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Need for managing rising marketing budgets and marketing resources, such as digital assets, content, and human resources along with marketing workflows, to drive the adoption of MRM solutions and services
The global Marketing Resource Management (MRM) market size is expected to grow from USD 2.9 billion in 2020 to USD 5.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period. Factors driving the market growth are benefits of modular suites with interconnected solutions and third-party integrations, need for ensuring brand and regulatory compliance, and the need for reducing cycle time projections through content deduplication and distribution. However, factors, such as lack of trust in new marketing technologies and the dilemma of choosing the right and comprehensive platform, are expected to pose challenges in the implementation of MRM solutions.
Cloud deployment type is expected to grow at a higher CAGR during the forecast period
Most of the organizations want access to ostensibly infinite resources with rising technology infusion and an increase in data, and hence, they are increasingly moving towards adopting cloud-based technologies. The cloud deployment model is mostly adopted by the organizations that want rapid implementation, reduced setup, and operational cost. Owing to this, many leading MRM solution providers, such as SAP, SAS, Aprimo, Workfront, and HCL Technologies, are focusing on improving their cloud portfolio, which is another factor that aids to the increase in the adoption of a cloud deployment model for MRM solutions.
Consumer goods and retail industry vertical to hold the highest share during the forecast period
Rising competition and dynamic consumer demands compel consumer goods and retail industry to improve their marketing strategies for enabling enhanced customer experience continuously. With this, organizations across the consumer goods and retail industry are increasingly deploying MRM solutions to improve the allocation of their marketing budgets, optimize vendor, partner, and marketing content management, and streamline the campaign execution and content localization. Furthermore, to adhere to various regulations prevailing in the industry and the need for improving customer and supplier experiences, are various other factors for the high adoption of MRM solutions among consumer goods and retail companies.
APAC to grow at the highest CAGR during the forecast period
The high growth of the market in the Asia Pacific (APAC) can be attributed to the high consumer spending and internet penetration, rising number of business processes, springing startups having limited IT budgets, and increasing adoption of cloud technologies. Furthermore, various global MRM solution providers, including Oracle, IBM, SAP, MRMcore, and Informatica, have their businesses in the region due to the region’s low-cost benefits and high availability of the workforce, with which adoption of MRM solutions is expected to increase rapidly in future across the region.
In-depth interviews were conducted with the Chief Executive Officers (CEOs), Vice Presidents (VPs), communication directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the MRM market.
- By Company – Tier 1–18%, Tier 2–44%, and Tier 3–38%
- By Designation – C-Level Executives–32%, Director Level–36%, and Others–32%
- By Region – North America–38%, Europe–26%, and APAC–10%, MEA– 10%, and Latin America– 8%
The MRM market comprises major solution providers, such as SAP (Germany), SAS (US), Aprimo (US), BrandMaker (Germany), Workfront (US), HCL Technologies (India), Oracle (US), Percolate (US), Allocadia (Canada), Adobe (US), Infor (US), Northplains (Canada), Broadridge (US), Sitecore (US), Contentserv (Switzerland), Bynder (US), censhare (Germany), MarcomCentral (US), Elateral (UK), Capital ID (Netherlands), Wedia (France), NewsCred (US), inMotionNow (US), and Simple (Australia). The study includes an in-depth competitive analysis of key players in the MRM market with their company profiles, recent developments, and key market strategies.
The MRM market revenue is primarily classified into revenues from solutions and services. Solutions revenue is associated with planning and spend management, asset management, channel marketing management, and performance management MRM tools and software. Further, services’ revenue is associated with various consulting and implementation, and training, support, and maintenance services. The market is also segmented on the basis of deployment type, organization size, industry vertical, and region.
Key benefits of the report
- The report would help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall MRM market and the subsegments.
- This report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies.
- The report would help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, and opportunities.