DUBLIN--(BUSINESS WIRE)--The "Marketing Automation Market by Component (Software, Services), Organization Size, Applications (Lead Nurturing & Lead Scoring, Email Marketing, Social Media Marketing, Analytics & Reporting, Campaign Management), Industry & Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global marketing automation market size is expected to grow from an estimated value of USD 3.3 billion in 2019 to USD 6.4 billion by 2024, at a CAGR of 13.9% during the forecast period.
The marketing automation market is driven by various factors, such as leveraging advanced technologies to automating repetitive task of marketing processes and need for personalized marketing to maximize returns by reaching the target audience. However, the security and privacy concerns for confidential data can hinder the growth of the market.
The retail and consumer goods segment is projected to grow at the highest CAGR during the forecast period
The retail and consumer goods industry is expected to contribute and grow at the highest rate during the forecast period. Companies are leveraging the industry-ready technology to enhance user experience and ensure that the customers do not switch to any of their competitors.
The industry is expanding through online marketing and look forward to having more visitors, achieve improved quality traffic, and increase conversion rates. Thus, marketers are focusing on targeting customers using different online channels and sources to reach out and convert prospects to improve sales. However, not all the channels are equally effective to target the audience. Hence, measuring the impact of marketing campaigns across the channel is extremely important for retailers to improve their RoI and use effective marketing channels for targeting audience.
Moreover, the industry deals with a large amount of customer data, that helps in predicting the customers' behaviors and patterns through which it provides personalized experiences to its customer. Hence, marketing automation in the retail and consumer industry has a unique role in the overall business operations and is expected to deliver a higher RoI than traditional offline marketing.
The software segment expected to account for the largest share during the forecast period
Nowadays, marketers across industries have started utilizing marketing automation software to understand customers' journey, measure the effectiveness of their marketing campaigns, and generate maximum leads. The vendors in the market offer marketing automation software as standalone software or integrated with other all-inclusive marketing solutions as an advanced feature. The software helps enterprises to find the best possible marketing channels to better engage with their customers.
The marketing automation software facilitates enterprises to significantly reduce the time and cost needed to target their customers. Moreover, marketing automation also helps organizations in analyzing the behavior of their customers and thereby enhances the customer experience. This section covers the market analysis of marketing automation software that is being used across the regions.
APAC expected to grow at the highest rate during the forecast period
The marketing automation market in APAC is expected to grow at the highest CAGR during the forecast period, due to the growing need for advanced marketing solution. Marketing automation solution enables an organization to improve RoI, increase in customer engagement, generate more leads, and high conversion rates. The APAC region is expected to experience extensive growth opportunities during the forecast period. Australia and New Zealand (ANZ) and China have emerged as undisputed leaders in the marketing automation market.
- Rising Adoption of Smac Technologies
- Need for Personalized Marketing to Maximize Returns By Reaching Target Audience
- Increasing Focus of Enterprises to Optimize Marketing Spending
- Growing Number of Marketing Channels to Reach End Customers
- Security and Privacy Concerns for Confidential Data
- Increasing Adoption of Ai and Ml
- High Adoption of Marketing Automation Solutions Among SMEs
- Integrating Marketing Automation Software With Other Business Applications
- Inconsistent Historic Data Storage Format Makes Data Processing Difficult for Marketing Automation Vendors
- Selection of Relevant Marketing Automation Software and Vendors
- Use Case 1: Acoustic
- Use Case 2: ClickDimensions
- Use Case 3: HubSpot
- Act-On Software
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