New York, Dec. 16, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Marketing Automation Market" - https://www.reportlinker.com/p06191015/?utm_source=GNW
The major reasons for the rising demand for these solutions are the growing practice of digital marketing and rising number of people using social media. Moreover, small and medium enterprises (SMEs) are adopting these solutions to achieve marketing efficiency and cut costs.
Emails, social media, and websites are being increasingly used by companies of all sizes to promote their products and services. This can be gauged from the forecast that the spending on digital advertisements will increase to $450.7 billion by the end of this year. Hence, with the growing adoption of digital marketing, companies are using marketing automation software for lead generation and scoring, customer relationship management, cross-selling and up-selling, and targeted segmentation.
Cross-channel campaign management (CCCM) solutions remain the most popular as they help in identifying and selecting the target audience, analyzing data, providing customized offers, managing customer contact history, and tracking report generation for each campaign on every channel.
The higher revenue to marketing automation market players is being contributed by cloud-based software because they offer better data scalability and access and reduced IT expenses.
Solution demand will likely to rise the fastest in Asia-Pacific (APAC), which is undergoing rapid digital transformation and witnessing an expansion of internet coverage.
As a result, the banking, financial services, and insurance (BFSI) sector is rapidly adopting these solutions considering the growing usage of digital banking by the populace.
Moreover, during the COVID-19 pandemic, e-commerce and digital banking activities soared, as people were not allowed to step out of their homes, except when absolutely vital. Thus, with companies too having to close physical retail stores and offices, they shifted to the online marketing of products and services. Therefore, e-commerce was responsible for 19% of all retail sales in 2020, compared to 16% the previous year, which has been driving the demand for marketing automation solutions.
The marketing automation market has a fragmented nature due to the presence of established software vendors, including SAP SE, Oracle Corporation, Salesforce.com Inc., Adobe Inc., HubSpot Inc., Teradata Corporation, SharpSpring Inc., ActiveCampaign LLC, SAS Institute Inc., and Act-On Software Inc. To get the upper edge, these firms are vigorously launching new software and services and merging with or acquiring similar firms.
Read the full report: https://www.reportlinker.com/p06191015/?utm_source=GNW
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