The global digital marketing software market size is expected to reach USD 151.8 billion by 2027, registering a of CAGR 17.4% from 2020 to 2027, according to a new study conducted by Grand View Research, Inc. The software can integrate multiple digital content delivery platforms so that organizations can plan, design, and execute marketing campaigns on their own. The software is utilized by companies to perform an in-depth and real-time analysis of campaigns. The proliferation of the internet and the growing use of social media are encouraging companies to increase their spending on creating interactive and intuitive digital content for marketing purposes. This, in turn, is anticipated to drive the market over the forecast period.
The advent of social media has dramatically enabled organizations to increase customer engagement via influencers, allowing organizations to engage in content-driven publicity. Furthermore, the on-going innovations in digital marketing technologies such as virtual influencers and its subsequent applications in the retail industry are anticipated to fuel market growth. For instance, Channel S.A and PRADA have adopted Lil Miquela, a virtual influencer developed by Brud for advertising their products. Moreover, the increasing adoption of Voice of the Customer (VoC) techniques such as online-hosted customer communities that defines a customer’s preference for future products is anticipated to boost the demand for the software over the forecast period. Moreover, the outbreak of COVID-19 has positively impacted the market owing to the increasing social media marketing activities among industries such as automotive, BFSI, education, and healthcare.
Artificial Intelligence (AI) is extensively used to build data models automatically in digital forms and collect data from multiple sources. AI is positively impacting the market, as organizations are emphasizing the adoption of this technology for improving the customer experience. For instance, CogniCor Technologies has integrated AI in its digital marketing software to enable end users to enhance the complaint resolution activities, resulting in an increased level of customer satisfaction. Thereby, the companies offering AI in their software are likely to stay competitive in the market.
Further key findings from the report suggest:
- The marketing automation software is anticipated to gain traction over the forecast period to perform activities such as lead nurturing and collaboration among teams to promote business
- The managed services segment is expected to grow significantly over the forecast period. This can be attributed to the advantages provided by managed services such as remote monitoring and cost-effective management of IT infrastructure through subscription-based pricing models
- The cloud deployment model is expected to gain traction over the forecast period due to its cost-effectiveness and increased accessibility
- The SMEs segment is anticipated to grow remarkably owing to the increasing adoption of social media platforms such as Facebook, Pinterest, and Instagram, by SMEs for activities related to sales and promotion
- In Asia Pacific, the digital marketing software market is anticipated to witness significant growth owing to increasing popularity of social media, e-commerce, and m-commerce particularly in emerging economies such as India, Indonesia, and Thailand
- Key players operating in the market include Adobe, Inc.; Hewlett Packard Enterprise Company; Hubspot, Inc.; IBM Corporation; Marketo, Inc.; Microsoft Corporation; Oracle Corporation; Salesforce.com, Inc.; SAP SE; and SAS Institute, Inc.