Marketing Automation Market Revenues to expand $6.4 billion by 2024
According to a research report "Marketing
Automation Market by Component (Software, Services), Organization
Size, Applications (Lead Nurturing & Lead Scoring, Email Marketing, Social
Media Marketing, Analytics & Reporting, Campaign Management), Industry
& Region - Global Forecast to 2024", published by
MarketsandMarkets, the global marketing automation market size is expected to
grow from USD 3.3 billion in 2019 to USD 6.4 billion by 2024, at a CAGR of
13.9% during the forecast period.
The growing demand for automation in
the marketing process, increasing need for informed marketing strategy, and
maximizing prospect’s interest & engagement are some of the major factors
driving the growth of the market.
Browse 64 market data Tables
and 28 Figures spread through 135 Pages and in-depth TOC on "Marketing
Automation Market by Component (Software, Services), Organization Size,
Applications (Lead Nurturing & Lead Scoring, Email Marketing, Social Media
Marketing, Analytics & Reporting, Campaign Management), Industry &
Region - Global Forecast to 2024"
The large enterprises
segment is expected to account for the larger market share during the forecast
period.
The use of marketing automation in large enterprises is relatively
higher as compared to that of small and medium-sized enterprises (SMEs). This
higher use is due to the affordability and economies of scale, which enables
large organizations to benefit from the marketing automation technology. Large
enterprises have left no stone unturned to compete in today’s cut-throat
competitive industry. Moreover, the need for a multichannel communication to
capture leads and improve the conversion rate of prospects to customers is
likely to drive the growth of the marketing automation market.
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The services
segment to grow at a higher CAGR during the forecast period as compared to the
solutions segment
Marketing automation services have a broad scope of usage, ranging from
assistance to the client for the deployment of software, strategy, &
implementation, to cater to the business-specific needs of organizations.
Marketing automation services help businesses bridge legacy systems to modern
applications and take care of training and implementation work so that the
client can focus on their core business. This has created opportunities for
vendors to provide services to a varied organization operating in different
industries and help them deal with complexities while configuring marketing
automation systems.
IT and
Telecom industry vertical is estimated to have the largest market size
IT and telecom companies need to respond to varying market conditions
for service variations and different consumer behavior. Hence, these companies
engage their marketing personnel and domain experts in managing the
requirements of their clients efficiently. The marketing automation software
enables IT and telecom enterprises to remain competitive in the market and
change their marketing approach as per industry requirements. The marketing
automation software is transforming the IT and telecom industry by empowering
enterprises with increased speed-to-market and the capability to close deals of
a higher value at a faster rate.
North America
estimated to lead the marketing automation market during the forecast period
North America is expected to account for the largest share of the
marketing automation market in 2019. The region comprises developed countries,
such as the US and Canada, and is considered the most advanced region in terms
of adopting digital technologies and cloud-based platforms to increase revenue.
The North American region exhibits a wide presence of key industry players
offering marketing automation and services, and its financial position enables
it to invest majorly in leading tools and technologies for effective business
operations.
HubSpot (US), Adobe (US), Oracle (US), Salesforce (US), ActiveCampaign
(US), Acoustic (US), SAS (US), Act-On Software(US), Sendinblue (France),
LeadSquared (India), Keap (US), GetResponse (Poland), Ontraport (US),
SharpSpring (US), SimplyCast (Canada), ClickDimensions (US), and Net-Results
(US) are some of the leading companies operating in this market.
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