The trends suggest that the digital marketing software market was valued at USD 26.37 billion in 2020 and is expected to reach USD 58.65 billion by 2028. The global market is projected to be recording a CAGR of 14.1% during the forecast period. The digital marketing share in the overall marketing budget of organizations and real-time marketing is on the rise, followed by other factors like the significant importance of digital marketing, which increases the need for digital marketing software. In a recent study conducted by Google, it was found that 48% of the global market consumers start their inquiries on search engines, while 33% search brand websites, and 26% search within mobile applications. Businesses are consenting and willing to engage with their customers on every digital platform with different devices, using digital marketing software, where habits can be tracked and analyzed.
The proliferation of Big Data analytics in fields like digital marketing and the increasing ease of purchasing by removing location constraints are expected to create opportunities for market growth. Social CRM solution is expected to garner high significance over the ongoing forecast period as organizations try to engage with customers on social sites, such as Facebook and Twitter, to publicize their ideas, brands, and products.
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Market Segmentation
Digital marketing is an integral part of different businesses' success in the era of engagement marketing. Promoting products, brands, and services through both online and mobile applications is quickly becoming vital for the success of businesses.
By deployment, the global market is segmented as on-premises and cloud services.
By type, the market has search engine software, social media marketing, mobile and e-mail marketing, marketing automation software, and others like content marketing software.
By end-user industry, the global market is segmented as BFSI, retail, and others like manufacturing, healthcare, IT and telecom, media and entertainment, amongst others.
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Regional Analysis
In recent years, the rise in internet penetration in countries, such as India and China has brought a major region population online. It is expected to result in a profitable opportunity for digital marketing. The factor mentioned above is set to result in a growth of social media presence, leading to a surge in social media-based marketing campaigns.
The Indian region has evolved into a market remarkably suited for investment in the digital space, particularly for consulting firms that assist with the transition to the digital sphere. As the Digital India strategy continues to take a better shape, it is very clear about a "cloud-first" approach. The initiative is expected to result in cloud-based digital marketing software adoption in the country.
Industry News
In 2018, one of the market players, Salesforce.Com Inc., had introduced Datorama as a part of its marketing cloud services. Datorama enables companies to bring together their marketing data from different channels, campaigns, and regions to unlock insights and take action on all marketing activities. With Datorama, customers, including brands and agencies, can help to understand the effectiveness of their marketing investments and optimize in real-time.
In 2018, another market company - IBM Corporation and Colombia, had announced a partnership to leverage the IBM Watson, expand regional language content promotion, and implement state-of-the-art cross-language recommendation systems over multiple media contents, text articles, audio, video, etc. Colombia had leveraged IBM Watson's Natural Language Understanding service to enrich content with additional features, such as named entities, categories, and concepts.
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