Market Trends of Industrying Technology Market
Automation Tool is Expected to Hold Significant Share of the Market
- Marketing automation is emerging as a progressive platform designed to aid marketers in charging leads, nurturing them further down the marketing funnel, and interpreting campaign implementation and lead behavior. These marketing automation tools are being adopted and perceived as an essential resource for B2B sales and marketing departments primarily looking to grow their company in a digitally connected marketplace. For marketing professionals, automation offers an opportunity for greater efficiency, cost reduction, and an improved customer experience.
- According to Invesp Corporation, marketing automation drives up to a 14.5% growth in sales productivity and a 12.2% decrease in marketing overhead on average. 80% of marketing automation customers witnessed an expansion in the number of leads using automation software tools, and 77% had an upsurge in conversions. Marketing automation leads companies to streamline, automate, and measure marketing tasks and workflows to grow revenue faster and increase operational efficiency. This category of software tech is designed to allow organizations to operate effectively on multiple channels across repetitive tasks.
- Automation helps marketing managers cater to various activities, such as social media management, customer communication, content scheduling, lead nurturing, market research, and analytics, allowing organizations to boost their sales over the forecast period. It also helps identify individual customers' preferences and suggests related services and offerings by using AI and ML algorithms in the background. The advent of Big Data, Machine Learning (ML), and Artificial Intelligence (AI) further fuelled the adoption of predictive personalization, which is anticipated to be the most significant advantage of implementing marketing automation over the forecast period. The AI allows managers to engage new customers that match their existing profiles more efficiently.
- Europe is a prominent region in the market studied, expected to grow due to the growing demand for digital marketing, the rising number of EU-based companies, and personalization for marketing. In addition, the ever-increasing regulatory pressure and reforms to EU data protection rules to protect business data are impacting the adoption of marketing automation software. For instance, the Charter of Fundamental Rights of the European Union acknowledges in Article 8 the right to protect personal data. The fundamental right is developed by the European legal framework on protecting personal data consisting mainly of the Data Protection Directive and the ePrivacy Directive.
- According to Omnisend, data gathered on an email marketing automation platform, automated welcome emails sent by e-commerce players, had a three percent conversion rate in 2022; for automated cart abandonment emails, the rate stood at 2.39 percent. Marketing automation tools also provide integrated behavior-based workflows, which can be used across field service management, project management, and supply chain management to speed up work automatically across different users and from one part of a project to another.
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North America is Expected to Hold Significant Share of the Market
- North America is expected to hold a significant share of the studied market, owing to the early and rapid adoption of advanced technologies across regional multinational companies. North America is a hub for MarTech innovation and investments, with companies such as HubSpot and Salesforce leading the way and startups raising significant funding to drive growth in the industry. The MarTech landscape in North America is dynamic and constantly evolving, with new startups and innovations emerging over the forecast period.
- The players in the region are incorporating the latest technology in their marketing platforms to provide better services to its customer. For instance, in May 2023, Acceleration Partners (AP), the leading global partnership agency, announced it had integrated artificial intelligence (AI) into its partnership marketing data and analytics platform, APVision. The market-leading technology now includes generative AI features that enable client services teams to make faster, smarter decisions when managing partnership marketing programs.
- Similarly, in March 2023, Microsoft launched its new AI assistant named Dynamics 365 Copilot. This new AI assistant would help those applications which handle tasks like customer service, marketing, and sales. This new AI assistant is based on the technology offered by OpenAI Software, which would assist marketers with a product listing for e-commerce and targeting customer categories.
- Owing to personalization, the vendors based in the region are also investing heavily in personalization features. For instance, recently, Klaviyo unveiled its new marketing automation innovations with feature sets such as personalized benchmarks and SMS. A personalized benchmark is a tool that offers merchants data-driven insights into marketing efforts, comparing performance to their peers and offering tangible recommendations for improvement.
- Moreover, most marketing organizations need an enterprise-wide, multichannel communication strategy, so managing multiple marketing campaigns across channels is difficult. Moreover, having effective customer dialogue while staying within budget, enforcing contact policies, and maximizing ROI is challenging. Hence, many marketers adopt campaign management tools that support multiple channels and two-way customer conversations. Marketers have been adopting tools that integrate customer insight and provide the ability to optimize the mix of marketing campaigns to execute a sophisticated multichannel marketing strategy effectively.
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