Market Scenario:
The global digital marketing software market is foreseen to grow at a CAGR of 16% over the forecast period (2017-2023). Digital marketing software encompasses various tools such as CRM, e-mail, search engine optimization (SEO), web analytics, and other digital marketing techniques that help to create and maintain a compelling online presence. Digital marketing software is used across various industry verticals such as media & entertainment, retail, healthcare, manufacturing, and others.
Digital marketing software helps enterprises track ROI, direct marketing activities and estimate the sales revenue. It helps in process optimization by integrating and automating multiple use cases. Digital marketing is fundamental to business success, and enterprises are increasingly leveraging digital marketing software to connect with current and prospective customers. The rise in growth of digital marketing software can primarily be attributed to growing adoption of digital marketing software by small and medium-sized enterprises, adoption of cloud technologies, the rise in digital marketing budgets, increased internet penetration, the emergence of SaaS-based solutions, and massive usage of social media.
Extensive use of social media worldwide coupled with growing consumer base of internet users and proliferation of smartphones and social media has urged marketers to adopt digital channels to keep up with the current marketing trends. The emergence of cloud which offers the benefits of accessibility, cost-effectiveness and minimum IT investment, adoption of cross-platform and multi-channel marketing and development of predictive analytics are significant drivers of the market. Additionally, government initiatives in digitization of businesses to integrate people, process and technologies have also contributed to the expansion of the market. Furthermore, growing popularity of social media marketing and e-mail marketing also spur the market for Digital Marketing Software Market.
However, data privacy and security concerns, increased functional complexities arising out of use of multiple devices and channels, and lack of skilled workforce who can handle the marketing software hamper the growth of the market. The high cost of digital marketing software is also a major factor impeding the market growth.
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Competitive Landscape:
The global digital marketing software market is highly competitive, and increasing competition among organizations worldwide is creating favorable opportunities for market growth. The key players operating in the market include Adobe Systems Incorporated (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Microsoft Corporation (U.S.), SAS Institute Inc. (U.S.), SimplyCast (Canada), Fujitsu Ltd. (Japan), Oracle Corporation (U.S.), Salesforce.com, Inc. (US), Marketo, Inc. (U.S.), HubSpot Inc. (U.S.), Act-On Software (U.S.), and Amazon Web Services (U.S.) among others.
Segmentation
The global digital marketing software market has been segmented based on component, deployment, organization size, and verticals. By component, the market has been segmented into software and services. The software segment CRM software, email marketing software, video advertising, campaign management, social media advertising and others.
The services segment has been further segmented into managed and professional services. By deployment, the market has been segmented into on-premise and cloud. By organization size, the market has been segmented into SME and large enterprises.
Regional Analysis
The principal markets of the global digital marketing software market include North America, Europe, Asia-pacific and the Rest of the World. North America is leading the market for digital marketing software.
A robust economy, and consolidated media & entertainment industry aid to the growth of the market in the region. Asia-Pacific is expected to expand at the fastest rate over the forecast period due to increased governmental support for digitization. The Europe market is expected to consolidate owing to rising marketing budgets.
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Industry Updates:
- In June 2018, Hubspot and Taboola, entered into a partnership to enable HubSpot users to launch their campaigns on Taboola’s platform. The partnership will allow marketers to distribute content across premium publisher sites and will also help to view real-time reports of campaigns and conversion rates.
- In June 2018, ZoomInfo, a B2B account and contact database platform, announced the integration of its ReachOut offering with HubSpot. The alliance will help ZoomInfo customers import contact data and account data into their HubSpot CRM. The announcement was made the 2018 Growth Acceleration Summit held in Boston.
- In June 2018, Automate.io and HubSpot announced a partnership to automate marketing and sales processes. The partnership will bring the power of AI automation to HubSpot’s customers.
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