Marketing Automation Software Market High Probability Business Opportunity by 2030

 

Description

Theglobal marketing automation market size was USD 4.3 billion in 2021. It is estimated to reach USD 15.7 billion by 2030, registering a CAGR of 17.6% over the forecast period 2022-2030. To keep the businesses updated with the advanced, the marketing managers are strategically spending on marketing automation solutions and tools for adopting the latest digital marketing trends.

The need for automated marketing services is increasing to address the growing significance of marketing in generating sales and customer retention and the increased adoption of automation in various industries. Marketing automation is emerging as an advanced platform designed to aid marketers in capturing leads, nurturing them further down the marketing funnel, and analyzing campaign performance and leadership behavior. These tools are being adopted and perceived as an essential resource for B2B marketing and sales departments primarily looking to grow their business in a digitally connected marketplace. Automation offers an exciting opportunity for greater efficiency, cost reduction, and an enhanced customer experience for marketing professionals.

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Moreover, In October 2020, Pi Ventures led a Series A investment in Pyxis: AI for Marketing Automation. The latter is an AI-based marketing automation pipeline engine. The company can lower the acquisition cost by 30-40%. Such a significant saving for their customers further led its marketing automation engine to work at the pico fragmentation level and optimize across stages to deliver the overall value.

Global Marketing Automation Software Market Definition

Marketing automation is a software platform designed for the marketing departments and organizations to market on multiple channels online and automates repetitive tasks more effectively. Marketing departments can automate all the repetitive tasks such as social media posting, email marketing, and even ad campaigns - not just for efficiency but also to provide a more personalized experience for the customers.

Global Marketing Automation Software Market Covid-19 Impact

During the COVID-19 outbreak, many B2B marketing companies adopted a “play it safe” approach. They reduced the marketing budgets until they could analyze the impact on their businesses and had to wait for the economic scenario to be stable and improved. According to a survey by Hubspot, most businesses implemented a cut of 1%-25% of their marketing budgets. In Q1 of 2020, most B2B marketing companies reported budget cuts of 26%+; however, some of the budgets have been restored, resulting in overall budgetary cuts due to the pandemic. On the contrary, content channels witnessed a significant budgetary increase during the pandemic. B2B marketing businesses increasingly invested in different content formats that foster relationships, despite social distancing and lockdowns. As a result, virtual events, video content, and webinars became popular content types and significantly increased the overall budget.

In March 2020, when the pandemic affected the whole world, the Cleveland Clinic logged 60,000 telemedicine visits. It previously reported its monthly average at 3,400. Similarly, NYU Langone Health in New York saw daily virtual visits rise from 50 to 900. This digital transformation amongst sectors rose drastically. In 2019 it was estimated that 7% of Americans worked from home; by early April 2020, it was estimated that nearly half (49%) of workers were working remotely. Moreover, it is reported that 90% of schools the world over are currently closed.

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Global Marketing Automation Software Market Dynamics

Drivers: Ongoing Shift Toward Digital-based Campaigns

Over 90,000 small businesses use ActiveCampaign, which has evolved as one of the major marketing automation platforms. According to Emarsys, 3.2 billion social media users are active every day, translating to about 42% of the population. This highlights the need for businesses to conduct their marketing efforts online.

Furthermore, as per Zoominfo’s research, nearly 98% of sales representatives, who have over 5,000 LinkedIn connections, found it easy to exceed their quota through social selling. Moreover, in July 2020, Yieldify researched 400 e-commerce leaders across the United Kingdom and the United States. It highlighted that over 74% of companies surveyed already have a website personalization program in place.

The need for personalized content and a customized online campaign becomes a necessary tool for businesses. CRMs, being vital to tracking, collecting, and using data, can also lead to personalized approaches to marketing.

Challenges: Legacy-Related Implementation Challenges

Engagement with customers is a significant challenge for all businesses. Marketing Automation Software growth has been hindered by legacy systems and the reluctance of businesses to digitize. As per Automizy, the 2020 survey of 130 business professionals suggested that the main challenge of the marketing and advertising industry was integration. Over 80% of the Fortune 500 companies were not considered for ranking since 2016. This is so because many failed to transition into an internet-based business model in the late 1990s. By getting replaced by newer, digital-native companies whose models are built for innovation and technology adoption, it is realized that an organization struggles with their legacy systems, even information technology companies.

