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Marketing Automation Software Competitive Approach, Fundamental Trends and Investment up to 2024
The global marketing automation software market is expected to prosper in the near future, owing to the rising adoption of digital marketing by companies and increasing social media penetration.
The global marketing automation software market is expected to prosper in the near future, owing to the rising adoption of digital marketing by companies and increasing social media penetration. With the growing social media and e-commerce adoption, businesses around the world are heavily investing in digital marketing to target and access a huge customer base. The market generated a revenue of $14.5 billion in 2018 and it is projected to reach $32.6 billion by 2024.
Marketing automation software is a software that helps in the automation, analysis, and streamlining of market-related workflows to create sales leads. The software is specially designed for marketing departments to effectively campaign on various online channels, such as social media, e-mail and websites, along with automating routine tasks.
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Out of these, in 2018, the CCCM category dominated the market, owing to the increasing demand of organizations to manage the huge volume of data to be processed on different online and offline channels. Furthermore, this improves the customer conversion rate, reduces acquisition cost, and offers complete data to the marketer. Apart from this, TCMA is being widely used, which is why this category is expected to grow the fastest in the marketing automation software market in the forecast period, as it enables businesses to manage their work efficiently and cost-effectively.
When segmented by enterprise size, large enterprises, and small and medium enterprises (SMEs) would be the divisions of the marketing automation software market. Of these, in 2018, large enterprises held the largest revenue share in the market, owing to the increasing demand for such software by businesses with higher investment capabilities.Based on deployment type, as compared to on-premises, the cloud category is predicted to witness faster growth in the market during the forecast period due to advantages, such as easy scalability, remote accessibility, and swift deployment.
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Many digital marketing agencies are inclining toward the usage of automation tools, as these enable sustained customer engagement, automate communication process, improve leads generation, and help in offering personalized content to customers.
Currently, SMEs are using marketing automation software for lead nurturing and monitoring, email marketing automation, and customer segmenting, which can minimize their operating cost and improve efficiency. Thus, SMEs are implementing such software to earn more profit, thereby creating huge opportunities for market players across the globe. Hence, the increasing adoption of these tools in digital marketing is propelling the market on the path to prosperity.
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