(MENAFN – GetNews) Marketing Automation Market By Components (Software, Services), Company Size, Applications (Lead Nurturing & Lead Scoring, Email Marketing, Social Media Marketing, Analytics & Reporting, Campaign Management), Industry And Region – Global Forecast by 2024
MarketsandMarkets predicts the market size for Marketing Automation to grow from $ 3.3 billion in 2019 to $ 6.4 billion by 2024 with an annual growth rate of 13.9% from 2019 to 2024. The increasing need for better customer loyalty, increase demand generation, marketing alignment and the sales team and a transparent reporting system are expected to increase the forecast of global marketing automation during the forecast period.
The large enterprise segment is expected to make up the larger market share in the forecast period.
The use of marketing automation in large companies is relatively higher compared to small and medium-sized enterprises (SMEs). This higher usage is due to the affordability and economies of scale that allow large businesses to take advantage of marketing automation technology. Large companies have left no stone unturned to survive in today’s highly competitive industry. Additionally, the need for multi-channel communication to capture leads and improve conversion rates from prospects to customers is likely to drive the growth of the marketing automation market.
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The service segment is expected to grow with a higher CAGR in the forecast period compared to the solutions segment
Marketing automation services have a wide range of uses, from helping the customer with software deployment, strategy, and implementation to meeting the specific business needs of organizations. Marketing Automation Services help companies to connect legacy systems with modern applications and to carry out training and implementation work so that the customer can concentrate on his core business. This has opened the way for vendors to provide services to a diverse company in different industries and to help them configure marketing automation systems to deal with complexities.
The market for marketing automation includes large providers such as HubSpot (USA), Adobe (USA), Oracle (USA), Salesforce (USA), ActiveCampaign (USA), Acoustic (USA), SAS (USA) and Act-On Software ( USA)), Sendinblue (France), LeadSquared (India), Keap (USA), GetResponse (Poland), Ontraport (USA), SharpSpring (USA), SimplyCast (Canada), ClickDimensions (USA) and Net-Results (USA) . These players have pursued different growth strategies in order to expand their global presence and increase their market shares. New product launches and partnerships / collaborations are some of the key players’ strategies to keep growing in the marketing automation industry.
Adobe (USA) is recognized as a leader in the marketing automation market. The company is a global provider of analytics, social targeting, media optimization, digital experience management, cross-channel campaign management, target group management and video solutions. To thrive, the company is focused on understanding the rapidly changing needs of its customers and has put in place effective growth strategies to improve its offerings and increase its market reach. As part of its inorganic growth strategy, the company has actively carried out numerous acquisitions and partnerships in recent years.
- In December 2018, Adobe acquired Marketo, one of the leading providers of B2B marketing engagements. With this acquisition, Adobe’s customers would leverage the Adobe Experience Cloud and Marketo’s lead management solution to maximize their return on investment (ROI).
- In June 2018, Adobe acquired Magento, one of the leading providers of trading platforms. The acquisition was aimed at adding Magneto Commerce Cloud to Adobe Experience Cloud to provide a single end-to-end digital experience platform that includes content creation, marketing, advertising, analytics and commerce for B2B and B2C customers.
Salesforce (USA) is one of the leading providers of business software offered via the cloud platform. The company invests in R&D activities to offer its customers new and technologically advanced products that deliver maximum results. The company has a robust network of partners around the world to help its commercial clients stay competitive in the market. Salesforce can look back on many years of experience in the integration of complementary companies through cooperation and partnerships. Over the past few years, the company has worked successfully with a variety of technology companies to improve their offerings in the marketing automation market.
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- In March 2019, Salesforce expanded its partnership with 6sense to integrate it with Pardot, Salesforce’s marketing automation solution. The integration helps customers of both companies to identify the right target accounts.
In September 2018, Salesforce worked with Demandbase to integrate Salesforce Pardot with Demandbase’s account-based marketing solution. Product integration would enable B2B marketers to gain insights into Demandbase AI-powered accounts in Salesforce Pardot and Sales Cloud and thus effectively connect with the right prospects.
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