New York, Dec. 17, 2021 (GLOBE NEWSWIRE) -- According to the new market research report "Artificial Intelligence in Marketing Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offering (Solutions and Services), Application (Social Media Advertising, Search Advertising, Dynamic Pricing, Virtual Assistant, Content Curation, Sales & Marketing Automation, Analytics Platform, and Others), End-Use Industry (BFSI, Retail, Consumer Goods, Media and Entertainment, and Others), and Geography", published by The Insight Partners, the global artificial intelligence in marketing market was valued at US$ 12,044.46 million in 2020 and is projected to reach US$ 107,535.57 million by 2028; it is expected to grow at a CAGR of 31.6% during 2021–2028.
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Artificial Intelligence in Marketing Market: Competitive Landscape and Key Developments
Affectiva; Appier, Inc.; Bidalgo, Novants (Amplero), Inc.; CognitiveScale; SAS Institute Inc.; SAP SE; Salesforce.com, Inc.; Oracle Corporation; IBM Corporation; Amazon Web Services; Adobe; Accenture; Microsoft Corporation; and Xilinx, Inc. are among the key players in the global artificial intelligence in marketing market. The leading companies are focusing on expanding and diversifying their market presence by acquiring new customer base, thereby tapping prevailing business opportunities.
In 2021, Microsoft and Cleareyeai, a leading fintech platform, entered into a collaboration. Cleareye’s artificial intelligence enterprise-ready platform will use Microsoft’s artificial intelligence-based technology—Microsoft Azure—to promote its products and streamline business processes such as loan processing and trade finance document scrutinization.
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Artificial intelligence in marketing uses machine learning that helps marketers leverage customer's data to draw essential insights such as customer buying behavior. Artificial Intelligence in marketing is used in various applications such as dynamic pricing, social media advertising, and sales & marketing automation, owing to which it is experiencing high demand. BFSI, retail, and consumer goods are among the various sectors using artificial intelligence to increase their revenues. The growing use of social media and the increasing popularity of customer-centric marketing strategies are the major factors expected to support the Artificial Intelligence in Marketing Market growth, while data privacy issues are the major factors that are expected to slow down the growth of this market.
Amidst the COVID-19 pandemic and the resulting nationwide lockdown, the Indian media and advertising industry has been going through unprecedented disruption. But it has also inspired the industry leaders and stakeholders to further explore the potential of digital technologies and better prepare themselves for the changing times. According to the latest situation report from World Health Organization (WHO), the US, India, Brazil, Russia, UK, France, Spain, and Italy are among the worst-affected countries due to the COVID-19 outbreak. The pandemic has disturbed artificial intelligence in marketing businesses and suppliers around the globe. Market players experienced disruptions to their operations, and it is likely to have consequences till first quarter of 2022. With several industries and business activities returning to normalcy, the market for artificial intelligence is likely to gain traction in the near future.
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Increasing Use of Social Media for Advertising to Create Growth Opportunities in Coming Years:
According to DIGITAL 2021, nearly half a billion new social media users joined the world's social media networks at the beginning of 2021. Artificial intelligence is a crucial component of today's social media networks. Many social networks, including the most popular social networks, such as Facebook, LinkedIn, Instagram, and Snapchat, give marketers the ability to run paid advertising. According to DIGITAL 2020, in January 2020, the potential number of people marketers can reach using adverts on Facebook was 1.95 billion, Instagram 928.5 million, LinkedIn 663.3 million, Snapchat 381.5 million, Twitter 339.6 million, Pinterest 169.0 million. Moreover, in January 2019, a total of US$ 89.91 billion was spent on social media Ads. Moreover, in January 2019, the total global digital Ad spend was US$ 333.3 billion, which holds 50.1% share of total global Ad spend, in which 31.1% was on google Ads, 20.2% on Facebook Ads, 8.8% on Alibaba Ads, and 4.2% on Amazon Ads. Thus, the increasing use of social media for advertising is expected to boost the growth of the artificial intelligence in marketing market.
Artificial Intelligence in Marketing Market: Offering
The artificial intelligence in marketing market, by offering, is segmented into solution and services. The solution segment led the artificial intelligence in marketing market in 2020. The artificial intelligence software solutions help in analytics and automate content generation to boost one’s ability to understand customer behavior for improved personalization. The artificial intelligence systems for marketing can execute the tasks that are associated with human intelligence with the extensive knowledge of machine learning and deep learning for distinct implementation. The solution segment is expected to witness substantial growth as various companies and their marketing teams adopt intelligent technology solutions to enhance operational efficiency and improve customer experience. With the help of these solutions, marketers can achieve a nuanced and comprehensive understanding of their customers.
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