Market Research Future (MRFR) reports that the global artificial intelligence (AI) in marketing market could touch the valuation of USD 21 billion by 2023. It is set to achieve a robust CAGR during the forecast period (2017-2023).
Predictive analytics are among the top benefits offered by artificial intelligence that assist marketing enterprises in acquiring customers and also with lead generation. Backed by AI, marketers benefit from advertising optimization techniques like advertisement, media content placement, as well as campaign optimization. These make use of pattern and customer behavioral, which captures the attention of a larger fraction of the consumers. Using AI-based virtual assistance like chatbots, recommendation engines, and digital assistance makes it easy for marketing enterprises to better manage customer relationships. These also help them get an acute understanding of the customer’s preference that leads to improved experience. Thus, the accelerated demand for digital assistance is expected to do wonders for the AI in marketing market in the following years.
Considerable advancement in machine learning algorithms has led to large scale adoption of AI solutions within the marketing space. Soaring demand for improving business functions as well as emerging innovation across diverse industries are opening new avenues for AI solutions in marketing. But the lack of skilled professionals in this field could slow down the ongoing market growth rate in the coming years.
On the bright side, latest trends in the AI in marketing market are uplifting its position at a global level. Some of the prevalent trends are individual personalization, conversational marketing, and social media image recognition. With respect to AI in marketing and advertisement, social media image recognition helps analyze multiple pictures in a fraction of time. This helps the marketers in understanding consumer behavior, which enables them to provide personalized content them.
The worldwide artificial intelligence in marketing market growth has been segmented on the basis of deployment, technology, applications, and verticals.
Depending on deployment, the market is considered for on-cloud and on-premise.
Technology-based segments covered by the report are machine learning, adaptive learning, natural language processing, natural language generation, speech recognition, advanced analytics, and computer vision.
Application-wise, the segments in the market are sales forecasting, content curation, virtual assistance, predictive analytics, Ad optimization, dynamic pricing, and others.
The verticals forming the client of the market are base vertical, the market caters to BFSI, retail, & e-commerce, government, IT & telecommunication, healthcare, commercial organization, and others.
The geographical distribution of the AI in marketing market has been done in the main regions of North America, Asia Pacific, Europe, as well as the rest of the world (RoW).
North America could expect to be the highest gaining market for AI in marketing in the coming years. The region is home to several renowned technology players that sense the opportunities present in the rapidly expanding artificial Intelligence (AI) in marketing market. Additionally, the adoption rate of AI by small and medium enterprises (SMEs) as well as large enterprises in the region is relatively high, especially compared to other regions. This factor works in favor of the regional market.
Asia Pacific market could project significant growth in the subsequent years, on account of the rising adoption of AI technology along with cloud deployment by SMEs and large enterprises. More of these companies are focusing on enhancing customer satisfaction, in addition to improving operational performance. Other than this, in the past couple of years, the North America market has been on an upswing as a result of the high investments for development of artificial intelligence by both private and public sectors. Apart from these investments, several startups are making waves in the field of artificial intelligence in the form of product innovation, which furthers the market growth.
Software is quite prevalent in Europe, with Artificial Intelligence (AI) at the heart of it. Europe is expected to rank among the strongest contenders in the global market. In addition, increasing adoption of internet of things (IoT), rising installation of smart home devices, and surge in industrial automation in countries like France, Germany, the United Kingdom (U.K) benefit the regional market.
Some of the notable vendors in the AI in marketing market include Twitter (US), Facebook. (US), Intel Corporation (US), Microsoft Corporation (US), IBM Corporation. (US), Google (US), NVIDIA Corporation (US), Sentient Technologies Holdings Ltd (US), Amazon.com, Inc. (US), Salesforce.com, Inc. (US), among others. Other players are Samsung (South Korea), Albert Technologies Ltd (Israel), H2O.ai (US), Micron Technology, Inc. (US), Oracle Corporation (US), Baidu, Inc. (China), Oculus360 (US) among others.