• June 28, 2024

Technavio Sees Huge Potential in Digital Marketing

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Research firm Technavio expects the global digital marketing software (DMS) market to grow by $105.8 billion, at a compound annual growth rate of 17.16 percent, through 2028. In 2024 alone, the market will grow by 14.84 percent, according to Technavio's projections.

Technavio defines DMS solutions as ones that enable organizations to manage and store documents electronically, streamline business processes, enhance security, and promote efficiency. Key features include document imaging, workflow automation, and retrieval capabilities. Additionally, the integration of artificial intelligence and machine learning technologies is revolutionizing DMS, offering advanced functionalities such as predictive analytics and automated classification, the firm said.

New data sources and a tightening regulatory environment are boosting market growth, while the integration of artificial intelligence is revolutionizing the market with advanced functionalities, such as predictive analytics and automated classification, according to Technavio.

At the same time, data privacy and security concerns pose a significant challenge, according to Technavio. The firm noted that cloud security management is particularly complex, as hacking and breaches are on the rise and open-source code in cloud infrastructure increases the likelihood of flaws. Public clouds, with their multi-tenant nature, are particularly vulnerable. Cyber-attackers can easily access cloud-based data storage systems. Vendors must encrypt client data, implement multifactor authentication, and comply with regulatory guidelines to mitigate these concerns and ensure market growth, it said.

Another challenge is integrating DMS with other business systems and applications. Additionally, training employees to use the new technology effectively can be time-consuming and costly. Furthermore, customizing DMS to meet specific business needs can also be a complex process. Lastly, maintaining the system and providing technical support are ongoing responsibilities.

Despite these challenges, the benefits of DMS, such as increased efficiency and productivity, make it a worthwhile investment for businesses, Technavio concluded. In fact, it called the technology "an essential tool for modern businesses," noting that the market's future "looks promising."

The DMS market is experiencing significant growth due to the increasing demand for online marketing solutions, particularly as social media platforms like Instagram, LinkedIn, and Facebook provide new opportunities for businesses to engage with their audiences and boost brand awareness, according to the firm. DMS solutions offer additional features such as lead generation, customer engagement, and relationship management, "making them essential tools for businesses aiming to increase online presence and sales," it added. "In the contemporary business landscape, the Digital Marketing Software (DMS) market plays a pivotal role in marketing process automation for brands looking to adapt to modern advertising strategies."

Key market players identified in Technavio's report include Adobe, BlueConic., CM Group, Demandbase, HP, HubSpot, IBM, Keap, Microsoft, Oracl, Redpoint Global, Salesforce, SAP, SAS, SimplyCast Interactive Marketing, Nielsen, TransUnion, Viant Technology, Vivial, and Zeta Global.

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