Key Market Players in the Digital Marketing Software Market and Its Opportunities for growth

Posted on 2019-10-18 by MarketsandMarkets in Technology // 0 Comments

The Digital Marketing Software Market size was USD 33.39 Billion in 2016 and is projected to reach USD 74.96 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period as per a report by MarketsandMarkets.

Growing trend of personalized marketing and proliferation of mobile devices has shifted the marketer’s strategy toward enhancing user experience. Digital marketing software is leveraged by organizations to manage customer relationship by knowing consumer behavior across various channels and make decisions by integrating information from various databases. BFSI, transportation and logistics, consumer goods and retail, education, healthcare, manufacturing, media and entertainment, and telecom and IT verticals have contributed largely to the growth of the market.

Why evolving need of AI and big data analytics in Digital Marketing to open more opportunities?

Artificial Intelligence (AI) is considered as the next technological revolution that would affect how companies interact with data and business processes. This technology builds data models automatically in digital forms and also collects data from multiple resources and uses the information as a knowledge store, which ultimately leads to a precise prediction about consumers’ needs. AI is beginning to impact the DMS market, as most organizations are now focusing on leveraging AI-based applications for improving the customer experience. AI also helps organizations turn highly dissatisfied customers into loyal customers. For instance, CogniCor Technologies (Spain) uses AI to enhance its complaint resolution activities, which resulted in an increased level of customer satisfaction. Apart from AI, big data analytics, IoT, and cloud are other promising technologies that are likely to assist businesses in engaging better with customers and increase the customer satisfaction. With the rise in the adoption of IoT in multiple industry verticals, there is a need for creating, extrapolating, and utilizing actionable insights from the data generated through IoT devices. This is offering numerous opportunities for marketers to better understand customers’ buying behavior and help optimize their brand experience. Therefore, in the next few years, the vendors offering AI, big data analytics, and IoT, as a key functionality in their DMS products, are likely to witness higher adoption across the globe.

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Key Market Players for Digital Marketing Software Market

Major vendors in the global DCM market include Adobe Systems Incorporated (US), Oracle Corporation (US), SAP SE (Germany), Salesforce.com, inc. (US), IBM Corporation (US), Marketo, Inc. (US), Microsoft Corporation (US), HubSpot Inc. (US), SAS Institute Inc. (US), Act-On Software (US), and SimplyCast (Canada). These players have adopted various strategies, such as partnerships, collaborations, mergers and acquisitions, and new product developments, to strengthen their position in the market.

Adobe Systems adopted the strategies of partnerships, acquisitions, expansion, and new product launches. The company formed a partnership with Idea Cellular to offer better personalized experience to customers. Under this partnership, Adobe systems will empower Idea Cellular by incorporating the deployment of Adobe Experience Cloud, including Adobe Analytics Cloud, Adobe Advertising Cloud, and Adobe Marketing Cloud. This will lead Idea Cellular to map the better customer’s journey with the help of Adobe technologies.

Oracle is also one of the leading players in the DMS market. The company adopted the strategies of partnerships, acquisitions, and product enhancements. The company has been very active in establishing partnership with LinkedIn, WeChat, SAP, Accenture, IBM, and many others, to bring about advanced solutions in DMS to effectively cater to its global clientele.

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