Market Highlights:
The growing need for high computation power, huge volume of data generated each day, cloud-based services, and development in advanced algorithms allows companies to experiment with artificial intelligence (AI) technology. AI uses techniques such as machine learning, deep learning, natural language processing, adaptive learning, and computer vision to analyze the enterprise data and offer detailed insights about the market which helps in making informed decisions for better management of the enterprise.
AI helps in analyzing a large volume of structured and unstructured data and trace meaningful patterns through it which helps in sales forecasting. Predictive analytics offered by AI help marketing enterprises in lead generation and customer acquisition. AI also helps marketers with ad optimization such as media content placement, buying option, advertisement and campaign optimization according to the customer behavioral and usage pattern. With the use of AI-based virtual assistance such as chatbots, digital assistance, recommendation engines, and others, marketing enterprise can offer 24/7 support, manage customer relationship better, and help understand their preference which enhances the customer experience. Increasing demand for digital assistance is expected to drive the growth of AI in marketing.
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Key players
- IBM Corporation. (US),
- Google (US),
- Facebook. (US),
- Amazon.com, Inc. (US),
- Intel Corporation (US),
- Microsoft Corporation (US),
- NVIDIA Corporation (US),
- Salesforce.com, Inc. (US),
- Twitter (US),
- Sentient Technologies Holdings Ltd (US).
Other players include Samsung (South Korea), Baidu, Inc. (China), Albert Technologies Ltd (Israel), Oracle Corporation (US), Micron Technology, Inc. (US), H2O.ai (US), and Oculus360 (US) among others.
According to MRFR, The global Artificial intelligence in marketing market is expected to generate a market value of USD 21 billion by 2023 growing at a CAGR of ~ 26%.
Furthermore, using advanced analytics, AI helps in content curation. These include curating on-demand services, advertisements, articles, promotional advertisements, videos according to the preference of the target audience which helps in brand building. Thus, the growing demand for customer-driven marketing and advertisement are further expected to fuel market growth. However, complex algorithms and data privacy concerns are hampering the growth of the market.
The latest trends prevalent in AI in marketing market are social media image recognition, individual personalization, and conversational marketing. With implementing AI for marketing and advertisement, social media image recognition helps in analyzing millions of pictures within no time. Which also helps the markets to understand consumer behavior and offer personalized content to the consumer accordingly. Also, with continuous advancements in AI technology, chatbots, and digital virtual assistants are also being developed which helps in offering more relevant content to the user which helps in enhancing the overall consumer experience.
Segmentation:
The global AI in marketing market is segmented on the basis of deployment, technology, applications, and verticals.
By deployment, the artificial intelligence in marketing market is bifurcated into on-cloud and on-premise.
By technology, the artificial intelligence in marketing market is segmented into machine learning, adaptive learning, natural language processing, natural language generation, speech recognition, advanced analytics, and computer vision.
By application, the AI in marketing market is segmented into sales forecasting, content curation, virtual assistance, predictive analytics, Ad optimization, dynamic pricing, and others.
Verticals which form the client base of the market include BFSI, retail & e-commerce, government, IT & telecommunication, healthcare, commercial organizations, and others.
Regional analysis:
Region-wise, the artificial intelligence in marketing market is segmented into North America, Europe, Asia Pacific, and Rest-of-the-World.
North America has emerged as the leading player in the global AI in marketing market in the last few years and is likely to remain in the dominant position in the market over the coming years due to the widespread incorporation of data tracking algorithms into corporate strategizing and decision making. The region is also a hotbed for AI research and development, making it likely that novel innovations in the AI in marketing market will debut in the region as well.
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Intended Audience
- Associations, Organizations, Forums, And Alliances
- Cloud Service Providers
- AI Solution Providers
- AI platform Provider
- Government Bodies and Departments
- Technical Universities
- Professional Service Providers
- Research and Development Companies
- Market Research and Consulting Firms
- Technology Standards Organizations
- Technology Investors
- Technology Providers
LIST OF TABLES
Table 1 Global Artificial Intelligence in Marketing Market, by Country, 2018–2023
Table 2 North America: Artificial Intelligence in Marketing Market, by Country, 2018–2023
Table 3 Europe: Artificial Intelligence in Marketing Market, by Country, 2018–2023
Table 4 Asia-Pacific: Artificial Intelligence in Marketing Market, by Country, 2018–2023
Table 5 North America: Artificial Intelligence in Marketing Market, by Country
Table 6 North America: Artificial Intelligence in Marketing Market, by Deployment
Continued….
LIST OF FIGURES
FIGURE 1 Global Artificial Intelligence in Marketing Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis of Global Artificial Intelligence in Marketing Market
FIGURE 4 Value Chain of Global Artificial Intelligence in Marketing Market
FIGURE 5 Share of Artificial Intelligence in Marketing Market in 2018, by country (in %)
Continued….
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