In a similar survey of enterprise IT companies by SnapLogic, on average, 76% of IT decision-makers had data trapped in legacy systems that could not be accessed. Similarly, the marketing domain is held back by legacy systems without integration. Generally, the costs of updating and maintaining a legacy system are steep. A conventional legacy system might not integrate with new technologies, creating silos and barriers within the organization. These barriers cost huge time and money due to inefficiencies and incompatibility.

Scope of the Global Marketing Automation Software Market Research Report

The study categorizes the marketing automation software market based on deployment mode, organization size, end-users, and application at the regional and global levels.

By Deployment Mode Outlook (Revenue, USD Billion, 2017-2030)

• Cloud-based
• On-premise

By Organization Size Outlook (Revenue, USD Billion, 2017-2030)

• Large-scale
• SME-based

By End-Users Outlook (Revenue, USD Billion, 2017-2030)

• Entertainment and Media
• Financial Services
• Government
• Healthcare
• Manufacturing
• Retail
• Other End-user Verticals

By Application Outlook (Revenue, USD Billion, 2017-2030)

• Campaign Management
• Lead Management
• Sales enablement programs
• Analytics & Reporting solutions
• Other Applications

By Region Outlook (Revenue, USD Billion, 2017-2030)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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The cloud-based segment is projected to account for the largest market share by deployment mode

The global marketing automation software market is divided into cloud-based and on-premise based on deployment mode. In 2021, the cloud-based segment accounted for the largest market share of 71.1% in the global marketing automation software market. With the onset of the COVID-19 pandemic in the current market scenario, the cloud-based marketing automation software vendors demonstrated higher resilience toward the potential impact. Several businesses transitioned to cloud-based environments, proving lucrative to companies with enhanced recurring revenues. However, surging cloud migration negatively impacted the market demand for on-premise/license marketing automation software. Moreover, several end-users significant downsizing and budgetary constraints further curtailed the demand for on-premise marketing automation software.

The market is witnessing an upsurge in marketing suite offerings from multiple market incumbents. The marketing suite offers several functions like Analytics, Marketing Automation, CRM, and CMS to provide all-in-one solutions, also known as Marketing Cloud. The software suite approach gives a strong commercial advantage as the vendor can witness greater market penetration by acquiring customers with one of their many offerings. For instance, in the recent past, Salesforce enhanced its Marketing Cloud through more acquisitions and partnerships in analytics, commerce, and advertising.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global marketing automation software market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 20.3% in the global marketing automation software market. The market for marketing automation software is proliferating in the Asia-Pacific region due to increased software usage in e-commerce websites, growth in small to medium enterprises, and others. In addition, the governments' digital initiatives across the region are also triggering the growth of the marketing automation software. For instance, in October 2020, the Australian government announced a new digital plan to drive Australia's economic recovery. The plan assigns nearly AUD 800 million toward enabling businesses to use digital technologies to grow and create jobs.

There has been a growth in the digital marketing spending witnessed at the country level, driving the market for marketing automation. For instance, according to the China Digital Marketing Trends 2021 by Miaozhen Academy of Marketing Science (MAMS) and the Global Marketing Summit, digital marketing spending is projected to grow 20% in 2021 after 16% actual growth in 2020. Similarly, according to a report by Dentsu Aegis Network, a media company, the digital marketing sector is booming, growing at 27% in 2020, with digital advertising in 2019 witnessing an increase of 26% compared to the previous year.

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Key Market Players

Every company follows its business strategy to attain the maximum market share. Hubspot Inc., Adobe Systems Incorporated, Eloqua, Acoustic LP, Marketo Inc., Microsoft Corporation, Oracle Corporation, Salesforce (Pardot), Salesfusion Inc., SAS SE, SharpSpring Inc., and Sap SE are some of the major companies in the global market of marketing automation software.