Marketing Automation Industry to Grow by $15.9 Billion by 2032
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New research by Adroit Market Research indicates that the global marketing automation industry will see immense growth over the next decade. By 2032, marketing automation is estimated to increase revenue by $15.9 billion worldwide. This market growth will change the landscape for how businesses implement advertising to reach more consumers.
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In the wake of the COVID-19 pandemic, marketing automation is rising globally. Businesses realize that automation processes in their marketing strategies create a targeted approach that can be tailored to individual consumers. More marketing firms have begun to use automation and artificial intelligence (AI) to customize consumer content.
This market growth is forecasted to take off during the next decade, raising the revenue generated by the marketing automation industry from roughly $4 billion in 2021 to $15.9 billion by 2032. According to Adroit Market Research, the compound annual growth rate (CAGR) is expected to increase by nearly 13%.
Marketing firms are employing a variety of strategies across platforms, including both in-person and virtually. Specifically, the marketing automation industry will create targeted email campaigns, increase the number and type of posts on social media sites, and increase the use of search engine optimization (SEO).
Post Pandemic Effects
After the pandemic’s negative effects on consumer sales, marketing automation is raising revenues to pre-pandemic levels, and forecasts indicate that growth will continue over the next decade. Leaders in the marketing automation market, including Acoustic, LeadSquared, Keap, and SimplyCast, are targeting products and content with automation technologies.
Companies are taking advantage of the consumer data provided by the cloud. Marketing firms can track user data to inform future marketing and advertising campaigns and personalize marketing content to individual consumers.
Microsoft, a leading Fortune 500 company, is evidence of the increased use of marketing automation technologies. The company released software in 2021 that expanded marketing automation processes, including increasing targeted email campaigns.
Marketing Automation Costs and Risks
In addition, the cost-effectiveness of marketing automation creates opportunities for small and medium-sized businesses to grow their digital marketing strategies. The wide reach of AI and automation technologies helps to explain the large market forecasts for the marketing automation industry.
However, there are risks to growing the marketing automation industry, namely privacy concerns over user data. Companies will need to increase hiring for AI and automation technicians while addressing security and privacy issues for any consumer data that is obtained.
The marketing automation industry is capitalizing on the wide reach of the internet and the spread of social media applications. The North American market is leading the market growth, with forecasts indicating that the Asian Pacific region will continue to expand.
Source: Adroit Market Research