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(Hosting-NewsWire.com, October 24, 2019 ) The Digital Marketing Software Market is projected to grow from USD 33.39 Billion in 2016 to USD 74.96 Billion by 2022. The global market is expected to grow at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period, as per a report by MarketsandMarkets.
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Browse 79 Market Data Tables and 38 Figures spread through 143 Pages and in-depth TOC on "Digital Marketing Software Market by Component, Software (CRM Software, Email Marketing Software, and Social Media Advertising), Service, Deployment Type, Organization Size, Industry Vertical, and Region - Global Forecast to 2022"
Why evolving need of AI and big data analytics in digital marketing to open more opportunities?
Artificial Intelligence (AI) is considered as the next technological revolution that would affect how companies interact with data and business processes. This technology builds data models automatically in digital forms and also collects data from multiple resources and uses the information as a knowledge store, which ultimately leads to a precise prediction about consumers’ needs. AI is beginning to impact the DMS market, as most organizations are now focusing on leveraging AI-based applications for improving the customer experience. AI also helps organizations turn highly dissatisfied customers into loyal customers. For instance, CogniCor Technologies (Spain) uses AI to enhance its complaint resolution activities, which resulted in an increased level of customer satisfaction. Apart from AI, big data analytics, IoT, and cloud are other promising technologies that are likely to assist businesses in engaging better with customers and increase the customer satisfaction. With the rise in the adoption of IoT in multiple industry verticals, there is a need for creating, extrapolating, and utilizing actionable insights from the data generated through IoT devices. This is offering numerous opportunities for marketers to better understand customers’ buying behavior and help optimize their brand experience. Therefore, in the next few years, the vendors offering AI, big data analytics, and IoT, as a key functionality in their DMS products, are likely to witness higher adoption across the globe.
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Why selection of relevant digital techniques and vendors is a key challenge?
The digital marketing software market is highly fragmented due to which a large number of players is emerging in the ecosystem. digital marketing software helps in analyzing the consumer behavior, but the challenge is in implementing that behavior into action to turn potential targets into final buyers of the product. Organizations face difficulty in analyzing the correct digital marketing strategy and marketing mix for their brand. After analyzing the tool, difficulty again lies in vendor selection that fits into the specific requirement of digital marketing software. The success of business depends on leveraging the right combination of tools, processes, knowledge, and skills. Hence, these are the challenges faced by digital marketers that are restricting the acceptance of this tool, regardless of its advantages.
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