Marketing Automation Industry to Surge Through 2027
Grand View Research expects the global marketing automation market to reach $8.42 billion by 2027, expanding at a compound annual growth rate of 9.8 percent, mainly because of the rising significance of automation in marketing and sales to increase revenue and average deal size, target customers across multiple channels, and retain customers.
The research found that on average, 50 percent of companies are currently using marketing automation, and more than half of B2B companies are planning to implement marketing and sales automation in the coming years.
Also driving the growth are a desire to automate repetitive, monotonous tasks, such as email, social media, and other website functions; technological advancements around artificial intelligence (AI), data science, and analytics; and a desire to engage with customers through various channels, such as messaging, voice, and IoT devices.
The reporting and analytics segment dominates the marketing automation market, and Grand View expects that to continue. At the same time, email remains one of the primary channels for marketing, according to the report, and includes sending newsletters, soliciting sales, requesting donations, and advertising.
Automation has proved beneficial in generating quality leads and rolling out marketing campaigns; the rise of social media and the rapid penetration of mobile and smart devices will foster marketing automation going forward, it also said.
The research also found that cloud deployment was the most preferred way of implementing the software in 2019, and that is expected to continue over the next eight years.
It also noted that small and mid-sized businesses will be the fastest growing segment over the forecast period. Innovation in marketing strategies, increase in productivity, and customer retention are some of the factors that are propelling SMBs to adopt marketing automation solutions.
The report singles out Adobe, Cognizant, Act-On Software, HubSpot, Oracle, Salesforce.com, IBM, Keap (Infusionsoft), and Teradata as industry leaders and expects large vendors to acquire other players to consolidate their market share and expand their portfolios.