Marketing Resource Management (MRM) Market to See Significant Growth
Research firm MarketsandMarkets expects the global marketing resource management (MRM) market to grow from $2.9 billion this year to $5 billion by 2025 at a compounded annual rate of 11.8 percent.
Factors driving the market growth are the rise of modular suites with interconnected solutions and third-party integrations, the need for ensuring brand and regulatory compliance, and the need for reducing cycle time projections through content deduplication and distribution.
Emerging market players will find opportunities for expansion due to divestiture of a few major marketing resource management businesses and the growing use of artificial intelligence.
At the same time, though, factors, such as a lack of trust in new marketing technologies and the dilemma of choosing the right and comprehensive platform, are expected to pose challenges in the implementation of MRM solutions. High upfront costs are also expected to restrain the industry for years to come, the research firm predicts.
When it comes to their MCM deployments, companies are increasingly moving toward cloud-based technologies for their rapid implementation, reduced setup, and lower operational costs. Owing to this, many leading MRM solution providers, such as SAP, SAS, Aprimo, Workfront, and HCL Technologies, are focusing on improving their cloud portfolios.
The research also found that companies in the consumer goods and retail industries are among the most active in deploying MRM solutions, mostly to improve the allocation of their marketing budgets; optimize vendor and partner marketing relationships; streamline campaign execution and content localization; and adhere to regulations.
The report identifies SAP, SAS, Aprimo, BrandMaker, Workfront, HCL Technologies, Oracle, Percolate, Allocadia, Adobe, Infor, Northplains, Broadridge, Sitecore, Contentserv, Bynder, Censhare, MarcomCentral, Elateral, Capital ID, Wedia, NewsCred, inMotionNow, and Simple as key players in the MCM space.