Latest Trends and Technological Advancement in Digital Marketing Software Market
Progressive increase in the number of competitors has resulted in the adoption new marketing strategies right from the phase of product promotion, advertisement, and selling. Increased growth in the number of internet users and technological advancement in digitalization has provided the marketers, various solutions to target specific demographics with the enhanced user experience. Digital marketing is one of the significant methods used for the promotion of various brands and products via internet or any digital media. It consists of various tools/ strategies such as customer relationship management (CRM), e-commerce, web analytics and web content management. Adoption of these methods helps the establishments in generating more revenue as compared to other traditional marketing approaches. Digital marketing software integrates all these approaches thereby providing a single entity to increase the market revenue and enhance user experience.
Market Growth Factors:
According to the survey conducted by Hootsuite, there are about 3.028 billion active social media users all over the world and is expected to rise to 7.524 billion. Social media offers a huge platform for digital marketing in terms of publishing new ideas, concepts, and advertisement. For instance: According to the survey conducted by search engine people, a digital marketing agency in Canada, 60% of the total revenue of Google and Facebook is due to the digital advertising. The Surging trend of social media marketing is expected to drive the digital marketing software market. Rapid advancement in the mobile technology and explosive growth in the number of mobile users has turned out be an efficient platform for marketing. Mobile advertisement services like SMS, mobile web, and mobile videos are the factors propelling the market growth. For instance: On January 2018 InMobi, an independent mobile advertising platform announced the acquisition of Aerserv for $90 Million with the aim of expanding its mobile advertising market.
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Market Segmentation:
The technological segmentation of digital marketing software is listed on the basis of Types which includes the use of software or corresponding services. By Software, the market is segmented as search marketing, social media marketing, content marketing, banner advertisements, email and mobile marketing. Services offered include system integration, support and maintenance and analytics. On the basis of deployment type, the market is bifurcated as the adoption of on-premise installation strategy or use of cloud services. By the application, the market is segmented as follows: Retail sector, IT and Telecommunication, Media and entertainment. Media and entertainment sector is expected to hold the largest revenue shares due to increased promotion of branded products, services.
Regional Analysis:
Based on the regions covered the market is segmented into:
• North America
o US
o Canada
o Mexico
• Europe
o UK
o Germany
o France
o Italy
o Spain
o Rest of Europe
• Asia-Pacific
o China
o India
o Japan
o Australia
o South Korea
o Rest of Asia-Pacific
• LAMEA
o Brazil
o UAE
o South Africa
o Rest of the LAMEA
North America holds for the largest market share owing to the major number of prominent software vendors. Surging trends of big data in digital marketing and the increased budget for digital marketing also forms the key factor in boosting the market. Asia–Pacific is expected to be the fastest growing region owing to the increased number of mobile and social media users.
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Competitive Analysis:
The key vendors in the digital marketing software market are:
- Adobe Systems
- Oracle
- SAP
- Salesforce
- IBM
- Marketo
- Microsoft
- Hubspot
- SAS Institute
- Act-On Software
Large organizations are focusing to expand the digital marketing services by adopting acquisition, merging strategies. For instance: On January 2018 Accenture announced that it has completed the acquisition of Altima- a digital commerce agency with an aim to expand the digital marketing sector.
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