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(Wireless-NewsWire.Com, June 07, 2018 ) The Digital Marketing Software (DMS) market is expected 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. Growing trend of personalized marketing and proliferation of mobile devices has shifted the marketer’s strategy toward enhancing user experience. DMS is leveraged by organizations to manage customer relationship by knowing consumer behavior across various channels and make decisions by integrating information from various databases. BFSI, transportation and logistics, consumer goods and retail, education, healthcare, manufacturing, media and entertainment, and telecom and IT verticals have contributed largely to the growth of digital marketing software market.
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The digital marketing software market is segmented by component, software, service, deployment type, organization size, industry vertical, and region. The software component is estimated to dominate the market in 2017, while the services component are expected to witness the faster growth during the forecast period. DMS empowers enterprises to enhance the customer experience via different channels such as e-mails, text messages, social, and push notifications. Moreover, DMS also helps organizations to analyse the behaviour of customer. Moreover, incorporation of various applications such as augmented reality and virtual reality is a major driver of the software segment of the digital marketing software market across the globe.
The professional services segment is expected to hold a larger market size, whereas the managed services segment is expected to grow at a higher CAGR during forecast period. Professional services help customers to improve productivity and enhance profitability there by helping them to focus on their core business. Such services assist marketers in immediately creating business transaction. Professional services include system integration, testing and optimization, support and maintenance, and training and education. A DMS vendor has a dedicated support team serving customers globally.
The cloud-based DMS deployment is likely to gain traction and grow at a higher CAGR during the forecast period. The cloud solutions are playing significant role in propelling the growth due to their attributes including cost effectiveness, minimum IT investment, automatic integrations, and easy accessibility. Also, mobile marketing and social media marketing are driving the growth of cloud-based DMS solutions. However, security remains to be a critical issue that restricts its adoption. The security issue is gradually being eradicated through rigorous security tests conducted to the highest standards by third parties.
DMS and its associated services are being increasingly adopted by various industry verticals, such as transportation and logistics, healthcare, consumer goods and retail, manufacturing, and energy and utilities to automate marketing functions and increasing the customer engagement, thus, fueling the growth of the digital marketing software market across the globe. The media and entertainment vertical is expected to hold the largest market size during the forecast period. However, the consumer goods and retail vertical is expected to provide growth opportunities for DMS vendors during the forecast period.
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The digital marketing software market by regions is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America to provide a region-specific analysis in the report. North America is expected to dominate the global market from 2017 to 2022, considering the presence of large DMS vendors in the region. Digital revolution has created connected world where boundary does not matter, marketers are keenly participating in this revolution to increase ROI. The region is also considered to be one of the most advanced regions with regards to the technology adoption and infrastructure.
Security and privacy concerns for the confidential data are hampering the growth of global digital marketing software market. This is one of the major identified restraints affecting the widespread adoption of DMS in the global market along with the challenge of integrating DMS tools with the business applications.
The evolving need for Artificial Intelligence (AI) and big data analytics is expected to provide growth opportunities to DMS vendors. Major vendors offering DMS and associated services across the globe are Adobe Systems Incorporated (US), Oracle Corporation (US), SAP SE (Germany), Salesforce.com, inc. (US), IBM Corporation (US), Marketo, Inc. (US), Microsoft Corporation (US), HubSpot Inc. (US), SAS Institute Inc. (US), Act-On Software (US), and SimplyCast (Canada).
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