-- Vendors expand marketing automation functionalities beyond email to include mobile, social and display media, finds Frost & Sullivan
MOUNTAIN VIEW, California, May 21, 2015 /PRNewswire/ -- Marketing automation continues to be one of the fastest growing marketing technologies with rapid adoption across global markets. The rapid pace of innovation continues as several new vendors emerge, each offering something unique to appeal to their local customers. Marketing automation helps organizations improve lead quality, automate marketing campaigns, monitor and measure marketing efforts, and drive efficiencies in customer acquisition and retention. The growing need for cross-channel digital marketing in marketing organizations, across industry verticals, will allow software providers to cast their net further and strengthen the business case for marketing automation.
New analysis from Frost & Sullivan, Global Marketing Automation Software Market (https://www.frost.com/ned1), finds that the market earned revenues of $906.9 million in 2014 and estimates this to reach $14.51 billion by 2020. Future market growth will center around Asia-Pacific despite rampant price sensitivity in the region.
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"Marketing automation as a function has moved beyond email and the Web, evolving into a true cross-channel automation platform through tighter integration with mobile, social media, display advertising and search channels," said Frost & Sullivan Digital Media Industry Analyst Hiral Jasani. "As a result, global marketing automation tools have seen a phenomenal rise in demand as small, mid-market and large enterprises, especially in manufacturing, banking and financial service, healthcare, and e-commerce sectors, look to drive marketing efficiencies."
Product development efforts are focused on providing more sophisticated analytics capabilities to end users. Market also witnessed increasing vendor partnerships with technology application providers within the advertising, content marketing, mobile app analytics and social marketing areas.
This surge in demand will be tempered to a certain extent by the low awareness of end users about industry best practices in specific verticals such as pharma and manufacturing. In addition, the inability to demonstrate significant return on investment also deters firms from deploying marketing automation solutions.
Price competitiveness is another challenge; therefore, marketing automation providers must improve their pricing models to achieve economies of scale, especially in emerging markets. Furthermore, increasing market consolidation is also expected to affect growth, as large enterprise software companies continue to swallow pure-play marketing automation technology vendors.
"Marketing automation vendors must be more aggressive in positioning vertical-specific value propositions in order to expand into diverse industries," urged Jasani. "They also need to build partnerships with digital marketing agencies to broaden their presence in different verticals and geographies across the globe."
Global Marketing Automation Software Market is part of the Digital Media (http://www.digitalmedia.frost.com) Growth Partnership Service program. Frost & Sullivan's related studies include: Global Trends in Marketing Process Optimization (MPOS) Market, Video on Demand (VOD) Technology, Global Smart TV and Streaming Media Device Markets, Global Enterprise Video Encoders and Transcoders Market, and Global Enterprise Content Management Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Global Marketing Automation Software Market
Corporate Communications – North America
SOURCE Frost & Sullivan