Growing Internet Penetration Rate and Continued Digitalization Augment The Demand Of Digital Marketing Software Market
- by tom-clark
Digital Marketing Software Industry Overview
The global digital marketing software market size is expected to reach USD 264.15 billion by 2030, registering a CAGR of 19.1% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The market has been evolving continuously in line with the advancements in technology and the changing needs of the incumbents of various end-use industries and industry verticals, especially small and medium enterprises. Furthermore, the unabated transition from desktops to smart phones as the rapid increase in the number of Smartphone users would expose more individuals to online ads is anticipated to drive the market growth.
Digital Marketing Software Market Segmentation
Grand View Research has segmented the global digital marketing software market based on solution, service, deployment, enterprise size, end-use, and region:
Based on the Solution Insights, the market is segmented into CRM Software, Email Marketing, Social Media, Search Marketing, Content Management, Marketing Automation, Campaign Management and Others.
- The CRM software segment accounted for the largest revenue share of over 20% in 2021. The increasing adoption of CRM software by businesses to efficiently communicate with their customers is anticipated to fuel the growth.
- The growing popularity of social media has particularly transformed the channels organizations prefer using to build and strengthen relationships with customers.
- The growing usage of social media platforms, such as Instagram, Facebook, Snapchat, Twitter, and Pinterest, by the incumbents of the e-commerce industry to promote products is a major factor driving the growth of the social media segment.
- The continued integration of the latest technologies, such as big data analytics and AI, into social media platforms, is also driving the growth of the segment. For instance, Chatbots are being used aggressively to collect, analyze, and visualize customer-related data, such as responses to products and services.
Based on the Service Insights, the market is segmented into Professional and Managed Services.
- The professional services segment accounted for the largest revenue share of over 65% in 2021. The growing need for skilled and accomplished professionals holding expertise in managing, installing, and troubleshooting software is expected to drive the demand for professional services.
- The growing demand for cloud-based managed services and the increasing dependence of enterprises on IT assets to enhance their business productivity is also emerging as a major factor contributing to the growth of the managed services segment.
Based on the Deployment Insights, the market is segmented into Cloud and On-premise.
- Cloud-based deployment of digital marketing software adds to the flexibility and allows enterprises to customize products and services on a large scale.
- Numerous businesses across the globe still prefer the on-premise deployment model owing to the security benefits offered.
Based on the Enterprise Size Insights, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs).
- The large enterprises segment accounted for the largest revenue share of over 54% in 2021. Increasing adoption of digital marketing software by large businesses to manage their massive customer datasets efficiently is anticipated to drive the growth.
- The Small and Medium Enterprises (SMEs) segment is anticipated to register a significant CAGR over the forecast period. The promising growth prospects of the segment can be attributed to the rising number of SMEs in countries such as Singapore, India, and China.
Based on the End-use Insights, the market is segmented into Automotive, BFSI, Education, Government, Healthcare, Manufacturing, Manufacturing, Media & Entertainment and Others.
- Digital marketing software is widely adopted in the BFSI industry for applications such as statement generation and automatic notification.
- Financial institutions and retail banks are focusing on using location-based advertising for improving consumer engagement. These factors are expected to drive the adoption of digital marketing software in the BFSI industry.
- Media and entertainment companies are also focusing on developing online advertising strategies as part of their efforts to cash in on the proliferation of smartphones and the continued rollout of high-speed data networks.
- Incumbents of the gaming industry, such as Activision Publishing, Inc.; Rovio Entertainment Corporation; and Electronic Arts Inc.; are aggressively adopting video-sharing and social networking platforms for targeting potential customers.
Digital Marketing Software Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The digital marketing software market can be described as a highly fragmented market characterized by intense competitive rivalry. In response to the intensifying competition, some of the market players are upgrading their existing products and launching new products. For instance, in April 2021, HubSpot, Inc. expanded its CRM platform with the launch of Operations Hub. With this product, users can automate a variety of time-consuming operations easily while maintaining a clean database and, ultimately, taking a more active part in formulating the company’s strategies.
Some prominent players in the global Digital Marketing Software market include:
- Adobe, Inc.
- Hewlett Packard Enterprise Company
- Hubspot, Inc.
- International Business Machines Corporation
- Marketo, Inc.
- Microsoft Corporation
- Oracle Corporation
- com, Inc.
- SAP SE
- SAS Institute, Inc.
Order a free sample PDF of the in Digital Marketing Software Market Intelligence Study, published by Grand View Research.
Digital Marketing Software Industry Overview The global digital marketing software market size is expected to reach USD 264.15 billion by 2030, registering a CAGR of 19.1% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The market has been evolving continuously in line with the advancements in technology and…
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