MarketsandMarkets forecasts the global Digital Marketing Software (DMS) Market size to grow from USD 37.48 billion in 2017 to USD 74.96 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period. Major growth factors that would further drive the adoption of the DMS market include growth of social media and advertising, popularity of mobile advertising coupled with growing number of mobile devices, and the focus for personalized marketing.
Social media advertising software is expected to be the fastest growing software in this market. Social media advertising is a big platform and has been booming since the inception of social and professional networking media, such as Facebook, Instagram, YouTube, Skype, Google+, Twitter, and LinkedIn. They have introduced newer ways of connecting to the consumers. Building strong brand image among varied target groups of customers by utilizing digital content is a major factor that is aiding the growth of social media advertising software.
The consumer goods and retail vertical is expected to be the fastest growing vertical in terms of adoption of DMS solutions and services during the forecast period. The consumer goods and retail vertical consists of companies that generate and commercialize goods and services to meet the unique requirements of catalogers, retailers, direct marketers, and manufacturers. The consumer goods and retail vertical is expected to provide growth opportunities for DMS vendors, as the vertical needs effective solutions to build long-term relationship with customers, engaging more number of customers, making decisions based on feedback from every customer, and for expanding demographic reach.
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Cloud-based deployment of DMS solutions is preferred by most of the organizations and is expected to be the fastest growing deployment model during the forecast period. The cloud-based deployment model permits users to access the software from anywhere on any type of devices, such as personal computers, laptops, smartphones, and tablets. The cloud adoption offers easy deployment, minimum cost, easy upgradeability, accessibility, and no requirement of initial capital outlay for purchasing the software. The cloud-based deployment model offers higher agility than the on-premises deployment model. As a result, many verticals, such as Banking, Financial Services, and Insurance (BFSI), healthcare and life sciences, government, Information Technology (IT) and telecom, consumer goods and retail, energy and utilities, transportation and logistics, and manufacturing are increasingly adopting cloud-based DMS solutions.
The Small and Medium-sized Enterprises (SME) segment is expected to grow at a higher CAGR during 2017–2022. The DMS solution allows small enterprises to expand their reach among customers at a low cost, improves conversion rates, and helps to generate higher ROI from digital campaigns. The ability of DMS solutions to create brand recognition, and fast interaction between a customer and an enterprise can significantly enhance an enterprise’s ability to record the revenue growth.
Asia Pacific (APAC) is expected to be the fastest growing region in the DMS market. The high growth rate in APAC is attributed to the increasing technological adoption in India and China. Furthermore, in APAC, organizations have started believing that digital marketing can provide a competitive edge over others, can offer better communications between customer and company, and can help to create a strong brand image leading them to transform legacy marketing strategies to digital marketing.
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Major vendors in the global DCM market include Adobe Systems Incorporated (US), Oracle Corporation (US), SAP SE (Germany), Salesforce.com, inc. (US), IBM Corporation (US), Marketo, Inc. (US), Microsoft Corporation (US), HubSpot Inc. (US), SAS Institute Inc. (US), Act-On Software (US), and SimplyCast (Canada). These players have adopted various strategies, such as partnerships, collaborations, mergers and acquisitions, and new product developments, to strengthen their position in the market.
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