NEW YORK, Feb. 27, 2019 (GLOBE NEWSWIRE) — According to the market research report published by P&S Intelligence, marketing automation software market is expected to reach $32.6 billion by 2024, registering a CAGR of 13.6%, during the forecast period, the growth in the market can be attributed to the rising adoption of digital marketing, and growing social media usage across the globe.
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Based on the deployment type, the global marketing automation software market is categorized into the cloud and on-premises. Among these, cloud-based deployment of marketing automation software is expected to register a faster growth, during the forecast period. This is primarily attributed to the development of cloud services across the globe, with a growing emphasis on mobility coupled with the increasing demand for scalability and reliability, in order to improve business operations, and enhance IT functionality.
Based on industry, the marketing automation software market is segmented banking, financial services, and insurance (BFSI), telecom and IT, retail, automotive, manufacturing, hospitality, healthcare, government, media and entertainment, e-commerce, education, and others (defense, aerospace, research companies, and logistics). Among these, BFSI category is estimated to hold the largest share in the global marketing automation software market, in 2018. Growing BFSI sector subsequently leads to augmenting need to handle a huge amount of data which can be leveraged to target a greater number of prospects, to achieve lead conversion.
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North America is estimated to hold the largest share in the marketing automation software market in 2018. The major factors pushing the adoption of marketing automation software in the region are perpetual digital marketing growth and proliferating start-ups. Brands in the region are shifting their marketing budgets to digital platforms, since the population is increasingly spending time online, and digital platforms are becoming increasingly pervasive with time and growing economy. The tech-savvy millennials and commercial sectors are contributing to the market growth in North America, by showcasing a rapid inclination toward social media.
Retail and e-commerce sectors are both witnessing a stimulated growth in the region, subsequently resulting in the brands to market on online platforms. Additionally, with rising internet penetration, growing IT sector, and IoT technologies, the scope for innovations is also augmenting. Hence, an increasing focus of vendors to offer advanced techniques for marketing is being observed. These factors are resulting in the growing marketing automation software market in North America.
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Marketing automation software market is highly competitive, predominantly due to the emergence of marketing automation as an essential platform for every business-to-business (B2B) and business-to-consumer (B2B) organizations for lead nurturing and lead generation. Companies such as Adobe System Incorporated and HubSpot Inc. are involved in mergers and acquisitions to enhance their offerings, whereas companies such as Oracle Corporation, and ActiveCampaign, Inc. are involved in product launches.
Some of the key players operating in the marketing automation software market are Oracle Corporation, IBM Corporation, Adobe Systems Incorporated, Salesforce.com Inc., HubSpot Inc, Teradata Corporation, Act-On Software Inc., SharpSpring, Inc., SAS Institute Inc. (SAS), Infusionsoft Inc., and ActiveCampaign Inc.
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APAC is forecast to emerge as the fastest growing automation as a service market in the coming years and is projected to generate $2,444.9 million by 2023. Developing countries such as India and China are the major contributors pushing the APAC market growth, supported by growing BFSI and manufacturing sectors in these countries. Out of the five largest banks in the world, four of them are based in China, which could offer lucrative opportunities for automation as a service vendor. Also, the growing demand for consumer products is forcing manufacturers to adopt efficient and cost-effective automated manufacturing processes.
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