Marketing Automation Market with COVID-19 Impact Analysis, by Component (Software, Services), by Application, Deployment Type, Organization Size, Vertical, and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The Global Marketing Automation Market size is projected to reach a CAGR of 12.9% from 2023-2030.
Marketing automation is a technology that helps companies in building better customer engagement campaigns, by eliminating repetitive tasks and helping the marketing department to focus on other critical aspects. The technology facilitates lead generation management, customer lifecycle marketing, and customer retention, among others.
Growth in the number of marketing channels indicates an increase in the volume of data and content generated by users. This increases the possibility of reaching the right customer successfully by understanding the customer’s brand preference. An increase in the number of marketing channels through which marketers can communicate with their customers, easily, has taken the marketing automation market to another level. Enterprises leverage several channels, such as websites, emails, social media platforms, mobile devices, and display ads, to connect with customers. Organizations use cross-channel or multi-channel marketing to enhance the effectiveness of their marketing program and increase the RoI. Marketing automation software helps enterprises automate marketing and sales engagement processes. Marketing automation enables marketers to automate repetitive tasks, such as sending emails, maintaining social media accounts and pages, tracking website interactions, and managing various other tasks.
On the other hand, the prevailing laws and regulations associated with data privacy, such as General Data Protection Regulation (GDPR), act as one of the major issues for marketing automation software vendors. The rules and regulations in various countries regarding the protection of online users’ privacy are different. Some countries have rules where visitors to a web portal must explicitly consent to having cookies stored on their devices. As most of the marketing automation tools depend on cookies for website visitor tracking, this significantly restricts the marketing automation market
With the onset of the COVID-19 outbreak, many B2B marketing companies adopted a “play it safe” approach through which they reduced their marketing budgets until they could analyze the impact on their businesses and had to wait for the economic scenario to improve. According to a survey by Hubspot, almost half of the businesses implemented a cut of 1%-25% of their marketing budgets. In Q1 of 2020, most of the B2B marketing companies reported budget cuts of +26%, but some of the budgets have been restored, resulting in lower overall budgetary cuts due to the pandemic.
The rise of digital marketing channels such as social media, email, and mobile has led to an explosion of data that needs to be analysed and acted upon. Marketing automation platforms help businesses manage and analyse this data, allowing them to make data-driven decisions about their marketing strategies. Customers today expect a personalized experience with the brands they interact with. Marketing automation tools enable businesses to tailor their marketing efforts to the specific needs and preferences of individual customers. Further, with the growing complexity of marketing tasks, businesses need to automate repetitive tasks and workflows to improve efficiency and reduce errors. Marketing automation tools help businesses automate tasks such as email campaigns, lead nurturing, and social media management. The increasing demand for automation tools continues to grow in the market of Market Automation in the upcoming years.
Europe to Dominate the Market