MarketsandMarkets forecasts the Marketing Automation Market size to grow from USD 3.3 billion in 2019 to USD 6.4 billion by 2024, at a CAGR of 13.9% from 2019 to 2024. The increasing need for better engagement of customers, boosting demand generation, alignment of marketing & sales team, and transparent reporting system is expected to increase the adoption of marketing automation across the globe during the forecast period.
The large enterprises segment is expected to account for the larger market share during the forecast period.
The use of marketing automation in large enterprises is relatively higher as compared to that of small and medium-sized enterprises (SMEs). This higher use is due to the affordability and economies of scale, which enables large organizations to benefit from the marketing automation technology. Large enterprises have left no stone unturned to compete in today’s cut-throat competitive industry. Moreover, the need for a multichannel communication to capture leads and improve the conversion rate of prospects to customers is likely to drive the growth of the marketing automation market.
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The services segment to grow at a higher CAGR during the forecast period as compared to the solutions segment
Marketing automation services have a broad scope of usage, ranging from assistance to the client for the deployment of software, strategy, & implementation, to cater to the business-specific needs of organizations. Marketing automation services help businesses bridge legacy systems to modern applications and take care of training and implementation work so that the client can focus on their core business. This has created opportunities for vendors to provide services to a varied organization operating in different industries and help them deal with complexities while configuring marketing automation systems.
The marketing automation market includes major vendors, such HubSpot (US), Adobe (US), Oracle (US), Salesforce (US), ActiveCampaign (US), Acoustic (US), SAS (US), Act-On Software (US), Sendinblue (France), LeadSquared (India), Keap (US), GetResponse (Poland), Ontraport (US), SharpSpring (US), SimplyCast (Canada), ClickDimensions (US), and Net-Results (US). These players have adopted different growth strategies to expand their global presence and increase their market shares. New product launches and partnerships/collaborations are some of the significant strategies adopted by the major players to grow further in the marketing automation industry.
Adobe (US) is recognized as one of the leading vendors in the marketing automation market. The company is a global provider of analytics, social targeting, media optimization, digital experience management, cross-channel campaign management, audience management, and video solutions. To achieve success, the company focuses on understanding the fast-changing needs of its clients and has adopted effective growth strategies to enhance its offerings and increase its market reach. As part of its inorganic growth strategy company has actively undertaken numerous acquisitions and partnerships in the past few years.
- In December 2018, Adobe acquired Marketo, one of the leading B2B marketing engagement providers. With this acquisition, Adobe’s customers would take advantage of Adobe Experience Cloud as well as Marketo’s lead management solution to maximize their RoI (return on investment).
- In June 2018, Adobe acquired Magento, one of the key providers of commerce platforms. The acquisition aimed at adding Magneto Commerce Cloud to Adobe Experience Cloud for delivering a single, end-to-end digital experience platform that includes content creation, marketing, advertising, analytics, and commerce for B2B and B2C customers.
Salesforce (US) is one of the leading providers of enterprise software offered through the cloud platform. The company invests in R&D activities to provide its customers with new and technologically advanced products, which would deliver maximum results. The company has a robust partner network across the globe for assisting its commercial clientele to remain competitive in the market. Salesforce has a strong track record of integrating complimentary firms through collaborations and partnerships. In the past few years, the company has successfully collaborated with a large number of technology companies to enhance their offerings in the marketing automation market space.
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- In March 2019, Salesforce extends its partnership with 6sense to integrate it with Pardot, Salesforce’ marketing automation solution. The integration helps both companies’ customers to identify the right target accounts.
In September 2018, Salesforce collaborated with Demandbase to integrate Salesforce Pardot with Demandbase’s Account-based Marketing solution. The product integration would enable B2B marketers to get Demandbase AI-powered account insights in Salesforce Pardot and Sales Cloud and thereby effectively engage with right prospects.
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