Frost & Sullivan: Marketing Automation is a Must-Have Tool to Boost Marketing Efficiency and Drive Revenues
- The software is evolving to be more predictive and intuitive, with key insights available on the go
MOUNTAIN VIEW, California, Feb. 13, 2014 /PRNewswire/ -- The need to integrate marketing efforts to optimize returns on marketing campaign investments is driving the global marketing automation software (MAS) market. Marketers need intelligent tools to identify each sign of customer interest and promptly respond to the sign with relevant personalized content. To handle the velocity and scale of conversations with customers, they need a marketing automation platform that will help them customize the marketing content and automate the timing of all their communications. Organizations also need a tool that will facilitate better collaboration between the marketing and sales teams, and ensure that they manage the customer experience effectively.
New analysis from Frost & Sullivan's Global Marketing Automation Software Market research puts the spotlight on marketing automation to provide a 360 degree perspective of how the solution is driving growth for firms globally. The research finds the market earned revenue of $550.7 million in 2013 and estimates this to reach $1.9 billion in 2020. The analysis shows that almost half of the 2013 market was dominated by three competitors: Marketo, Eloqua and Silverpop, with more than 80 percent of the activity concentrated in the U.S. Future growth will be fuelled by the demand for marketing agility, actionable customer intelligence and ability to measure revenues on marketing campaign performance.
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"Businesses have realized the value of proactively engaging with their customers by leveraging intelligence generated in the marketing automation tool," said Frost & Sullivan Digital Media Industry Analyst Hiral Jasani. "Additionally, measuring the ROI on marketing campaigns across multiple channels is an essential function of today's marketers as customer interactions span several devices and media. Smarter companies that want to take charge of their lead generation and lead nurturing efforts across all relevant channels are increasingly using MAS for a strong competitive edge in the market."
However, it is important to note that marketers often struggle with their content marketing strategies because organizations are not able to streamline internal communication processes and create targeted content libraries, which are important to fully leverage MAS. The availability of free solutions such as email marketing tools and Google Analytics further limits the adoption of MAS.
Many traditional marketers are overwhelmed by the steep learning curve of MAS as well as the amount of data generated on digital channels, including social media and mobile networks. To ease them into using these solutions, marketing automation vendors must actively educate their end users on the powerful capabilities of MAS and provide the necessary training to learn the software. Vendors also need to provide light and user-friendly mobile versions of their software so that marketers and sales executives can stay on top of their campaigns and get regular updates, alerts and triggers on their smartphones and tablets when they are away from the office.
"Establishing a repository of successful case studies with vertical specific use cases will help vendors accelerate the deployment of MAS globally," advised Jasani. "There is a huge demand for extremely powerful, yet easy-to-use marketing automation tools with advanced analytics capabilities."
Leading MAS vendors are already expanding their ecosystem of third party applications and looking to converge with other technology platforms such as content management systems and enterprise video webcasting solutions to provide a complete online marketing solution. This trend is expected to accelerate market consolidation in the next three to five years as large vendors continue to absorb smaller ones.
Global Marketing Automation Software Market is part of the Digital Media (http://www.digitalmedia.frost.com) Growth Partnership Service program. This research provides a detailed discussion on the key factors driving growth in the market, as well as the dynamics restraining vendor growth. The analysis also includes the forecasts and trends, a distribution channel discussion, end-user breakdown, market share analysis, industry convergence implications, demand analysis, pricing and technology trends, hot company watchlist, and the analyst's last word, among other insights. Based on a number of competitive factors such as the depth and breadth of the product and the pricing strategy, the competitive analysis discusses the leading players in the market, the contenders and challengers, as well as emerging and niche players. Most major MAS vendors, including Eloqua, Marketo, Act-On Software, Silverpop and Salesfusion, are positioned in the competitive section based on an in-depth analysis.
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Global Marketing Automation Software Market
NCF8-70
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