The digital marketing software market was valued at $48.4 billion in 2020, and is estimated to reach $181.0 billion by 2030, growing at a CAGR of 14.1% from 2021 to 2030.
Digital marketing is the process of marketing products or services to potential customers via digital channels and the internet. Digital marketing has the same goals as traditional marketing, the only difference is the medium used to convey the marketing message. Various digital marketing activities, such as search engine optimization (SEO), social media marketing (SMM), email marketing, search engine marketing (SEM), and content creation are used by businesses to promote their brand to their potential consumers or to retain their customers.
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Rise of the digital marketing budget and boom in social media & advertising drive the growth of the market. However, factors such as increased complexities and lack of skilled personnel hamper the digital marketing software market growth to a certain extent.
On the basis of industry vertical, the media & entertainment segment is expected to grow at the fastest rate during the forecast period. This is attributed to the cost-effective advertising which is a major driving force for the global digital marketing software market. It helps in improving the demand and financial forecast for the media & entertainment industry. Furthermore, the retail & E-commerce segment is forcasted to exhibit fasted growth during the forecast period. This is attributed to the fact that the retail and E-commerce industry is deluged with insights and data points that analyze their audiences and depict ways to connect with them. Various factors such as increase in brand awareness, better connection with audiences, creating hype around products, and reduced gaps in the sales cycle are expected to drive the market in the retail and E-commerce sector.
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By region, the global digital marketing software market is being dominated by North America in 2020, and is expected to maintain this trend during the forecast period. The region witnessed immense potential growth in the digital marketing software market owing to increase in demand from the media & entertainment industries in the region. Further, the ecommerce industry in the region has increased demand for digital marketing software. However, Asia-Pacific is expected to witness exponential growth in the digital marketing industry owing to the governmental support for digitalization, specifically in countries such as India, China, and Singapore. Further, governments have extended their support to small and medium enterprises (SMEs) to utilize digital services for geographical presence expansion.
The digital marketing software industry has been positively impacted by the COVID-19 outbreak. As more businesses enter the online marketplace, the competition for traffic becomes even greater. For this reason, digital marketing plays a critical role in building brand recognition and increasing traffic to business websites. A comprehensive digital marketing software industry strategy starts with creating a search-optimized website and includes an active social media presence.
The key players profiled in the digital marketing software market analysis are Adobe, Google Corporation, Hewlett Packard Enterprise Development LP, HubSpot, Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, Salesforce, Inc., SAP SE, and SAS Institute Inc. These players adopt various strategies to increase their market penetration and strengthen their position in the industry.
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Key Findings of the Study:
- By type, the interaction systems segment led the digital marketing software market size in terms of revenue in 2020.
- By component, the software segment generated the highest revenue in 2020.
- By deployment mode, the on-premise segment generated the highest revenue in 2020.
- By enterprise size, the large enterprises segment generated the highest revenue in 2020.
- By industry vertical, the media & entertainment segment accounted for the highest digital marketing software market share in 2020.
- By region, North America generated the highest revenue during the digital marketing software market forecast.
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