Marketing Automation Market to Reach USD 9.5 Billion by 2027: Report
The marketing automation market is poised for significant growth in the coming years, with a projected value of USD 9.5 billion by 2027. This forecast comes from a new report by MarketsandMarkets™, highlighting the increasing acceptance of marketing automation software and services by enterprises of all sizes.
The key driving factors behind this growth include the numerous benefits of marketing automation, the growing adoption of automation and digitalization, and the rise of digital marketing. These factors have led to a highly competitive market, with emerging players offering niche and differentiated offerings for target customers.
The report highlights that marketing automation software is expected to account for the largest market share during the forecast period. This software enables enterprises to reduce the time and cost involved in targeting customers, while also analyzing customer behavior to enhance the overall customer experience.
In terms of deployment, on-premises solutions are expected to generate significant revenues. This is attributed to the increasing customer-centric approach adopted by organizations, which involves presenting customized information to efficiently meet customer demands. The security concerns associated with private customer data also contribute to the preference for on-premises deployment over cloud-based solutions.
Within the realm of marketing automation, lead nurturing and lead scoring are projected to hold the largest market share. This process allows companies to identify leads that are more ready to be passed on to the sales team based on their behaviors and interests. With an increasing number of complex buying groups in B2B purchasing, advanced applications that utilize intent data for lead scoring are in high demand.
Large enterprises are expected to drive a significant portion of the market revenues due to their higher adoption rate of marketing automation solutions. These enterprises typically have larger budgets for IT infrastructure, a skilled workforce, a substantial customer base, and a cloud-first strategy. All of these factors contribute to their willingness to invest in marketing automation.
In terms of verticals, the IT and Telecom sector is anticipated to dominate the market during the forecast period. Technological advancements have prompted marketers in this industry to refine their traditional approaches and increase their point-of-contact with customers through various channels. Consequently, there is a growing demand for marketing automation to optimize marketing efforts.
Among geographical regions, the Asia-Pacific (APAC) region is expected to witness the fastest growth rate. APAC has embraced new technologies and has a strong focus on customer experience. Industries such as BFSI, retail and consumer goods, and media and entertainment are driving the demand for marketing automation in the region. The social media marketing application is projected to experience significant growth due to increased internet and smartphone penetration in APAC.
Overall, the marketing automation market is primed for substantial growth in the coming years. The adoption of marketing automation software and services by enterprises of all sizes, the benefits it offers, and the rapidly evolving digital landscape are all contributing factors. As businesses continue to prioritize automation and digitalization, the marketing automation market is anticipated to reach new heights.
Source: [https://www.globenewswire.com/news-release/2023/07/27/2471524/0/en/Marketing-Automation-Market-worth-9-5-billion-by-2027-Exclusive-Report-by-MarketsandMarkets.html]
