According to the new market research report "ABM Market by Account Type (Strategic ABM, ABM Lite, and Programmatic ABM), Component (Tools and Services), Deployment Model (On-Premises and Cloud), Organization Size (Large Enterprises and SMEs), Industry Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global ABM market size is expected to grow from USD 651.9 million in 2018 to USD 1,196.9 million by 2023, at a Compound Annual Growth Rate (CAGR) of 12.9% during the forecast period.
Major growth factors for the market include the growing focus on identifying the right audience, growth of social media and social advertising, and increased customer lifetime value. Various opportunities present in this market include increasing adoption of cloud-based solutions and growing impact of AI and big data analytics on ABM.
Strategic ABM account types to grow at the highest CAGR during the forecast period
The global ABM market's 3 major types are strategic ABM, ABM Lite, and programmatic ABM. The strategic ABM account type is expected to grow at the highest CAGR during the forecast period, due to an increasing need to focus largely on bigger accounts and target individuals directly in the company. With customer loyalties shrinking, strategic ABM would help marketers expand business loyalties and increase the net basket of the customer.
Government and public sector industry vertical to grow at the highest rate during the forecast period
Industry verticals, including media, telecommunications and IT, BFSI, retail, and eCommerce, healthcare and life sciences, automotive and manufacturing, government and public sector, and others (education, construction and engineering) adopt ABM tools and services. Government and civil service agencies adopt ABM tools and services to understand customer behavior from the managed big data. Government and public sector organization focus on customer-centric strategies to enhance customer satisfaction. They adopt ABM services to leverage new data capabilities for clients in the public sector which shows increased interest in targeting specific job functions.
North America to dominate the global ABM market during the forecast period
North America is expected to hold the largest market size in the global ABM Market by region, as ABM solutions have already penetrated the region. High spend on new technologies drive the market growth in North America. In the region, the percentage of social media users, smartphone users, and ad spending is exceptionally high. Mobile device penetration in the US is more than 90%, followed by Canada, which has given the eMarketers a stronger channel to target the potential customers. All the industry verticals, such as BFSI and media and telecom are expected to adopt ABM practices significantly in their processes.
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