According to the Vision Research Reports, The Marketing Automation market revenue share is set to grow at a yearly rate of 9.9% during 2021-2028, while its valuation is Projected to jump from $4.07 Bn in 2020 to $8.46 Bn in 2028. Growth Factors Owing to the rising significance of […]
Marketing Automation Market Worth $8.46 Billion By 2028
Marketing Automation Market Worth $8.46 Billion By 2028
According to the Vision Research Reports, The Marketing Automation market revenue share is set to grow at a yearly rate of 9.9% during 2021-2028, while its valuation is Projected to jump from $4.07 Bn in 2020 to $8.46 Bn in 2028.
Growth Factors
Owing to the rising significance of automation solutions in marketing and sales to increase revenue and average deal size, target customers across multiple channels, and retain customers, the market will witness healthy growth. Moreover, the marketing automation solutions help automate repetitive, monotonous tasks such as emails, social media, and other website functions. Technological advancements, such as Artificial Intelligence (AI) and data science, the use of analytics in marketing and sales is also likely to boost the growth prospects of the market over the forecast period.
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A recent survey suggests that there were around 3.9 billion email users and about 3.5 billion social media users in 2019. Email marketing is still one of the primary channels of marketing, wherein the scope of automation in the segment will remain highly effective. Generally, email marketing involves sending newsletters, solicit sales, request donations, advertisements, and request businesses via emails. Automation technology in email marketing has proved beneficial and helpful in generating quality leads, and successful implementation of marketing campaigns. The rise of social media and the rapid penetration of mobile and smart devices will foster the marketing solutions and its automation over the forecast period.
Report Highlights
Based on solutions, the marketing automation market is segmented into campaign management, email, inbound marketing, mobile applications, lead nurturing and lead scoring, reporting and analytics, social media, and others. Email marketing solutions dominated the market in 2019, owing to ubiquity of email promotions across industries and increasing use of mobile devices. High interactiveness, cost-effectiveness, and the ability to personalize the content, among others are some of the advantages that make email marketing solutions the most preferred solution.
Reporting and analytics solution is poised to be the fastest growing segment in the coming years. The solution helps in tracking success and offers performance insights to improve advertising return on investments, maximize the mix of channels, and provide long term trends.
Cloud and on-premise are the two types of deployment methods used by industry players. Cloud deployment is the most preferred way for deployment of this technology and is predicted to maintain its dominance over the next eight years. The scalability and flexibility of the cloud technology, security aspects, and control over the data center are some of the prime factors that will boost the utility of cloud technology in dispersion of marketing automation solutions. As per the tech industry experts, around 60% of workloads are run on a hosted cloud service as of 2019.
Marketing Cloud, a software suite, offers core marketing functionalities such as data services, targeting, automation, and content. Moreover, the benefits such as integration of marketing tools such as emails, social management, and analytics tools will boost the market of the cloud segment in the coming years. For instance, to enhance the integration capabilities of its software solutions, Salesforce.com acquired Datorama, an AI-powered marketing intelligence company in 2018.
Based on end use, the market is segmented into Banking Financial Services and Insurance (BFSI), retail, healthcare, telecom and IT, discrete manufacturing, and government, among others. The telecom and IT segment dominated the market in 2019. The large prevalence of B2B companies in telecom and IT sector is the primary reason for its dominance in the market. However, the discrete manufacturing industry is predicted to grow at the highest CAGR over the next eight years.
manufacturing industries had automation enabled on the shop floor but lacked it in the sales and promotion departments. Digitalization of manufacturing industries has helped enterprises to reach their customers in a more effective manner. A recent survey suggests that marketing automation has helped improve lead conversion by 107% in manufacturing industries.
Based on enterprise size, the market is segmented into large enterprises and Small and Medium Enterprises (SMEs). In the initial stage of technology proliferation, marketing automation had few applications limited to large enterprises only. However, with digitalization of industries and increasing rate of internet and mobile device penetration and the need to reach consumers effectively, large number of SMEs have started integrating automation solutions into their existing systems. Hence, the market is expected to witness phenomenal growth across SMEs over the forecast period.
The early adopters of this technology were mainly from Business-to-Business (B2B) industries, such as manufacturing, software, and business services. However, over the years, there has been a surge in adoption of these solutions by companies belonging to various Business-to-Consumer (B2C) industries such as financial services, media and entertainment, healthcare, and retail. Such growth in the B2C segment can be attributed to the increasing need for software solutions to track real-time approaches in building and retaining customers.
North America and Europe are likely to be key markets over the forecast period owing to the early adoption of marketing solutions. The increasing regulatory pressure in the European region and reforms in EU data protection rules for protecting the enterprise data is remarkably impacting the adoption of marketing automation solutions.
Asia Pacific is anticipated to be the fastest growing market driven by increasing awareness about the promotion strategies, increasing penetration of the internet, and the rise in usage of mobile devices. Besides, the substantial growth of manufacturing industries in countries such as China and India will promote the utility of marketing automation solutions in the coming years.
Key Players
Act-On Software, Inc.; Adobe Inc.; Cognizant; HubSpot, Inc.; IBM Corporation; Keap; Marketo, Inc.; Oracle Corporation; Salesforce.com, Inc.; and Teradata Corporation
Market Segmentation
- Solution Outlook
- Campaign Management
- Email Marketing
- Inbound Marketing
- Mobile Applications
- Lead Nurturing & Lead Scoring
- Reporting & Analytics
- Social Media Marketing
- Others
- Deployment Outlook
- On-premise
- Cloud
- Enterprise Size Outlook
- Large Enterprises
- Small & Medium Enterprises
- End-use Outlook
- BFSI
- Retail
- Healthcare
- Telecom & IT
- Discrete Manufacturing
- Government & Education
- Others
- Regional Outlook
- North America
- The U.S.
- Canada
- Europe
- The U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- MEA
- North America
In this study, the years considered to estimate the market size of Marketing Automation are as follows:
- Historic Year: 2017-2020
- Base Year: 2020
- Forecast Year 2021 to 2028
Reasons to Purchase this Report:
– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
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Marketing Automation Market Worth $8.46 Billion By 2028