DUBLIN--(BUSINESS WIRE)--The "Marketing Automation Market with COVID-19 Impact Analysis, by Component (Software, Services), Application (Social Media Marketing, Email Marketing, Inbound Marketing), Deployment Type, Organization Size, Vertical and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The marketing automation market size is expected to grow from USD 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. The increasing focus of enterprises to optimize marketing spending, growing number of marketing channels to reach end customers are a few factors driving the growth of the marketing automation market.
The services enables benefit the organizations by enhancing the marketing project execution and streamlining marketing operations
Services form an integral part of the marketing automation software life cycle. Services assist the software functionalities, ranging from its deployment to management, such as implementation and integration, training and consultation, product upgradation, and support and maintenance. With the increasing adoption of marketing automation software, the need for these associated services is expected to increase among enterprises, as they reduce marketing costs, increase the overall revenue, and improve performance. In addition, marketing automation services help organizations track, evaluate, and analyze the targeted prospects and existing customers.
Scalability and cost-effectiveness are the major factors driving the adoption of cloud-based marketing automation.
While enabling companies to manage their business operations related to the creation, storage, enrichment, management, and analysis of digital assets, cloud-based marketing automation solutions can help organizations avoid costs related to hardware, physical storage, and technical staff. The cloud deployment type is expected to grow at a higher CAGR during the forecast period. The cloud-based deployment type enables users to access the software from anywhere or from any device, such as personal computers, laptops, and mobiles. Implementing the cloud-based marketing automation solution helps SMEs and large enterprises focus on their core competencies, rather than IT processes. Cloud-based marketing automation solutions help reduce the overall costs and provide highly flexible and scalable access to solutions through the IT infrastructure hosted by the cloud service provider.
Hence, enterprises prefer deploying marketing automation solutions in the cloud to improve mobility and decentralize data storage and computing. Enterprises are investing more in the cloud due to the increased need to optimize deployment costs, secure critical data, and manage resources.
The automation tools enables user to reduce the amount of time spent gathering posts and increase audience engagement.
Promoting and sharing their products on social media is a simple way to improve lead generation, boost conversions, and increase sales. According to Global Web Index, 54% of social browsers use social media to research products. Thus, social media marketing tools are expected to drive the demand for marketing automation software.
The intensely competitive market scenario has encouraged SMEs to invest in automated solutions to achieve high business efficiency
Being constrained by limited budgets, small IT infrastructure, and staff, SMEs look for flexible, scalable, and cost-effective solutions. Hence, SMEs increasingly adopt cloud-based marketing automation solutions to optimize and automate customer communications and outreach.
Marketing automation in the retail and consumer goods industry has specific importance in the overall business operations and is expected to deliver a higher ROI
The retail and consumer goods industry having large customer base helps in predicting the customers' behaviors and patterns through which it provides personalized experiences to its customers. During the COVID-19 pandemic, companies were forced to close their physical retail stores and offices, and shifted to the online marketing of products and services. Therefore, e-commerce was responsible for 19% of all retail sales in 2020, compared to 16% the previous year, which has been driving the demand for marketing automation software and services.
North America to dominate the marketing automation market in 2022
The presence of two major economies in North America: the US and Canada are expected to boost the adoption of marketing tools in the region. Moreover, the end-use industries in the region such as BFSI and retail are focusing on improving customer experience and reducing sales cycle, which is expected to drive the market during the forecast period. According to HubSpot, 79% of marketers in North America use inbound marketing as their primary approach. This is expected to drive the demand for marketing automation software in the region. As per Statista, in 2021, North America had approximately 417 million internet users. The region accounts for the biggest online audience, which is expected to drive the demand for marketing automation software.
- 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 MI
- 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
- Act-On Software
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