NEW YORK, Aug. 25, 2020 /PRNewswire/ — One of the major reasons for the growth of the global marketing automation software market is the rising adoption of such solutions by SME. This factor is predicted to help the industry size increase from $4,057.3 million in 2019 to $15,018.5 million by 2030, at a 13.1% CAGR between 2020 and 2030, according to P&S Intelligence. SMEs make up for the majority of businesses around the world; for instance, almost 98% of the companies in the U.K. and 99% of all Turkish firms were SMEs in 2018.
The reason SMEs provide the marketing automation software market with the required impetus is that such companies are always focused on reducing their operational costs, via higher efficiency and less interruption and rework. Marketing automation software allows these companies to achieve all of this by automating the tasks related to lead generation and monitoring, email marketing, and customer segmentation, which is why the demand for such solutions among SMEs is rising fast.
COVID-19 has resulted in the temporary closure of most industrial and large-scale commercial activities, which is forcing companies to rethink their business strategies. In order to cut their losses, businesses are not willing to invest much on product/service promotion, which is affecting the growth of the marketing automation software market negatively. Additionally, people are hesitant in purchasing non-essential goods, which has led to a drastic decline in the demand for several products, and marketing them would result in further losses for companies. Thus, to keep themselves afloat in these times of crisis, companies are reducing their marketing expenditure.
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In the next 10 years, the services bifurcation, under segmentation by offering, is expected to observe faster marketing automation software market growth. This is attributed to the rise in the demand for support & maintenance, system integration, and installation services, by companies looking to improve resource productivity, streamline project lifecycle, and ensure up-to-date software.
Large enterprises will keep generating higher revenue in the marketing automation software market than small and medium enterprises (SMEs) till 2030, owing to their higher investing power, high focus on automating their marketing operations, increasing demand for the integration of customer insight analysis features with business intelligence (BI) tools, and need for better engagement with customers. The integration of customer insight analysis features with BI, in particular, allows for predicting customers’ requirements, to offer them customized products/services.
Browse detailed report overview 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
During the last five years, the largest industry category in the marketing automation software market was retail & e-commerce, as a result of the surging customer spending and increasing popularity of online shopping platforms, as a result of the growing penetration of the internet. In addition, retail & e-commerce companies are rapidly adopting cognitive computing, machine learning (ML), and artificial intelligence (AI) technologies, together with marketing automation software, to dominate the competition and enhance their customer experience.
North America has dominated the marketing automation software market till now, because of the quick adoption of digital marketing strategies by regional firms, existence of numerous software vendors, increasing technological advancements, rising demand for personalized campaign management, and high awareness about automated marketing operations. In the coming years, the industry advance of Asia-Pacific (APAC) would be the most rapid, owing to the rising penetration of the internet, increasing social media usage, expanding retail & e-commerce sector, advancing IT infrastructure, adoption of online marketing tools, and strong government focus on digital transformation.
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Mergers and Acquisitions Shaping Competition in Market
The competition in the marketing automation software market is presently being shaped by mergers and acquisitions, as companies are taking definitive steps to ensure their dominance on the industry.
For instance, in November 2019, SharpSpring Inc., a U.S.-based marketing automation service provider, completed the acquisition of Marine Software Incorporated’s digital advertising platform Perfect Audience, for $4.6 million. With this move, SharpSpring aimed to improve the lead management services it offers to corporate houses and digital marketing firms.
The most prominent global marketing automation software market players are IBM Corporation, Oracle Corporation, Teradata Corporation, Salesforce.com Inc., SharpSpring Inc., SAP SE, Adobe Inc., HubSpot Inc., SAS Institute Inc., Act-On Software Inc., ActiveCampaign LLC, and Infusion Software Inc.
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SOURCE P&S Intelligence