Marketing software revenue to hit $264bn by 2030
The global digital marketing software market size is expected to reach $264.15 billion by 2030, equivalent to a CAGR of 19.1% from 2022 to 2030.
Analysis by ResearchAndMarkets asserts that the market has been evolving continuously in line with the advancements in technology and the changing needs of the incumbents of various end-use industries and industry verticals, especially small and medium enterprises.
Furthermore, the unabated transition from desktops to smartphones as the rapid increase in the number of smartphone users would expose more individuals to online ads is anticipated to drive the market growth.
In particular, it cites several vendors striking strategic partnerships with end users to help them in strengthening their digital marketing activities. For instance, in February 2021, IBM partnered with Palantir.
The partnership will include IBM’s hybrid cloud data platform designed to make hybrid cloud and AI environments more accessible to organizations. The partnership will support the implementation of AI-infused applications with IBM Watson as well as assist customers or clients in accessing, analyzing, and acting on massive volumes of data.
The growing trend of remote working and collaborative approaches has shifted the focus of marketing campaigns toward social media, search engines, and media websites.
They are leveraging the rising demand for streaming services such as Amazon Prime, Netflix, and Hulu. In Italy, the number of first-time installations of Netflix was up by over 57% in March 2020.
Digital Marketing Software Market Report Highlights
- The adoption of marketing automation software is anticipated to gain traction over the forecast period it is widely used by marketing departments to effectively market their products on multiple online channels, such as websites, email, and social media, and to automate repetitive tasks.
- The managed services segment is anticipated to register the highest CAGR during the forecast period. The increasing need for cloud-based managed services and the growing dependence of organizations on IT assets to improve their business productivity are the major factors contributing to the growth of the managed services segment.
- The cloud segment is expected to register significant growth over the forecast period as it helps businesses in improving cost structures and setting up a control center to monitor, arrange, and coordinate various components of their digital marketing campaign.
- The SMEs segment is anticipated to register the highest CAGR over the forecast period owing to the increasing role of government authorities in the provision of capital to small & medium enterprises for embracing digitization is anticipated to propel the growth of the segment.
- Asia Pacific is anticipated to register the highest CAGR over the forecast period, owing to the increasing popularity of social media and the rising preference for e-commerce and m-commerce, particularly in emerging economies, such as India, Indonesia, and Thailand.