Surging Social Media Usage Driving Marketing Automation Software Market
Valued at $14.5 billion in 2018, the marketing automation software market is expected to generate $32.6 billion in 2024, witnessing a CAGR of 13.6% during 2019–2024. The market is growing due to the surging utilization of social media around the globe and increasing adoption of digital marketing. A platform which enables streamlining, automation, and analysis of marketing-related workflows to generate leads for sales is referred to as marketing automation software. The software is designed specifically for marketing departments of organizations for capturing leads and marketing on distinct online channels while automating repetitive tasks.
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In terms of solution, the marketing automation software market is categorized into real-time interaction management, marketing resource management, through channel marketing automation (TCMA), cross-channel campaign management (CCCM), lead-to-revenue management (L2RM), and content marketing platform (CMP). Among all these, the CCCM category accounted for the major share of the market during the historical period (2014–2018) and is projected to retain its position during the forecast period as well. The reason for this is the rising need for large enterprises for managing the growing volume of data that is to be processed on different platforms/channels.
When industry is taken into consideration, the marketing automation software market is divided into e-commerce, telecom & IT, hospitality, healthcare, education, government, banking, financial services, & insurance (BFSI), retail, media & entertainment, manufacturing, automotive, and others (which include aerospace, research companies, defense, and logistics). Among these, the largest share of the market was occupied by the BFSI category during the historical period as the expanding BFSI sector is needs to handle a huge amount of data for storing and marketing to target a greater number of prospects for achieving lead conversion.
One of the major driving factors of the marketing automation software market is the rising adoption of digital marketing. Digital marketing agencies are opting for automation tools increasingly for advertising on different channels and improving the process of lead nurturing. Automation in digital marketing is leading to effective management of repetitive tasks, which can further be utilized in different digital marketing platforms such as e-mail marketing, search engine optimization, and social media marketing. Rising internet penetration has led to the growth of the digital marketing, which has resulted in increasing demand for marketing automation software.
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The integration of artificial intelligence (AI) with marketing automation software is creating wide opportunities for the players operating in the marketing automation software market. The integration of AI with marketing automation software can help organizations to better understand the needs of customers, interact with potential customers, translate data into decisions, and positively impact the business outcomes. AI has the ability to enable customer segmentation at a more granular level that can aid the enterprises in targeting customers with more accuracy and optimizing conversion rate.
Hence, the rising usage of social media and increasing adoption of digital marketing are driving the market.
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