NEW YORK, March 22, 2021 /PRNewswire/ — With the increasing internet penetration, companies of all sizes, across all industries, are indulging in digital marketing and promoting their products/services on social media, third-party websites, search engines, emails, mobile apps, and SMSs. Due to this factor, the global marketing automation software market revenue, which stood at $4,057.3 million in 2019, is predicted to experience a CAGR of 13.1% during 2020–2030, to reach $15,018.5 million by 2030, according to P&S Intelligence.
This is because such software assists in relationship management, targeted segmentation, lead generation and scoring, and opportunity cross-selling and up-selling. In this regard, another key driver for the growth of the marketing automation software market is companies’ strong desire to connect better with their customers and build trust and long-lasting relationships.
Key Findings of Global Marketing Automation Software Market
- Rising social media usage driving demand for marketing automation software
- Requirement for services to increase faster than for solutions
- Companies rapidly using predictive lead scoring tools
- Integration of marketing automation software with AI key opportunity for players
- Cloud preferred mode of deploying marketing automation software
- Growing demand for solutions leading to stiff market competition
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During the COVID-19 crisis, the marketing automation software market growth has come to a temporary standstill, as the lockdown measures implemented around the world have led to the shutting down of a large number of factories and corporate offices. Additionally, due to the widespread financial distress because of the reduced salaries and unemployment, people are not purchasing non-essential goods. As a result, companies too are witnessing low sales and revenue; therefore, they are cutting down on their marketing expenditure to sustain themselves.
The solutions bifurcation held the larger share in the marketing automation software market in the past, based on offering. Such solutions are being used across industries to capture leads, gather real-time data on the engagement of potential customers with the company through the content published by them on multiple digital channels, and create and manage promotional campaigns.
In the coming years, the higher CAGR in the marketing automation software market, of 16.3%, is predicted to be witnessed in the small and medium enterprises (SMEs) bifurcation, under segmentation by enterprise. To compete with large companies, SMEs are adopting the latest technologies, including cloud computing and the internet of things (IoT). In addition, SMEs have a strong need to reduce their operational expenditure and volume of repetitive tasks and analyze the requirement of customers by tracking their engagement on multiple digital platforms.
Browse detailed report with COVID-19 impact analysis on Marketing Automation Software Market Research Report: By Offering (Solutions , Services), Enterprise (Large Enterprises, SME), Deployment (Cloud, On-Premises), Application (Lead Management, Email Marketing, Campaign Management, Inbound Marketing, Reporting and Analytics), Industry (IT & Telecom, Manufacturing, Education, Media & Entertainment, Healthcare, Retail & ECommerce, BFSI) – Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/marketing-automation-software-market
The cloud bifurcation will keep dominating the marketing automation software market in the years to come, on the basis of deployment. Cloud computing provides various benefits to users, such as a higher data storage capacity, lower IT expenditure, and more data access flexibility. Moreover, cloud-based solutions are easy to integrate with users’ existing hardware and software, which makes data transfer and analysis hassle-free.
Presently, North America is the most-productive marketing automation software market on account of the rapid shift of companies to digital marketing, presence of established market players, continuous advancements in the IT sector, increasing awareness on the benefits of automated marketing activities, and growing requirement to create personalized promotional campaigns and manage them effectively.
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Throughout this decade, Asia-Pacific (APAC) will likely be the fastest-growing marketing automation software market, owing to the rising penetration of the internet, increasing traffic on social media platforms, expanding retail & e-commerce sector, and advancing IT infrastructure. In addition, the quick adoption of digital marketing strategies by regional enterprises, digital transformation of SMEs, and rising government investments in the IT sector are propelling the demand for marketing automation software in the region.
The most-prominent global marketing automation software market players include IBM Corporation, ActiveCampaign LLC, Teradata Corporation, Oracle Corporation, Salesforce.com Inc., SAP SE, SharpSpring Inc., Adobe Inc., SAS Institute Inc., HubSpot Inc., Act-On Software Inc., and Infusion Software Inc.
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SOURCE P&S Intelligence