“The global digital marketing software market was valued at $26,610 million in 2016, and is projected to reach at $77,056 million by 2023, growing at a CAGR of 16.6% from 2017 to 2023.”
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Rise of the digital marketing budget and boom in social media & advertising drive the growth of the market. However, factors such as increased complexities and lack of skilled personnel hamper the digital marketing software market growth to a certain extent.
North America dominated the global market in 2016, and is expected to remain dominant during the forecast period, owing to the increase in demand for digital marketing software from the media & entertainment industry. Furthermore, Asia-Pacific is expected to grow at the highest CAGR during the forecast period.
The global digital marketing software market was led by the interaction systems segment in 2016, and the segment is projected to maintain its dominance during the forecast period. However, the management & administration-oriented apps segment is expected to witness the highest growth, owing to the growth in email marketing and emergence of innovative management specific apps.
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The on-premise deployment model generated the highest revenue in 2016. Further, cloud deployments are anticipated to witness the fastest growth rate during the forecast period.
In 2016, the global market was dominated by the media & entertainment industry, and is expected to continue this trend during the forecast period. However, the others segment is expected to witness the highest growth, owing to increase in awareness in the healthcare industry.