Marketing Resource Management Market to Be Worth $5.5 Billion by 2026
Research firm markets and markets expects the worldwide marketing resource management market to grow from $3.2 billion this year to $5.5 billion by 2026, at a compound annual growth rate (CAGR) of 10.9 percent.
It cites increased demand for cloud-based solutions and services during COVID 19, rising numbers of small businesses, business expansion by market, growing investments in cutting-edge technologies, and the increased pace of digital transformation as factors driving the growth of the market.
According to MarketsandMarkets, marketing resource management includes solutions for planning and budgeting to help establish marketing objectives and align investments with their strategies. MRM solutions enable users to plan and track financial resources and establish a structured approval process. They can prepare and manage budget requests across different levels of the marketing hierarchy, including organization, plan, brand or product line, industry, and geography. They also support the full life cycle of marketing expenses, including tracking detailed line-item expenses and generating purchase orders and invoices so that users can track forecasted, committed, and actual costs at any budgetary level. Users can ensure that every marketing program and a budget request is reviewed by the appropriate people. Using these solutions, users can circulate, review, and approve important marketing items, including proposed marketing plans and tactics, budget requests, and marketing content. Marketing managers can submit items for review, forward items for feedback, and approve or decline requests. MRM solutions also help businesses combine content management systems with digital asset management systems and deliver personalized content to their users.
The rising shift from on-premises to cloud infrastructure is propelling the demand for cloud-based MRM solutions, particularly among smaller companies, according to the research. This is due to various benefits associated with the cloud, including 24x7 data accessibility, rapid implementation, reduced costs, scalability, and ease of use.
MarketsandMarkets also found that retailers shifting their business operations online during COVID-19 lockdowns is also boosting demand for cloud-based MRM solutions. With the help of MRM software, it becomes easy to market products and target customers based on their digital footprints, it said.
Some of the prominent players identified in the report are Oracle, SAP, SAS, Adobe, Aprimo, Brandmaker, and Allocadia.