INCREASING DEMAND FOR AUTOMATION AND DIGITAL MARKETING PLATFORMS DRIVING THE GROWTH OF THE MARKET
Chicago, Oct. 31, 2022 (GLOBE NEWSWIRE) — The Global Marketing Automation Market size is expected to grow from 5.2 billion in 2022 to USD 9.5 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 12.8% during the forecast period, according to a new report by MarketsandMarkets™. Marketing Automation software and services are rapidly gaining acceptance globally by large enterprises as well as mid-sized enterprises and small enterprises due to various benefits, growing adoption of automation and digitalization. The presence of many marketing automation providers has made the market competitive. Many emerging players providing niche and differentiated offerings for target customers have come to the forefront. The growing trend of digital marketing is likely to support the growth of marketing automation software in coming years.
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247 – Tables
51 – Figures
248 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2022-2027
Base year considered
2021
Forecast period
2022-2027
Forecast units
Value (USD Million)
Segments covered
Component (Software and Services), Deployment type(on-premises, cloud), Application(campaign management, email marketing, lead nurturing and lead scoring, social media marketing, inbound marketing, inbound marketing, analytics and reporting, and other applications), Organization size (SMEs, large enterprises), Vertical
Regions covered
North America, Europe, APAC, MEA, and Latin America
Companies covered
Adobe (US), IBM (US), Oracle (US), Salesforce (US), Microsoft (US), HubSpot (US), Keap (US), Thryv (US), Sendinblue (France), Teradata (US), Act-On Software (US), ActiveCampaign(US), SAS (US), GetResponse (Poland), SharpSpring (US), ClickDimensions (US)
The software of marketing automation is gaining popularity in the marketing landscape and is expected to account for the largest market size during the forecast period. The marketing automation software facilitates enterprises to significantly reduce the time and cost needed to target their customers. Marketing automation also helps organizations in analyzing the behavior of their customers and thereby enhances the customer experience.
The on-premises deployment is likely to share large revenues in the estimated year. The advancement in technologies across the globe has helped organizations enhance their marketing strategies. Organizations have become more customer-centric by presenting customized information to the customers to efficiently meet their demands. This has further encouraged the vendors to offer comprehensive marketing automation solution that facilitates an enhanced digital experience for the customers. Due to this, organizations deploy marketing automation on the cloud or On-premises. Most of the large enterprises opt for the On-premises-based software, as they have adequate capital to expand their IT resources and infrastructure. Also, the security concern associated with the private data of customers is a major reason for the adoption of on-premises deployment over the cloud.
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The Lead nurturing and lead scoring is contributing to the largest market share in the Marketing Automation Market in the estimated year. Some leads are more ready to be handed off to sales than others. Their behaviors and the interest they show indicate just how ready they are. This process, also called lead scoring, gives each lead a score (typically on a scale of one to five) based on how interested and close they are to a purchase. Forrester reports that more than 84% of b2b purchases involve a complex buying group, with three or more decision makers. In response to the growing complexities of b2b buying committees, brands are turning to advanced applications that can score opportunities, using intent data for all the leads that are associated with the same account. The user can use their marketing automation tools to score their leads and free up time to concentrate more on campaigns, creative, planning, and reviewing analytics.
The large enterprises is likely to share large revenues in the estimated year. The adoption of marketing automation solutions in large enterprises is higher than SMEs. This is attributed to the high budget for IT infrastructure, skilled workforce, huge customer base, and the adoption of SaaS solutions and adopted a cloud-first strategy to enable organizations to leverage the marketing automation solutions.
The IT and Telecom vertical accounts for the largest market share during the forecast period. The advent of technological advancements to boost the adoption of the IT and telecom vertical in the Marketing Automation Market. Marketers from this industry are in a strong need to increase their revenues by refining their traditional marketing approaches. The rising mobile, cloud, and digitalization trends have opened various channels of delivery to increase the point-of-contact with its customers. This, in turn, has created the demand for marketing automation that can help marketers in optimizing their marketing efforts.
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APAC is projected to witness the fastest growth rate in the coming years. APAC has witnessed the advanced and dynamic adoption of new technologies and is projected to record the highest CAGR during the forecast period. The Marketing Automation Market in APAC is growing at a fast pace, as enterprises in the region are rapidly adopting the marketing automation software to provide an enhanced customer experience. BFSI, retail and consumer goods, and media and entertainment industries are widely adopting the marketing automation software to enhance their marketing activities. The social media marketing application is expected to grow at the highest rate due to internet and smartphone penetration in APAC. Furthermore, the growing companies in this region are in need of marketing automation software that can assist them in accelerating their marketing activities, tracking and reporting marketing campaigns, and generating more leads.
Key Players
The major Players for Marketing Automation Market includes Adobe (US), IBM (US), Oracle (US), Salesforce (US), Microsoft (US), HubSpot (US), Keap (US), Thryv (US), Sendinblue (France), Teradata (US), Act-On Software (US), ActiveCampaign(US), SAS (US), GetResponse (Poland), SharpSpring (US), ClickDimensions (US).
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