the data, configuration of workflows, and immediate support to customers.
Browse report overview with detailed TOC on "Marketing Automation Software Market Research Report: By Offering (Solutions , Services), Enterprise (Large Enterprises, SME), Deployment (Cloud, On-Premises), Application (Lead Management, Email Marketing, Campaign Management, Inbound Marketing, Reporting and Analytics), Industry (IT & Telecom, Manufacturing, Education, Media & Entertainment, Healthcare, Retail & ECommerce, BFSI) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/marketing-automation-software-market
Moreover, in February 2018, HubSpot Inc. announced its partnership with Google LLC to adopt Google Cloud with an aim to expand its international cloud infrastructure. Through it, HubSpot will ensure improved data security for its customers and enable them utilize Google products, such as, Google Calendar, Gmail, AdWords, Docs, and Drive.
Some of the major players operating in the marketing automation software market are SAP SE, Oracle Corporation, Salesforce.com Inc., Teradata Corporation, Adobe Inc., HubSpot Inc., SharpSpring Inc., SAS Institute Inc., Infusion Software Inc., ActiveCampaign LLC, Act-On Software Inc., Digital Arbitrage Inc., Zoho Corporation, SugarCRM Inc., Acoustic L.P., and Liana Technologies Oy.