The increasing requirement for understanding consumer needs and market trends is propelling the growth of the market.
The global digital marketing software (DMS) market is forecasted to reach USD 181.07 Billion by 2028, according to a new report by Reports and Data. The increasing requirement for understanding consumer needs and market trends are one of the major factors driving the market growth. Moreover, extensive adoption of smartphones, along with the popularity of the internet and social media, will also boost the growth of the market in the coming years.
Digital marketing can transform the ways to reach and engage the customers. One of the most significant benefits of digital marketing software is its cost-effectiveness to market the businesses. When it comes to traditional marketing, it is quite challenging for small and medium-sized enterprises with limited budgets to compete with large-sized enterprises. However, with affordable digital marketing tools and software, small businesses can get more for their marketing spend.
Digital marketing analytics is another tool in DMS that analyses the status of all the ongoing marketing activities of a firm. With the help of these tools, the companies can receive appropriate information regarding the validity of those activities in real-time. The software also records insights during the ongoing projects to improve future projects.
The global information and communications technology (ICT) market registered steady revenue growth in 2020, and market size is expected to increase further over the forecast period. Factors contributing to the global ICT market revenue growth are growing penetration of smart mobile devices such as smartphones, tablets, and smart watches, rapid adoption of state-of-the-art technologies such as AI, machine learning, Internet of Things (IoT), big data analytics, and cloud computing, and rapid digitalization across numerous industries including the banking & finance, education, healthcare, automotive, oil & gas, agriculture, buildings & construction, and power & energy industries. Increasing accessibility of the Internet across the globe, emergence of the 5G technology, growing need for faster Internet services for rapid data transfer & processing, introduction of advanced Wi-Fi systems, and rising data security and user safety concerns among consumers are some of the other factors expected to drive the ICT market revenue growth.
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Further key findings from the report suggest
- Among the types, interactive systems accounted for the largest market share of ~36% in the year 2018. The interactive systems provide the organizations with data regarding customer feedbacks and their tastes and preferences. With the rising trend of consumer-centric marketing, interactive systems are gaining traction among marketers.
- The services segment is forecasted to witness a higher growth rate of 15.7% during the forecast period. Digital marketing tools, along with Artificial Intelligence, enables marketers to overcome several difficulties by integrating these tools and software into their operational processes.
- The large-sized organizations account for a larger market share of ~63% in the year 2018, owing to the increasing investments on digital marketing software.
- The on-premises deployment type accounts for a larger market share of ~63% in the year 2018.
- The media and entertainment industry is anticipated to witness the highest CAGR of 16.4% during the forecast period, attributed to the emergence of e-commerce, coupled with the growing popularity of social media platforms.
- With the increasing popularity of social media platforms, it is necessary for companies to invest in social media marketing. The recent statistics show that there are more than 2.6 billion active social media users.
- North America held the largest market share of ~30% in the year 2018, owing to rapid technological advancements and increasing government investments into the development of IoT, artificial intelligence (AI), and machine learning. Moreover, the presence of some of the leading players of the market in the region will also drive the growth of the market in the region.
The transformation from traditional marketing to digital marketing has indeed revolutionized the way businesses connect with their target audience. Digital marketing offers numerous advantages over traditional marketing methods, making it a preferred choice for many companies.
Cost-effectiveness is a significant benefit of digital marketing. Traditional marketing channels like TV ads, billboards, and radio commercials require substantial financial investments, which may not be feasible for smaller businesses. In contrast, digital marketing tools and software provide scalable options, allowing businesses of all sizes to allocate their marketing budget effectively. With digital marketing, companies can choose from a variety of cost-effective tactics such as email communications, PPC advertising, and SEO strategies tailored to their specific goals and budget.
Another advantage of digital marketing is its ability to engage clients and leads through various means. Online platforms offer a wide range of channels to interact with the target audience, including websites, social media, email, and mobile apps. This increased engagement potential enables businesses to build stronger relationships with their customers, deliver personalized content, and gather valuable data for further analysis.
Digital marketing also provides comprehensive and reliable reporting capabilities, allowing companies to track and analyze the exact results of their marketing activities. With tools like web analytics, businesses can measure the effectiveness of their campaigns, monitor website traffic, and gain insights into customer behavior. These data-driven insights enable companies to make informed decisions, optimize their marketing strategies, and allocate resources more efficiently.
One of the most significant advantages of digital marketing is its global reach. Unlike traditional marketing, which is often limited to a specific geographical area, digital marketing activities take place online and can reach a vast, international audience. This global accessibility provides opportunities for businesses to expand their reach and target new markets without the constraints of physical boundaries. It also opens doors for international collaborations and enables companies to connect with customers around the world using practical means such as social media, online advertising, and content marketing.
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Type Outlook (Revenue, USD Billion; 2020-2028)
- Interaction Systems
- Data & Analytics System
- Content Production & Management
- Management & Administration-Oriented Apps
Component Outlook (Revenue, USD Billion; 2020-2028)
- Support and Maintenance
- System Integration
Organization Size Outlook (Revenue, USD Billion; 2020-2028)
- Small and Medium-Sized Enterprises
- Large Enterprises
Deployment type Outlook (Revenue, USD Billion; 2020-2028)
Industry Vertical Outlook (Revenue, USD Billion; 2020-2028)
- Media & Entertainment
Regional Markets Highlighted in the Global Digital Marketing Software (DMS) Market Report:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Top Companies Profiled in the Report:
Oracle Corporation; Adobe Systems Incorporated; SAP AG; IBM Corporation; Marketo, Inc.; Microsoft Corporation; SAS Institute, Inc.; Salesforce.com, Inc.; Hewlett-Packard Enterprise; and Hubspot, Inc, among others.
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