Artificial Intelligence (AI) In Marketing Market Size, Share & Trends Analysis Report By Component, By Application, By Technology, By End-User Industry, By Region, And Segment Forecasts, 2023 - 2030

Artificial Intelligence (AI) In Marketing Market Size, Share & Trends Analysis Report By Component, By Application, By Technology, By End-User Industry, By Region, And Segment Forecasts, 2023 - 2030

Artificial Intelligence (AI) In Marketing Market Growth & Trends

The global artificial intelligence (AI) in marketing market size is expected to reach USD 82.23 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 26.6% from 2023 to 2030. The rising demand for digital assistance and the growing demand for customer-driven marketing and advertisement drive the market's growth. Advancements in big data analytics and increased use of AI-based products and services to improve consumer experience are also responsible for market growth. The increased adoption of cloud-based services and the growth of marketing analytics are expected to create lucrative opportunities for AI in the marketing market.

AI in marketing can be used to understand customer behavior, social media marketing, advertisements, data filtering, and analysis. AI enables marketing teams to go beyond traditional demographic data and discover consumer preferences on a personal level, enabling brands to develop experiences based on a customer's particular preferences. Moreover, data plays an essential role in enhancing the recommendation patterns of content served to users via machine learning algorithms. For instance, Amazon.com, Inc.'s Prime Video and Netflix, Inc. use a robust recommendation system to improve recommendations based on user viewing history on their platforms.

With the advancement of natural language processing through AI, chatbots are becoming a priority for businesses as the need to develop more prominent communication platforms grows. Customers with more fundamental questions can use chatbots to respond immediately and accurately. Chatbots can use previous questions and historical data to deliver personalized results, freeing time for customer service agents to work on more complex requests requiring more human nuance. For instance, H&M, a Sweden-based fashion company, uses a chatbot to assist mobile customers in their search for outfit options. Dominos, a U.S.-based restaurant chain, created a Facebook chatbot to expedite orders.

Asia-Pacific is expected to be the fastest-growing market during the forecast period. This region includes India and China, the most populous and developing countries. These countries rapidly adopt advanced technologies to support government initiatives to digitalize nations. Adopting AI by large, small, and medium-sized businesses in this region creates lucrative growth opportunities for artificial intelligence in the marketing market. In January 2023, CyberAgent Inc., a digital advertising company in Japan, is planning to create large volumes of video advertising using artificial intelligence. This initiative aimed to improve the effectiveness of advertising.

Artificial Intelligence In Marketing Market Report Highlights

• AI is enabling marketers to deliver more personalized, relevant, and engaging experiences to customers, and this trend is likely to continue as AI technology becomes more sophisticated
• Machine Learning technology segment dominates the market with a revenue share of 38.1%. The factor attributed to the market growth is the growing use of machine learning and NLP algorithms to make chatbots and virtual assistants that can understand customer intent and provide relevant responses
• AI-powered predictive analytics is being used to forecast customer behavior and preferences, allowing marketers to optimize their campaigns and personalize their offerings. Predictive analytics also helps marketers to identify high-value customers, predict churn, and optimize pricing
• North America dominates the market, with a revenue share of 32.8% in 2022, due to the expansion of retail, BFSI, healthcare, automotive, and other industries. The region's numerous well-known technology firms are aware of the promising possibilities presented by AI in marketing

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