Digital marketing is essential to businesses' success in the era of engagement marketing. Promoting brands, products and services through mobile applications and online is quickly becoming essential for the success of businesses. A recent study by Google found that 48 percent of consumers start their inquiries on search engines, whereas 26 percent search within mobile applications and 33 percent search brand websites. Businesses are willing and ready to engage with their clients on every digital platform with different devices by using digital marketing software, where habits can be analyzed and tracked.
According to Data Bridge Market Research the Digital Marketing Software Market accounted for USD 56.48 billion in 2021, and expected to reach USD 187.86 billion by 2029. The market is expected to grow with a CAGR of 16.21% from 2022 to 2029.
“Growth in internet penetration is expected to drive the market”
The increasing internet penetration is expected to drive the growth of the digital marketing software market. Internet penetration is increasing with the growing usage of smartphones and the rising influence of social networking sites. The ever increasing presence of social advertising and social media and growing dependence on broadband and internet connection is responsible for the growth of the digital marketing software market. Companies are using digital marketing strategies to analyze consumer preferences and behavior in real time and market themselves. This will create a significant demand for digital marketing software because this software solution is the best tool to target audiences online. Hence, demand for digital marketing software will grow with the increasing internet penetration.
What restraints the growth of digital marketing software market?
“Concerns associated with data security and privacy protection”
Data security and privacy protection concerns are anticipated to hamper the growth of the market. Malware injections, phishing attacks, social engineering attacks, and insecure application programming Interfaces (APIs) are some major issues in digital marketing software. As enterprises have large customer data, any of the above security issues could lead to events, such as identity theft, data theft and culminating in major losses.
Segmentation: Digital Marketing Software Market
The digital marketing software market is segmented on the basis of component, software, deployment type, organization size and end user.
- On the basis of component, the digital marketing software is segmented into software, services.
- On the basis of software, the digital marketing software is segmented into customer relationship management software, email marketing software, social media advertising, search marketing software, web content management software, marketing automation software, campaign management, video advertising.
- On the basis of deployment type, the digital marketing software is segmented into on-premises, cloud.
- On the basis of organization size, the digital marketing software is segmented into large enterprises, small and medium-sized enterprises.
- On the basis of end user, the digital marketing software is segmented banking, financial services, and insurance, transportation and logistics, consumer goods and retail, education, healthcare, manufacturing, media and entertainment, telecom and IT, travel and hospitality, others.
Regional Insights: North America is expected to dominate the digital marketing software market
North America is expected to dominate the market and grow significantly due to the presence of major brands and companies in this region. Furthermore, increasing consumer preference for online shopping will likely drive the market growth.
In addition, the Asia-Pacific region is likely to register highest growth rate during the forecast period of 2022 to 2029 due to the proliferation of smartphones and high population density and. in this region. Furthermore, increasing internet penetration in countries such as China and India will further boost the market growth in this region.
Recent Development: Digital Marketing Software Market
- In 2021, Intuit Inc. acquired Mailchimp for an undisclosed amount. Through this acquisition, Intuit added another capability to its portfolio and will work to provide an advanced innovative, end-to-end customer growth platform for medium and small businesses.
- In 2022, LTK, a digital marketing platform, launched a self-serve solution to connect brands, creators and consumers. The new solution enables brands of all sizes to directly manage, build and scale their influencer marketing plans across various publishing platforms.
To know more about the study visit http://www.databridgemarketresearch.com/reports/global-digital-marketing-software-market
The Prominent Key Players Operating in the Digital Marketing Software Market Include:
- Adobe (U.S.)
- Oracle (U.S.)
- HubSpot, Inc. (U.S.)
- SAS Institute Inc. (U.S.)
- Hewlett Packard Enterprise Development LP (U.S.)
- SimplyCast (Canada)
- Act-On Marketing Automation (U.S.)
- Infor (U.S.)
- Yesware, Inc. (U.S.)
- Sailthru. Inc. (U.S.)
- Vivial Inc. (U.S)
- Keap (U.S.)
- IBM (US)
- SAP SE (Germany)
- Microsoft (U.S.)
- ThriveHive (U.S.)
- Demandbase, Inc. (U.S.)
- WordStream (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of digital marketing software market companies contact? https://www.databridgemarketresearch.com/contact
Research Methodology: Global Digital Marketing Software Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
