Global Marketing Automation Market Report 2023 Featuuring Major Players - Adobe, HubSpot, IBM, Microsoft, Oracle, Salesforce, SAP, SAS Institute, and Teradata
The global marketing automation market is anticipated to reach US$6.53 billion in 2023, progressing at a CAGR of 9.53% during the forecasted period.
DUBLIN, Nov. 17, 2023 /PRNewswire/ -- The "Global Marketing Automation Market (by Deployment Type, Channel, Enterprise Size, Solution, Application, & Region): Insights & Forecast with Potential Impact of COVID-19 (2022-2026)" report has been added to ResearchAndMarkets.com's offering.
The global marketing automation market is anticipated to reach US$6.53 billion in 2023, progressing at a CAGR of 9.53% during the forecasted period.
Marketing automation refers to software that streamlines and automates various aspects of the marketing process. Its primary purpose is to enable marketers to deliver automated messages to their customers. The key objectives of marketing automation software are to automate time-consuming tasks and enhance the overall efficiency of marketing operations.
Marketing teams typically employ marketing automation software to generate sales leads through various channels, including email, websites, social media, and text messages. The adoption of marketing automation is believed to benefit the entire business, with advantages such as reduced staffing costs, increased revenue and average deal size, improved accountability, and enhanced effectiveness.
In the global marketing automation market, North America holds the largest share. This is due to the early adoption of marketing solutions in this region. Europe is also expected to be a significant market, driven by increased regulatory pressures and improvements in data protection standards. These factors influence the adoption of marketing automation technologies in the European market.
The Asia Pacific region is anticipated to experience the fastest growth in the market. This growth is attributed to the increasing awareness of marketing techniques, higher internet penetration, and the widespread use of mobile devices in the region.
Email marketing is a predominant channel for marketing automation, especially due to the continuously growing number of Gmail users. Automated emails are sent to users based on their previous purchases and profiles, contributing to brand trustworthiness.
As a result, automated emails tend to have higher open and click-through rates compared to marketing messages sent through other platforms. With the increasing user base of email services, more marketing firms are expected to invest in marketing automation software in the coming years, further driving the growth of the marketing automation market.
Trend: 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.
In fact, use of AI enables better personalization of offers, analysis of customer behavior and offers data to build mailing campaigns. One of the developments of AI in marketing automation is lead scoring. Through lead scoring, marketing automation tools offers the convenience of predicting whether a lead is on the verge of becoming a customer without human intervention. Thus, integration of AI would support the growth of marketing automation market in the coming years.
Challenge: Data Quality Issues
Data quality issues is one of the largest barriers in the marketing automation industry. Every year, marketers across the world waste millions of dollars because of poor data. Poor quality data can also devastate the company's brand image.
The majority of businesses lack accurate customer information. This is due to the fact that in many companies, each department manages its own data in multiple systems that are not always in sync.
Customers may also receive incorrect and, on occasion, repetitive information from marketers. Not everyone can use marketing automation software to its full potential due to inadequate customer data management. This provides a significant impediment to the market's expansion.
Segment Covered
By Deployment Type: The report provides the bifurcation of marketing automation market into two segments, in terms of deployment type: Cloud and On-premise.
Among the deployment type, cloud deployment dominated the market, with the largest share. Cloud technology's scalability and flexibility, as well as data center control, are some of the primary characteristics that are expected to increase the usability of cloud technology in the marketing automation market.
By Channel: On the basis of channel, the report identifies eight segments of the global marketing automation market: E-mail Marketing, Social Media Marketing, Inbound Marketing, Mobile Application, Lead Nurturing & Lead Scoring, Campaign Management, Reporting & Analytics and Others.
Among channel, due to the widespread usage of email promotions across industries and the growing use of mobile devices, email marketing channel dominated the market. However, reporting and analytics channel is expected to be the fastest-growing segment in the coming years.
By Enterprise Size: The report identifies two segments on the basis of enterprise size: Large Enterprises and Small and Medium Enterprises (SMEs).
Marketing automation had few uses in the early stages of technological spread, and it was mostly used by large enterprises. With the digitalization of sectors and the increasing rate of internet and mobile device penetration, as well as the necessity to successfully engage consumers, a considerable number of SMEs have begun incorporating automation solutions into their existing systems.
By Solution: The report provides the segmentation of marketing automation market into six segments on the basis of solution: Cross Channel Campaign Management (CCCM), Real-time Interaction Management (RTIM), Lead-to-revenue Management (L2RM), Marketing Resource Management (MRM), Content Marketing Platform (CMP) and Through-channel Marketing Automation (TCMA).
Content Marketing Platform is predicted to be the fastest growing segment, during the forecasted period. Some of the key driving factors supporting the segment's growth include a growing focus on improving customer experience, rising acceptance of new and emerging technologies and rising demand for analytics-based content marketing software.
By Application: The report provides the bifurcation of marketing automation market into eight segments on the basis of application: Retail, BFSI, Advertising & Design, Manufacturing & Distribution, Academic & Education, Healthcare, Media & Entertainment and Others.
Many professionals in the healthcare industry have already implemented marketing automated strategies in order to save a great deal of time and resources. Improved customer service, consistent messaging, personalized connections, and analysis and improvement of in-depth customer and campaign data are just a few of the primary benefits of marketing automation in the healthcare sector. The aforementioned benefits are the key factors expected to make healthcare sector a fastest growing segment, during the forecasted period.
Competitive Landscape
The global marketing automation market is moderately concentrated.
The key players of the global marketing automation market are
- Act On
- Adobe Inc.
- HubSpot, Inc.
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Salesforce Inc.
- SAP
- SAS Institute
- Teradata
Top Impacting Factors
Market Dynamics
Growth Driver
- Increasing Number of Gmail Users
- Surging Adoption of Cloud Computing Technology
- Growing Social Media Usage
- Escalating E-commerce Adoption
- Growing Trend of Mobile Marketing
Challenges
- Data Quality Issues
- Problem of Cyber Security
- High Initial Implementation Cost
Market Trends
- Integration of Artificial Intelligence (AI) with Marketing Automation Software
- Increasing Focus on Personalized Marketing
- Growing Use of Predictive Analytics
- Growing Shift towards Multi-channel Marketing
- Introduction of Chatbots
For more information about this report visit https://www.researchandmarkets.com/r/4gm72a
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