Newark, Feb. 22, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the marketing automation market will grow from USD 5.31 billion in 2022 and reach USD 16.23 billion by 2031. Most companies view marketing automation as a tool for the middle of the funnel, perfect for nurturing prospects with pre-written email sequences. As everything is automatically saved in the central data storage with effective marketing automation, there is no need for complicated hand-off procedures, and internal workflows can assist them in prioritizing activities as and when required.
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Key Insight of the Marketing Automation Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the marketing automation market. Key factors favouring the growth of the marketing automation market in North America include expanding end-user industries and adopting cloud technologies and IoT. The expenditure on IT technologies is increasing, and many mid-scale and large-scale companies are integrating automation software in their marketing departments. The U.S. has always been at the forefront of adapting to innovative technologies and implementing them in different industries.
The on-premise segment is expected to augment the market during the forecast period.
The deployment segment is divided into cloud and on-premise. The on-premise segment is expected to augment the market during the forecast period. The on-premise marketing automation is majorly implemented in commercial organizations. The on-premise software allows greater access as it is operated on the system present in the organization. This software consists of modules and databases combined to serve large organizations' unique requirements.
The software segment was valued at USD 3.29 billion in 2022.
The component segment includes services and software. The software segment was valued at USD 3.29 billion in 2022. Marketing automation software refers to tools that help businesses run campaigns successfully, connect with their target audiences, and convert leads into consumers. Any size of organization may benefit from using marketing software solutions to get the most out of their resources and eliminate repetitive tasks. Additionally, they are quite beneficial for expanding the reach of businesses and allowing them to focus on more critical matters.
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The social marketing segment will likely grow at the highest CAGR during the forecast period.
The application segment includes email marketing, campaign marketing, social media marketing, analytics and reporting, inbound marketing, lead scoring and nurturing, mobile applications and others. The social marketing segment will likely grow at the highest CAGR during the forecast period. The demand for online purchasing has increased in the recent decade due to the growing number of e-commerce websites. The growth of e-commerce websites has increased due to accessibility and internet penetration. With the growing adoption of smartphones, consumers are more willing to buy most goods online. Thus, many companies are performing social media marketing.
The small and medium-scale organizations segment will likely grow at the highest CAGR during the forecast period.
The organization size segment includes small and medium-scale organizations and large-scale organizations. The small and medium-scale organizations segment will likely grow at the highest CAGR during the forecast period. Small and medium-sized enterprises require marketing automation to gain a competitive edge in the industry and grab maximum market shares through the implementation of strategies formed based on analysis in a critical time.
The BFSI segment will likely grow at the highest CAGR during the forecast period.
The end-user segment includes retail, BFSI, telecom and IT, healthcare, government and education and others. The BFSI segment will likely grow at the highest CAGR during the forecast period. Banks and credit unions can leverage valuable data to gain insights that can be used by implementing marketing automation. Additionally, it offers customer acquisition in the banking industry, pertinent to the customer's stage and urgent financial demands.
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Advancement in market
In February 2022, a significant player, Adobe, provided a personalization option for mobile marketing, which helps the clients to engage with their customers better. Seven new capabilities have been added to the journey optimizer, through which users can design push notifications, personalized emails, and personalized experiences on applications.
Market Dynamics
Driver: Benefits of automation in marketing applications
Marketing automation has gained prominence in recent years due to its numerous attributes. The marketing automation software may lead their audience through a customized customer journey using marketing automation. Without automation, the user would have to track every move made by each marketing lead to respond with relevant content. Using cross-channel marketing automation, the user may follow prospects and consumers across various channels. Advertising campaigns, SMS marketing, CRM, and other functions are frequently bundled together in marketing automation systems, making it simple for the user to create unique cross-channel marketing processes and connect with their clients wherever they are. Marketing automation helps create customized experiences and thus rapidly modify content for each user with the help of massive amounts of customer data the software has collected.
Restraint: Data security risk and complex processes
Organizations are reluctant to share their business ideas with third-party providers openly. The cases of cyber data hacking have increased a lot in the recent decade. Many verified platforms have been found guilty of using the data of their end-consumers. Thus, all these factors highlight the risk of sharing crucial data with software providers. This also overlaps the benefit of using these platforms on a long-term basis. Apart from this, the organization has several inefficiencies in handling the software. Many organizations are not able to use the software and implement the features of artificial intelligence.
Opportunity: Adoption of cloud-based technology
The increasing adoption of cloud-based technology is an opportunity for marketing automation. Industries are increasingly moving towards automation, which is propelling market growth. The use of cloud storage has become common in organizations. Thus, the data can be accessed easily by the employees and stakeholders with the help of marketing automation software. With the rise in cloud computing, the adoption of such innovative software is also increasing owing to the compatibility between cloud-based technology and such software.
Challenge: Unskilled operators in developing region
In developing regions such as Asia-Pacific, there is a lack of skilled operators who can efficiently operate the software. In underdeveloped and developing countries, many small-scale marketing companies are unaware of the uses of software in managing the marketing data, design and planning of the network. This leads to underutilization of the software, which limits its usage in potential applications. The training cost of unskilled labour can affect the profitability of the operating company. Thus, this factor hinders the market's growth in such countries.
Some of the major players operating in the marketing automation market are:
• Adobe Inc.
• Microsoft
• Act-On Software, Inc.
• Cognizant
• IBM Corporation
• HubSpot, Inc.
• Keep
• Marketo, Inc.
• Oracle Corporation
• Teradata Corporation
• Salesforce.com, Inc.
• Acoustic
• SendinBlue
• Activecampaign
• Simply cast
• GetResponse
• Click Dimensions
• SharpSpring
Key Segments Cover in the Market:
By Deployment:
• Cloud
• On-Premise
By Component:
• Services
• Software
By Application:
• Email Marketing
• Campaign Marketing
• Social Media Marketing
• Analytics and Reporting
• Inbound Marketing
• Lead Scoring and Nurturing
• Mobile Applications
• Others
By Organization Size:
• Small and Medium Scale Organization
• Large Scale Organization
By End-user:
• Retail
• BFSI
• Telecom and IT
• Healthcare
• Government and Education
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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