Global Digital Marketing Software Market - Growth, Trends and Forecast | Growth Market Reports

The global digital marketing software market is projected to register a CAGR of 17.2% during the forecast period, 2021–2028. The growth of the market is attributed to the increasing inclination toward location-based advertising, video advertising, and social media advertising.

Digital marketing software enables companies to build and improve their customer relationship using various digital marketing channels. The digital marketing software tools include email software, web analytics, customer relationship management (CRM), and market automation software. These tools allow companies to enhance their customer interaction through various sources such as instant messaging services and social networking sites.

The advent of the digital era has encouraged organizations to adopt various business strategies and operations. Digital marketing is an effective tool that helps companies to connect with various stakeholders in the market through multiple channels such as instant messaging, email, and social networking.

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The digital marketing software allows companies to improve their customer engagement through various channels such as social networking, mobile apps, and instant messaging. Additionally, it helps companies to integrate multiple channels and analyze their real-time advertising campaigns.

The ongoing advancement in the digitalization enables marketers to connect with customers directly and enhance their user experience by proving customized solutions. The intensified market competition has resulted in evolution of marketing strategies. Companies are now focusing on customer satisfaction and retention than just selling products and services. Consumer behaviour and preferences are analyzed by collecting the data through digital marketing campaigns. Consumer’s buying preferences are recognized by utilizing collected data and are further customized to improve the marketing campaigns results.

Digital marketing companies have large repository of data, which constitutes business and consumer’s data. However, the vulnerability in the security of the vital data can negatively impact the digital marketing market. Thus, companies are focusing on enhancing the security of digital marketing software, which is expected to spur the market growth. For instance, in August 2018, Adobe Systems Incorporated announced the update of its email marketing platform, having capabilities such as dynamic reporting, engagement insights, and enhanced security.

The second wave of the COVID-19 pandemic has persuaded people to stay home, which has increased Internet consumption. Companies are changing their marketing strategies to stay ahead of their competitors. On the other hand, governments across the globe have mandated people to stay at home, thus people are socializing through online networking. This, in turn, are rising the digital marketing activities around the world.

Market Drivers, Restraints, Trends, and Opportunities

• Increasing adoption of location-based advertising services by retailers to offer consumers with personalized offers, discounts, and products, is expected to boost the demand for digital marketing software during the forecast period. For instance, visitors entering a mall or shopping center, automatically receive messages on their mobile devices, notifying them about various discounts and offers.
• Growing penetration of smartphones and the presence of robust network infrastructure are driving the demand for mobile advertising solutions across the globe.
• Rising penetration of Internet & social media platforms and increasing spending on digital marketing are boosting the adoption of digital marketing software.
• The emergence of security concerns due to the data access by unauthorized users can restraining the market growth. For instance, issues such as use of insecure application programming interfaces (APIs), rising malware injection, and social engineering attacks are common in cloud-based digital marketing software.
• The COVID-19 pandemic has resulted in the cancellation of various marketing events and is expected to encourage marketers to explore digital alternatives. Companies are focusing on delivering personalized experiences to its consumers, which is expected to fuel the adoption of digital marketing platforms.

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Regional Outlook

In terms of regions, the digital marketing software market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is projected to account for a significant market share during the forecast period. This is owing to the growing consumer preference for online shopping. Companies are investing in digital marketing solutions to find a broader target audience to promoting their content and market their products and services online. This is expected to drive the regional market growth during the forecast period. North America region is home to a large number of players in the market, such as Oracle Corporation, IBM Corporation, and Microsoft Corporation, which is prompting the market growth in this region.

The market in Asia Pacific is expected to expand at a substantial CAGR during the forecast period. High population density and proliferation of Internet and growing adoption of smartphones are expected to drive the regional market growth. Rising number of smartphones users using social media is anticipated to create remunerative opportunities for online advertising. Growing awareness of digital marketing software in the region through campaigns such as Digital Marking Summit Asia is projected to boost the market growth in Asia Pacific.

Competitive Landscape

Key players in the market include Adobe, Inc., Hewlett Packard Enterprise Company, Hubspot, Inc., IBM Corporation, Marketo, Inc., Microsoft Corporation, Oracle Corporation, Salesforce.com, Inc., SAP SE, and SAS Institute, Inc.

Industry participants are focusing on updating their existing products and launching new products. For instance, in November 2017, Salesforce.com, Inc. announced the launch of Sales Cloud Einstein Forecasting CRM software that uses a self-learning algorithm to offer sales forecasts and optimize the advertising strategies.

Market players are heavily investing on business strategies such as collaborations, partnerships and acquisitions. For instance, in September 2017, Oracle Corporation collaborated with Tencent , a leading social media company known for its WeChat Social media platform. The collaboration enables Oracle Corporation’s clients to use their digital marketing software to deliver personalized advertisements to its potential customers.

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