According to MarketsandMarkets, the artificial intelligence (AI) in marketing market is expected to be valued at USD 6.46 Billion in 2018 and is likely to reach USD 40.09 Billion by 2025, at a CAGR of 29.79% between 2018 and 2025. Growth in the adoption of customer-centric marketing strategies, increase in demand for virtual assistants, and increased use of social media for advertising are the major factors driving the demand for AI-based marketing and sales solutions.
The AI in marketing market in APAC is expected to grow at the highest CAGR between 2018 and 2025. This growth can be attributed to the adoption of AI services in end-user industries such as retail, BFSI, enterprise, and media and advertising in countries such as Japan, China, Australia, and South Korea.
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The limited number of AI experts is a major restraint for the AI in marketing market. Companies covered in the AI in marketing market report are NVIDIA (US), Intel (US), IBM (US), Micron (US), Samsung Electronics (Korea), Xilinx (US), Amazon (US), Alphabet (US), Facebook (US), Microsoft (US), Salesforce (US), Baidu (China), Sentient Technologies (US), Albert Technologies (Israel), and Oculus360 (US). Some of the other key companies included in the report are Twitter (US), Oracle (US), InsideSales (US), Persado (US), Mariana (US), Drawbridge (US), Narrative Science (US), Appier (US), GumGum (US), and Zensed (Sweden).
In this report, the AI in marketing market has been segmented on the basis of offerings, deployment types, applications, technologies, end-user industries, and regions. Among offerings, software holds the largest share of the overall AI in marketing market owing to the developments in AI software and related software development kits.
Among deployment types, the market for cloud deployment is expected to grow at a higher CAGR between 2018 and 2025. Several businesses have already moved part of their operations to the cloud, which has encouraged vendors to develop cloud-based solutions as the data to be protected is on the cloud.
Among applications, virtual assistant is the fastest-growing application. Virtual assistants are increasingly being used for sales purposes as they are designed to increase productivity and eliminate time-consuming lead generation activity, thus allowing salespeople to focus on other productive parts of the job.
On the basis of technologies, the market has been segmented into machine learning, natural language processing, computer vision, and context-aware computing. Machine learning’s ability to collect and handle big data, along with its increased ability to perform previously impossible calculations, is fueling the growth of the market for machine learning.
Among end-user industries, the enterprise industry holds the largest share of the AI in marketing market. The enterprise industry is using AI in marketing for various applications, such as virtual assistants, sales and marketing automation, analytics, and social media advertising.
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