Chicago, July 27, 2023 (GLOBE NEWSWIRE) -- The 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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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.
Top Trends in Global Marketing Automation Market
- To improve personalisation, customer segmentation, content optimisation, and predictive analytics, marketing automation solutions were progressively integrating AI and machine learning capabilities. By using these technologies, marketers were able to communicate with their audiences in a more relevant and targeted way, increasing the success of their campaigns as a whole.
- Targeting high-value accounts strategically has gained traction with the advent of account-based marketing. ABM-specific features in marketing automation platforms allowed marketers to build customised campaigns for particular accounts and decision-makers in those organisations.
- Through a variety of channels, including email, social media, websites, mobile applications, and more, customers engage with companies. Platforms for marketing automation made it possible to automate and streamline campaigns across different channels, resulting in more consistent messaging and more customer engagement.
- Throughout the whole buyer's journey, marketers concentrated on providing seamless and personalised consumer experiences. Businesses were able to map customer journeys, automate touchpoints, and respond to consumer interactions in real-time thanks to marketing automation tools, which increased customer happiness and loyalty.
- Customer relationship management (CRM) and marketing automation system integration grew more crucial. As a result, lead management went more smoothly, sales and marketing were more aligned, and it was easier to trace customer contacts across the customer lifetime.
Key Industry Development
- The demand for personalised consumer experiences, higher adoption of digital marketing techniques, and the growing significance of data-driven decision-making are driving the marketing automation market's steady expansion.
- Through mergers and acquisitions, the marketing automation sector saw consolidation. To diversify their product lines and provide complete marketing suites, larger software corporations bought smaller marketing automation vendors.
- Businesses were emphasising the consumer experience more as a differentiator. The integration of marketing automation systems was done to improve client interactions and create enduring bonds.
- Platforms for marketing automation were starting to include features for artificial intelligence and machine learning. Advanced analytics, predictive insights, and increased marketing task automation were all provided by these technologies.
- Account-Based Marketing has become well-known as a focused strategy for B2B marketers. Platforms for marketing automation have been modified to enable ABM techniques, enabling customised campaigns for certain accounts.
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