Global Marketing Resource Management Market Size, Trends & Growth Opportunity, By Solution (Financial Management, Project Management, Marketing Analytics, Marketing asset Management, Capacity Planning Management, Brand, and Advertising Management, and Others), By Deployment (On-Premise, and Cloud), By End Customer(Small & Medium Business Enterprises, and Large Enterprises), By Region and Forecast till 2027.
Global Marketing Resource Management Market
The global Marketing Resource Management market was valued at US$ 3.18 billion in 2021 and it is expected to reach at US$ 6.9 billion in 2027 at a CAGR of 11.6 % during forecast period 2022-2027.
Marketing Resource Management also called as MRM software which used to efficiently handle people associated with technology and operations like production, planning and design of marketing process. Emergence of marketing resource management applications have helped organizations with their budgeting and planning. By using MRM software marketing departments can plan their budgets, run strategic programs, tackle potential threats, activities and forecast.
Market Drivers
Rise in number of marketing channels has created need to manage complex marketing activities to promote brand and the products. It is key driving factor which expected to boost the global marketing resource management market growth. This software provides real time updates about the marketing activities and also secures real time access to organizational data with digital accounts. Moreover, increase in demand for MRM software by large enterprises considering high budgets dedicated to marketing activities as compared to SMEs (small and medium size enterprises) which is expected to propel the global marketing resource management market growth. Also, increase need for ensuring brand and regularity compliance will propel the market growth over the forecast period.
Market Restraints
However, lack of trust on new marketing technologies is the major challenging factor which is expected to hamper the global marketing resource management market growth. Also, high cost associated with systems is another challenging factor which is expected to hinder the market growth.
COVID-19 Impact
Due to outbreak of covid-19 as lockdown is imposed by government remote working is adapted by many companies which boost the demand of MRM Solution as enterprises increase spending on marketing and on the industries like BFSI, healthcare, mfg, consumer goods, education as work from home becomes the priority of business.
Recent Development
In 2020 Oracle Corporation introduced an innovative cloud-based customer experience management solution "Oracle Digital Experience" for communication industry which collects and examine customer- interaction data to increase sales and offer seamless services to customers. Simple partnered with Microsoft Corporation and enhance marketing platform by combining the functionality of PowerApps and redefine marketing resource.
Market Segmentation
Global Marketing Resource Management Market is segmented into solution such as Financial Management, Project Management, Marketing Analytics, Marketing asset Management, Capacity Planning Management, Brand, and Advertising Management, and Others, by deployment such as On-Premise, and Cloud, by End customer such as Small & Medium Business Enterprises, and Large Enterprises. Further, market is segmented into Industry such as BFSI, Information Technology, Media & Entertainment, Healthcare, Retail, Automotive, and Others.
Also, Global Marketing Resource Management Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as IBM Corporation, Infor, Inc., Oracle, Inc., Adobe Systems, Inc., Workfront, Inc., North Plains Systems Corp., Microsoft Corporation, Teradata Corporation, SAS Institute, Inc., and SAP SE etc.
Market Taxonomy
By Solution
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