Marketing Automation Market Size to Reach USD 13.32 Billion in 2030 | Emergen Research
VANCOUVER, BC, Jan. 16, 2023 /PRNewswire/ -- The marketing automation market size reached USD 4.62 Billion in 2021 and is expected to register a CAGR of 12.5% during the forecast period, according to latest analysis by Emergen Research. Growing trend of organizations to optimize spending in marketing is the key factor driving market revenue growth.
Marketing automation industry has seen significant growth in recent years, driven by a growing need for businesses to improve their marketing efficiency and effectiveness. One of the main drivers of this growth is the increasing adoption of automation by Small and Medium-Sized Businesses (SMBs). These companies are using marketing automation tools to help them compete more effectively with larger enterprises. Additionally, with the rise of e-commerce and digital marketing, businesses are also looking for ways to automate and streamline their digital marketing efforts, which is driving demand for marketing automation.
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The rising trend of organizations to optimize spending in marketing is creating high demand for marketing automation in recent years. As organizations look to optimize spending in marketing, they are increasingly turning to marketing automation tools to help them streamline and measure their marketing efforts. These tools allow organizations to automate repetitive tasks, such as email campaigns and social media posts, and to track the performance of their marketing campaigns in real-time. By using marketing automation organizations can save time and money by reducing the need for manual labor, while also being able to target and engage with their customers more effectively.
Additionally, automation also helps organizations to measure their Return on Investment (ROI) more easily. This increased efficiency and effectiveness can lead to increased revenue growth for the organization, as well as for the marketing automation market. Recent studies have shown that on average, marketing automation can lead to a 14.5% increase in sales productivity and a 12.2% reduction in marketing costs. Many businesses have reported positive results from using marketing automation software, with 80% seeing an increase in the number of leads and 77% experiencing an increase in conversions. A large majority of users, 91%, consider marketing automation to be extremely important for the success of their online marketing activities.
One of the main restraints of marketing automation is the cost and complexity of implementation. Setting up and configuring marketing automation systems can be time-consuming and require significant technical expertise. Additionally, marketing automation software can be expensive, and many businesses may not have the budget to invest in these tools. Another restraint of marketing automation is the need for quality data. The automation process is only as good as the data it uses. If the data entered is incomplete, inaccurate or in poor format, the automation process might not work as expected. This can lead to poor targeting, ineffective campaigns, and a lack of ROI. All these factors are expected to restrain revenue growth of the market.
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The marketing automation market is expected to register a CAGR of 12.5% over the forecast period and revenue is projected to increase from USD 4.62 Billion in 2021 to USD 13.32 Billion in 2030. Growing adoption of intelligent and conversational chatbots in recent years is expected to drive the revenue growth of the market.
Current Trends and Innovations:
Companies are starting to realize the benefits of using chatbots for marketing and customer service. As technology advances, chatbot conversations are becoming more and more natural, making them an increasingly effective way to interact with customers. Additionally, chatbots can help companies save on costs associated with maintaining a call center that operates 24/7 to answer customer requests quickly. Chatbots are expected to become more intelligent in recent years as more investment is made in conversational AI and Natural Language Processing (NLP) technology. Up to 70% of customer interactions involve emerging technology such as chatbots.
These chatbots can not only help companies save on customer service costs but also enhance customer engagement as part of marketing efforts. Therefore, the growing adoption of intelligent and conversational chatbots among organizations is helping to drive revenue growth for the marketing automation market by enabling businesses to improve their marketing efficiency, increase customer engagement, and boost sales.
Major companies included in the market report are IBM Corporation, Cognizant, Oracle Corporation, Marketo, Inc., Salesforce, Inc., HubSpot, Inc., Teradata, SAS Institute Inc., Infusion Software, Inc., and GetResponse.
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Scope of Research
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Emergen Research has segmented global marketing automation market on the basis of component, deployment, organization size, application, end-use, and region:
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