The marketing automation software market size is projected to expand at a CAGR of 9.31% CAGR during the year 2019-2027 and is expected to gain $10,279 million by the end of 2027. An increase in the demand for digital marketing and adoption of the automation tools are key drivers for the growth of marketing automation software market.
The marketing automation software market is segmented by verticals where they are further classified into academic & education, advertising and design, BFSI, healthcare, manufacturing and distribution, media and entertainment, retail and other. Retail is the highest contributing segment with 17.71% share in 2018. The retail industry is one of the major end-users of the marketing automation software market. Marketing automation software offers retail sales that enable solutions that assist in lead generation, building a brand and increasing sales productivity. MAS assist in analyzing the behavior of customer and track customer throughout their buying journey.
Rise in demand for digital marketing and integration of marketing efforts and increased adoption of automation tools in the retail sector are key drivers for the growth of marketing automation software market. Shortage of skilled employees and incorporation with existing marketing system are hindering the global marketing automation software market. Growth in the adoption of cloud-based technology has been gaining rapid traction.
North America is projected to hold the largest market share for marketing automation software by 2027. The key drivers for the growth of the market are a rise in the adoption of cloud computing and usage of internet, rising number of mobile users and rise in demand for SaaS cloud services and expansion of the 4G network. Europe is projected to grow at a high CAGR during the forecast period. The rising demand for data integration will drive market growth in this region. The North America region was the highest contributor to the global market. The countries considered in the North America region are the US and Canada. However, it is the Asia-Pacific marketing automation software market that is projected to exhibit the fastest growth over the forecast period.
The leading players of the marketing automation software market are Etrigue Corporation, Oracle Corporation, Insidesales.Com Inc. (holding company of Inboundio), Infusionsoft (KEAP), Cognizant Technology Solution, International Business Machines Corporation, Adobe Systems, SAS Institute, Sales Force, Act-On Software, Greenrope, SAP SE, Hatchbuck, and Hubspot Inc.