Market Size of Digital Industrying Software Market
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 14.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Digital Marketing Software Market Analysis
The digital marketing software market is expected to record a growth rate of CAGR of 14% during the forecast period. The digital marketing share in the overall marketing budget of organizations and real-time marketing is on the rise, owing to the increase in significant importance of digital marketing, which increases the need for digital marketing software. Buyers today are more empowered than ever and are using Omni-channels to buy a product.
- A recent study by Google found that 48% of consumers start their inquiries on search engines, while 33% search brand websites and 26% search within mobile applications. Businesses are ready and willing to engage with their customers on every digital platform with different devices, using digital marketing software, where habits can be tracked and analyzed.
- The proliferation of Big Data analytics in digital marketing and the increasing ease of purchasing by removing location constraints are expected to create opportunities for market growth. Social CRM solution is expected to garner high significance over the forecast period as organizations try to engage with customers on social sites, such as Facebook and Twitter, to publicize the brand and product.
- However, the lack of skilled labor in handling marketing software is expected to restrain the market growth. The shortage of qualified working professionals has resulted in a high fixed cost of software development.
- To keep businesses updated with the recent technological disruptions worldwide, marketing managers are strategically spending on automating their marketing processes and solutions to adopt the latest digital marketing trends. From social media marketing to SEO or content marketing, marketing managers are investing significantly to support and boost their sales. According to a published article by Advertising Age, in 2021, the full marketing services spending may amount to an estimated sum of USD 250.7 billion, out of which the majority was attributed to sales promotion.
- As the pandemic forced everyone at home most of the time, online shopping gained importance for both essential and non-essential items. However, with difficulty getting delivery time slots for groceries and slower shipping times for most items, there has also been a spike in ABM (Account-based marketing) solutions to personalize and enhance customer service through calls and interactions.
