Market Analysis
Market Research Future (MRFR) estimates the global marketing automation software market size to surpass USD 12.83 billion at a CAGR of 13.21% from 2020 to 2030 (forecast period). The market is driven by the increasing demand for automation software in various sectors, such as retail, healthcare, education, and finance. The increasing adoption of digital marketing channels and the growing need for efficient customer segmentation, personalization, and real-time data analysis are some of the major factors driving the growth of the marketing automation software market. However, the high cost associated with the deployment of marketing automation software is expected to restrain the growth of the market.
Multiple Factors to Bolster Market Growth
The marketing industry has faced significant challenges as a result of ever-changing customer preferences. As a result, commercial organizations and retail sectors are increasingly relying on Market Automation Software to identify customer preferences and design high-end marketing tactics.
The recent growth of social media platforms such as Instagram and YouTube has encouraged small and medium-sized businesses to establish themselves in the e-commerce sector. Such startups are heavily utilizing Marketing Automation Software solutions to improve their consumer relationships. The software solutions assist startups in efficiently focusing on key and non-core operations.
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Several digital marketing formats, such as Content Marketing, Search Engine Optimization, and Search Engine Marketing, are driving the expansion of the Marketing Automation Software sector. Furthermore, marketing campaigns and email conversations assist marketing faculties in understanding and targeting the customer base across various marketing segments.
The Global Market to Grow Amid COVID-19 Outbreak
The COVID-19 outbreak has thrown the commercial world into disarray. As a result, some business sectors have decided to cut their marketing expenses during the pandemic. Several businesses have put off marketing initiatives for an extended period of time. They do not want to spend money on marketing during a period of lower production. According to the survey, 50 percent of businesses have suspended their marketing activities and applied a 1 percent to 25 percent reduction in marketing budgets during the pandemic, particularly in 2020.
During this period, the Marketing Automation Software Market has been steadily rising as more businesses focus on using digital platforms to retain customers. The pandemic has altered customer preferences, which are being revealed through experimental emails and online campaigns. These objectives are met with the assistance of Marketing Automation Software solutions. Due to the pandemic, marketing officers are unable to find customers. This has enhanced the importance of using social listening techniques to detect consumer-preferred trends.
Market Segmentation
The worldwide marketing automation software market has been segmented into deployment, application, organization size, and vertical.
By deployment, the worldwide marketing automation software market has been segmented into On-Premise and Cloud.
By application, the worldwide marketing automation software market has been segmented into Digital Marketing, Social Media Marketing, E-mail Marketing, Mobile Marketing, Inbound Marketing, Campaign Management, and others.
By organization size, the worldwide marketing automation software market has been segmented into Large Enterprises and Small and Medium Enterprises.
By vertical, the worldwide marketing automation software market has been segmented into Media & Entertainment, BFSI, Healthcare, Retail, Manufacturing, Government, Advertising, and others.
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Regional Analysis
North America to Dominate the Global Market
North America is the leading revenue generator in the marketing automation software sector, with a CAGR of 12.03% and a forecasted value of USD 1681.8 million. Due to the expansion of industry verticals such as media, entertainment, health care, and retail, the United States, in particular, is progressively adopting Marketing Automation Software solutions.
Key Players
Oracle Corporation, IBM Corporation, SAS Institute Inc., Act-On Software Inc., Adobe Systems Inc., Cognizant, SAP SE, HubSpot Inc., Salesforce.com Inc., Prospect.io, Teradata Corporation, Marketo, Ontraport, Sendinblue, Autopilot, ActiveCampaig.
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