The global marketing automation software market to reach $$11.46 billion in 2027, report
The global marketing automation software market was estimated at $3.6 billion in 2020 and is expected to be $11.46 billion in 2027, registering at a Compound annual growth rate, CAGR, of 17.67% through the forecast period (2021-2027) according to the rececnt report by Research and Markets. Owing to the increasing significance of marketing in generating sales and customer retention, marketing services are witnessing a rise in their spending.
To keep the businesses updated with the recent technological disruptions across the world, the marketing managers are strategically spending in marketing automation solutions and tools to adopt the latest digital marketing trends.
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.
From social media marketing, to SEO or content marketing, marketing managers are making significant investments to support and boost their sales. According to a published article by Advertising Age, in 2019, the total marketing services spending amounted to an estimated sum of USD 248.9 billion, out of which the majority was attributed to sales promotion.
The GroupM, one of the world's largest advertising media companies in terms of billings, reported a surge in marketing services spending from $375.19 billion in 2012 to $457.60 billion in 2018. Also, in April 2018, Drift.com Inc. announced that the company raised a total of $107 million to boost its marketing and sales platform. Hence, the increase in spending and investments in developing effective marketing solutions, the need for effective marketing is expected to increase in the future.
Organic visibility is expected to increase in the future due to the growth in social media marketing campaigns. Various brands try to improve their return on investment (ROI) by increasing their social media marketing budget. Social media advertisement targeting is likely to become highly targeted by mirroring Google's Adwords platform. Moreover, 2018 witnessed a 50% increase in social media budget of brands, which is expected to increase even further in 2019.
