Northrook, IL -- (SBWIRE) -- 10/25/2019 -- The global Digital Marketing Software Market size to grow from USD 37.48 billion in 2017 to USD 74.96 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period. Major growth factors that would further drive the adoption of the DMS market include growth of social media and advertising, popularity of mobile advertising coupled with growing number of mobile devices, and the focus for personalized marketing.

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.

Cloud-based deployment of DMS solutions is preferred by most of the organizations and is expected to be the fastest growing deployment model during the forecast period. The cloud-based deployment model permits users to access the software from anywhere on any type of devices, such as personal computers, laptops, smartphones, and tablets. The cloud adoption offers easy deployment, minimum cost, easy upgradeability, accessibility, and no requirement of initial capital outlay for purchasing the software. The cloud-based deployment model offers higher agility than the on-premises deployment model. As a result, many verticals, such as Banking, Financial Services, and Insurance (BFSI), healthcare and life sciences, government, Information Technology (IT) and telecom, consumer goods and retail, energy and utilities, transportation and logistics, and manufacturing are increasingly adopting cloud-based DMS solutions.

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