Market Trends of Account-Based Industrying Market
BFSI Sector to Exhibit Maximum Adoption
- Digital transformation and marketing techniques in the BFSI industry are increasingly used for financial services, which helps marketers automate their marketing processes and expand their customer reach. Financial services marketers primarily use account-based marketing within sectors such as insurance, asset management, investments, and commercial banking to identify and target the accounts they value the most.
- Account Based Marketing has enabled BFSI companies to tailor their marketing messages, content, and offers according to the needs and preferences of individual target accounts. By understanding each account's unique challenges and requirements, marketers create personalized experiences with decision-makers. This level of personalization to build stronger relationships, increase engagements, and improve conversion chances have propelled the adoption of ABM solutions in the BFSI industry.
- AI and cloud computing are already being used in the BFSI industry, which helps companies learn more about their customers and how to market to them. Also, marketers like Tata Capital are experimenting with smarter ads with account-based marketing solutions. They also plan to add AI solutions, which help them with customized keyword searches and other online data for human-level outcomes.
- The banks are considerably increasing their spending on marketing and communication activities, adopting different technology-based solutions. In FY2022, Toronto-Dominion Bank (TD Bank) invested CAD 1.36 billion ( USD 1 Billion) in communication and marketing activities and CAD 1.20 billion (USD 0.88 Billion) in 2021.
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North America Expected to Hold Largest Market Share
- North America is expected to hold the largest market share in the account-based marketing market due to the presence of many ABM solution providers based in the region, such as Terminus Software, Marketo by Adobe, Uberflip, Engagio, 6sense Insights, Inc., and many others. The prominent players in the market are incorporating changes to their products to improve their position in the local and global markets.
- The competitive landscape in North America necessitates a targeted approach to marketing. ABM is allowing companies to focus their resources on high-value accounts with the potential for revenue generation. By focusing on specific accounts, many companies are making marketing efforts more efficiently, resulting in increased demand for ABM solutions.
- According to research released in December 2022 by Stirista, a data-driven performance marketing solutions provider, 70% of B2B digital marketing leaders planned to invest in Account Based Marketing technology in 2023. The survey also found that ABM technologies are expected to grow; further, the importance of data on identity and building a correct consumer profile is becoming increasingly important among marketing executives from more than 200 U.S. B2B businesses, and there's a need for a multichannel advertising platform to simplify an advertising process.
- The players operating in the region are introducing new ABM solutions that help customers use the technology and expertise of the improved products and services to grow their market presence. For instance, in August 2022, account-based marketing platform RollWorks, a NextRoll division, announced many new features and improvements. These included Account List Builder, Pixel Assistant, and Site Traffic Revealer. The solutions make it possible for account-based marketing (ABM) platform companies to reach their customers in a targeted way at scale, which speeds up revenue.
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