Growing social media and popularity of mobile advertising with increasing number of mobile devices are main drives of the market. Moreover, the growing adoption of digital marketing software by Small and Medium-sized Enterprises (SMEs) is expected to drive the market during the forecast period.
According to a new market research report "Digital Marketing Software Market by Component, Software (CRM Software, Email Marketing Software, and Social Media Advertising), Service, Deployment Type, Organization Size, Industry Vertical, and Region - Global Forecast to 2022" published by MarketsandMarkets™, the Digital Marketing Software Market expected to grow from USD 37.48 Billion in 2017 to USD 74.96 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period.
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The media and entertainment industry vertical is expected to hold the largest market size during the forecast period.
The media and entertainment vertical is a major contributor to the market growth. Media companies invest in digital marketing software for integrating the data and analytics from multiple sources.
The growth of this vertical is due to the demand for video, mobile, and social channels which increase the web traffic and ensure best return on advertising investment delivery across paid search and display channels. The media and entertainment vertical is also reaping the benefits of digital marketing software by providing customers with personalized experience for acquiring new subscribers with an aim to retain them.
Data and analytics, email marketing, marketing automation, messaging, and social media marketing are 5 domains where this vertical is expected to invest heavily in the coming years. Hence, the media and entertainment vertical provides various growth opportunities for digital marketing software vendors to invest in.
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Social media advertising segment is expected to grow at the highest CAGR during the forecast period.
With the increasing usage of internet, a large number of customers are active on social media platforms, such as LinkedIn, Facebook, Twitter, Instagram, and YouTube. Hence, these platforms help SMEs and large enterprises to interact with existing and potential customers in real time.
Social media advertising facilitates enterprises to establish customer engagements and enhance their brand presence among the customers. With the growing interest of customers in social media, enterprises prefer to advertise their products on social media to enhance the advertisement performance tracking, which results in an increased return on investment.
Rapidly growing adoption of digital marketing software solutions is expected to make North America the largest market in the global market
With an increasing adoption of digital marketing software in consumer goods and retail, media and entertainment, manufacturing and other industry verticals in developed economies such as US and Canada, the Digital Marketing Software Market is set to grow at a rapid pace in the region. The increasing market share of this segment is predominantly due to the high budget availability to spend on new technologies.
One of the major factors driving the growth of the market in North America is personalized marketing material appealing to an individual customer.
Major vendors in the DMS market include Adobe Systems Incorporated (US), Oracle Corporation (US), SAP SE (Germany), Salesforce.com, Inc. (US), IBM Corporation (US), Marketo, Inc. (US), Microsoft Corporation (US), HubSpot Inc. (US), SAS Institute Inc. (US), Act-On Software (US), and SimplyCast (Canada).
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