The global marketing automation market is predicted to rise at a CAGR of 12.3% during 2022-2032. The marketing automation market share is estimated to reach US$ 15.7 Billion by 2032 from US$ 4.3 Billion in 2021.
Owing to the growing use of mobile phones, the marketing automation market size is expected to grow significantly through 2027. Customer retention and sales generation are becoming more important as digitization spreads which is changing the marketing automation market outlook.
Impact of COVID-19 on the Marketing Automation Systems Industry
Marketing automation market analysis indicates that many organisations, including large corporations and SMEs, have raised their marketing spend during and after the COVID-19 lockdown scenario as a result of the virus outbreak. The market for marketing automation has been affected by the COVID-19 pandemic, which has had a favourable impact on market growth.
Changes in advertising, marketing, promotional, and media spends have emerged from the COVID-19 global pandemic, pushing businesses and brands to rethink present and future advertising and marketing initiatives in order to retain a continuous stream of revenue.
Marketing automation is becoming ingrained in business structures, and as the number of IoT-connected devices grows, the use of automation is projected to grow and evolve. Marketers may use artificial intelligence (AI) and marketing automation to automate and optimise processes throughout the marketing spectrum. The negative impact of the pandemic is being reduced owing to the new marketing automation market opportunities.
How are some issues limiting the market’s growth for marketing automation?
One significant commercial impediment to the expansion of the need for marketing automation is worries about the security and privacy of personal data.
The use of SMAC technology has increased, according to a report on the market adoption trends for marketing automation. Companies now need more robust security and privacy to prevent breaches, which, if unaddressed, would have a detrimental effect on the success of digitalization.
The number of security and privacy flaws increases along with the volume of customer data, making it more susceptible to hackers. Data security and privacy is a crucial issue that needs to be properly addressed.
Several organisations are focusing on using digital platforms to retain their clients, and the demand for marketing automation has been steadily rising during the pandemic.
Through inorganic marketing strategies such as collaborations, investments, and acquisitions, as well as strategic launches to bring changes to their services, the leading players are focusing on expanding their portfolio and enhancing their global footprint. These suppliers have a large customer base and a broad geographic footprint, as well as well-organized distribution systems, which aids in revenue growth.
Recent Developments in the Marketing Automation Market :
- Adobe’s journey optimizer gained mobile marketing personalisation features in February 2022, allowing users to better engage their customers on smartphones. Message Designer, which allows users to create personalised email, push notifications, and in-app messages for customers on mobile devices from a single console; personalised app experiences, which consider app usage and other factors; and unified customer profiles, which drive analytics in workflows, are among the seven capabilities.
- The Dynamics 365 Marketing December 2021 update allows users to construct journey branches based on any attribute, track unsubscribed customers in real-time marketing insights, and manage Microsoft Teams meeting options from the Dynamics 365 Marketing app starting in December 2021. The update also includes bug fixes and general performance improvements.
Key Market Players
- Act-on Software