Global artificial intelligence in marketing market to reach $64.3 billion in 2027, report
The global artificial intelligence in marketing market grew from $17.48 billion in 2022 to $22.64 billion in 2023 at a compound annual growth rate (CAGR) of 29.5%. This market is expected to grow to $64.31 billion in 2027 at a CAGR of 29.8%. This is according to a report by Research and Markets.
Artificial intelligence in marketing have applications in social media advertising, search advertising, dynamic pricing, virtual assistant, content curation, sales and marketing automation, analytics platform, others.
The advancement of technologies is seen as an emerging trend in artificial intelligence (AI) in marketing market. Software companies are bringing new advanced technology for automated and integrated business models. In October 2020, IBM planned to provide its IBM Watson, an AI for business toolset to industry leaders and make it available across the advertising ecosystem. Altering existing business practices can provide firms with improved AI capabilities in language, automation, and trust.
In March 2022, Zoomd Technologies Ltd., an Israel-based company marketing tech company announced the acquisition of Albert Technologies Ltd., for an undisclosed amount. Through this deal, Zoomd aims to expand its products onto a Self-Service and SaaS business model using Albert's expertise in artificial intelligence (AI) and add Fortune 500 customers that will now be able to use Zoomd products and services. Albert Technologies Ltd. is a US-based company offering artificial intelligence marketing solution.
APAC was the largest region in the artificial intelligence in marketing market in 2022. The regions covered in the artificial intelligence in marketing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the artificial intelligence in marketing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The increasing adoption of virtual assistants is expected to drive the artificial intelligence in marketing market. Virtual assistants are services over the internet or dedicated network with delivery on demand. Due to the pandemic and lockdowns, small and medium-scale enterprises are increasingly focusing on streamlining their business models by adopting virtual assistants.
For instance, in April 2022, ThriveMyWay published an article which states that chatbot ecommerce transactions is projected to hit $112 billion by 2023. Conversational technologies such as virtual agents and chatbots can help businesses save up to 30% on customer support costs. Hence, the increasing adoption of virtual assistants will increase the demand for artificial intelligence in the marketing market.
