Marketing Automation Market size to grow from USD 3.3 billion in 2019 to USD 6.4 billion by 2024, at a CAGR of 13.9%
Northbrook, IL -- (SBWIRE) -- 11/29/2021 -- According to a new market research report "Marketing Automation Market by Component (Software, Services), Organization Size, Applications (Lead Nurturing & Lead Scoring, Email Marketing, Social Media Marketing, Analytics & Reporting, Campaign Management), Industry & Region - Global Forecast to 2024" published by MarketsandMarkets™, the marketing automation market size expected to grow from USD 3.3 billion in 2019 to USD 6.4 billion by 2024, at a CAGR of 13.9% during the forecast period. The growing demand for automation in the marketing process, increasing need for informed marketing strategy, and maximizing prospect's interest & engagement are some of the major factors driving the growth of the market.
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The large enterprises segment is expected to account for the larger market share during the forecast period.
The use of marketing automation in large enterprises is relatively higher as compared to that of small and medium-sized enterprises (SMEs). This higher use is due to the affordability and economies of scale, which enables large organizations to benefit from the marketing automation technology. Large enterprises have left no stone unturned to compete in today's cut-throat competitive industry. Moreover, the need for a multichannel communication to capture leads and improve the conversion rate of prospects to customers is likely to drive the growth of the marketing automation market.
The services segment to grow at a higher CAGR during the forecast period as compared to the solutions segment
Marketing automation services have a broad scope of usage, ranging from assistance to the client for the deployment of software, strategy, & implementation, to cater to the business-specific needs of organizations. Marketing automation services help businesses bridge legacy systems to modern applications and take care of training and implementation work so that the client can focus on their core business. This has created opportunities for vendors to provide services to a varied organization operating in different industries and help them deal with complexities while configuring marketing automation systems.
IT and Telecom industry vertical is estimated to have the largest market size
IT and telecom companies need to respond to varying market conditions for service variations and different consumer behavior. Hence, these companies engage their marketing personnel and domain experts in managing the requirements of their clients efficiently. The marketing automation software enables IT and telecom enterprises to remain competitive in the market and change their marketing approach as per industry requirements. The marketing automation software is transforming the IT and telecom industry by empowering enterprises with increased speed-to-market and the capability to close deals of a higher value at a faster rate.
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North America estimated to lead the marketing automation market during the forecast period
North America is expected to account for the largest share of the marketing automation market in 2019. The region comprises developed countries, such as the US and Canada, and is considered the most advanced region in terms of adopting digital technologies and cloud-based platforms to increase revenue. The North American region exhibits a wide presence of key industry players offering marketing automation and services, and its financial position enables it to invest majorly in leading tools and technologies for effective business operations.
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