Marketing Automation Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Marketing Automation Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The marketing automation software market is expected to register a CAGR of 17.67% through the forecast period. Due to the increasing significance of marketing in generating sales and customer retention, marketing services are witnessing a rise in spending.

Key Highlights

• In Order to keep businesses updated with the recent technological disruptions worldwide, marketing managers are strategically spending on marketing automation solutions and tools to adopt the latest digital marketing trends.
• Marketing automation is a technology that aids businesses in creating stronger consumer engagement campaigns by removing tedious activities and allowing the marketing staff to concentrate on more important factors. In addition to other things, the technology makes it easier to manage lead generation and customer lifecycle marketing. As a result, Automated Marketing Tools have drawn a lot of attention in recent years, and it is anticipated that they will continue to rise during the research period.
• From social media marketing to SEO or content marketing, marketing managers are investing significantly to support and boost their sales. Artificial intelligence (AI), data-driven promotion, and search engine optimization (SEO) will give marketing solution providers an advantage in the era of digitization and aggressive promotion techniques. In the upcoming years, AI will present possible opportunities for businesses, sectors, and nations.
• Organic visibility is expected to increase due to the growth in social media marketing campaigns. Various brands improve their return on investment (ROI) by increasing their social media marketing budget. Social media advertisement targeting will likely become highly targeted by mirroring Google's Adwords platform.
• With the introduction of new automation technologies, the market is also experiencing a lack of qualified individuals who can instruct consumers on how to make the most of analytics solutions and use them for helpful information and insights. However, large-sized businesses are concentrating on acquiring smaller ones and providing integrated software suites termed "Marketing Cloud" with the aid of cloud technologies and platforms like IaaS and SaaS. Through mergers and acquisitions, companies can grow their market share and domination by acquiring the necessary knowledge, technology, and client base.
• With the onset of the COVID-19 outbreak, many B2B marketing companies adopted a "play it safe" approach through which they reduced their marketing budgets until they could analyze the impact on their businesses and had to wait for the economic scenario to improve.

Key Market TrendsEntertainment and Media Expected to have a Significant Market Share

• Virtual reality (VR), over-the-top (OTT) video and online advertising are projected to be among the fastest-growing revenue generators for entertainment and media companies in developing economies where technology adoption is dominant, like the United States internet advertising and marketing market, and globally. These trends increase the need for high internet marketing activity, and the rising automation adoption for these activities supports the substantial scope for the vendors in the market studied.
• With smartphone adoption reaching nearly 70% of the global mobile user base, according to GSMA Mobile Economy, data generation has exponentially increased. Such statistics further indicate the need for mobile-optimized marketing and automation-supporting software.
• According to GSMA, there were 5.2 billion unique mobile subscribers in 2020, and this number is expected to reach 5.7 billion by 2025, making the penetration of mobile subscribers 70% of the population.
• Compared to other industries, open email rates for media and entertainment are the highest globally, according to TrackMaven. With customer insights from social media analytics tools, media and entertainment companies can use segmented marketing data (based on demographics and interest) to direct specific content.
• For instance, India and Canada's entertainment and media sectors have positioned themselves on the verge of an intense growth phase, backed by digitization and improving advertising revenues, owing to the enormous consumer demand. The rising rate of investments by foreign media and entertainment majors in the region has developed the M&E infrastructure to a great extent.

Europe Expected to Witness Significant Growth

• Europe's marketing automation software market is expected to grow significantly over the forecast period due to increased marketing investment by most regional end-user verticals and an ever-growing social media penetration. This makes the region a lucrative hub for the studied market.
• The growing adoption of SaaS cloud services, increasing demand for data integration services, and expanding 5G network coverage are some of the significant factors that the market studied is estimated to have a massive scope in the region.
• Most of the European B2B marketers who are using the marketing automated platforms stated that they are not using them to their full potential. Vendors are coupling their software platform offerings with marketing services to provide customized services. This strengthens the concept of Marketing as a Service (MaaS) among the region's business circles. The growing marketplace and the increasing number of marketing channels are also boosting companies to explore new markets by increasing their reach of businesses. This is driving the growth in marketing and pushing companies to deploy automation to streamline the process.
• To further Italy's digitization, the Italian government has made considerable expenditures. Italy included the goal in its three-year plan to accommodate this schedule. Smartphones, social media, cloud computing, artificial intelligence, and big data are some of the digital technologies developed under this plan due to the evolving nature of interactions between institutions and citizens. These factors will therefore support the expansion of the Europe marketing automation software market during the projected period.
• New marketing automation technologies have emerged to help B2C marketers manage customer engagement. B2B marketers manage leads, and marketers of both types manage other marketing processes, such as campaigns and digital asset management (DaM). Many early marketing automation projects were standalone implementations with little integration into back-office systems.

Competitive Landscape

The marketing automation software market has several products available with a number of companies in the market, making it highly fragmented. Hence, innovation in the market is crucial, as consumers opt for products with the latest features. The capital expenditure is also high, which has helped companies with powerful competitive strategies to move forward rapidly.

• February 2021 - Microsoft Corporation provided new updates for Dynamics 365 Marketing software, including simplified Marketing settings, a recovery Items tab for customer journeys and event management, more customization for sending new functionality, and improved delivery reliability for forms. Two months later, it released another update, constituting a revamped email editor. The new email editor is poised to address its customers’ most requested improvements. It improved usability, helping marketers create engaging emails more quickly.
• February 2021 - Pardot (Salesforce) released new Pardot feature enhancements that help set up Pardot faster than ever, maintain engagement data streams with First-Party Tracking, and enhance email personalization functionality deliverability and reporting. It also improved clone actions, so one can easily copy email content or new asset types associated with their campaigns.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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