Global Digital Marketing Software Market - Segmented by Deployment (On Premise, Cloud), Type (E-mail, Customer Relationship Management (CRM), Social CRM, Web Analytics, Marketing Automation, E-commerce, Content Management), Industry (Information Technology, Telecom, BFSI, Media and Entertainment, Retail, Manufacturing, Healthcare, Automotive), and Region - Growth, Trends, and Forecast (2018 - 2023)
The digital marketing software market is expected to register a CAGR of 14.87% during the forecast period (2018-2023) to reach USD 83.61 billion by 2023. Digital marketing is the process of creating and maintaining a compelling and cohesive online presence, namely in search results, on social media, and review sites. It does not refer to possessing a solid web and mobile presence via websites and mobile apps. Utilization of different tools, like social CRM, e-mail, marketing automation, web analytics, and other digital marketing techniques, the digital marketers can utilize data to provide insights into consumer behavior and preferences to gauge, customize, and optimize marketing campaigns and digital experiences for ideal advertising execution.
Increased Utilization of Digital Media is the Major Driver for the Market
Marketing strategies always begin with understanding the customers’ changing needs, wants and characteristics. Digital media keeps a track of customers’ needs and help establish a pattern related to their interests. This helps companies identify and approach the ideal customers for their products. The rapid internet penetration and the huge boost in usage of social media has led to a very large study market for organizations to keep track of developing artificial intelligence to engage and service the customers to keep them involved and help them appreciate the products offered is another strategy, which is gaining rapid traction across the market.
The development of predictive analytics has specific applications; it goes a long way in finding things the customer is interested in and helps attract interest towards the target product sites. Mobile marketing, content and inbound marketing are other ways to expand the marketing base of company through digital marketing.
E-Mail Marketing Holds a Very Important Position in the Current Marketing Trends
E-Mail has been the most effective tool used by mailing organization to spread the advertising campaigns that are launched targeting a mass audience. However, with the evolution of a successful spam detection algorithm, advertising through the mailing forum is becoming difficult with each passing day. The new way to market through emails has been the idea of personalization – identifying potential customers and dispatching targeted mails has been an effective way to avoid spam detection on the marketing front.
Email marketing has been the go-to marketing strategy for most of the small and medium-sized enterprises. With very impressive and attractive emails (with engaging arts), e-mail marketing has been a very successful solution for organizations; click rate, opens, and bounces are some of the parameters, which can be used to evaluate the effectiveness of a marketing campaign. Segmenting email categories to collect and evaluate data to find out the reach of marketing is another efficient way to reduce the redundancy in e-mail marketing campaigns.
Asia-Pacific is expected to have the Highest CAGR in the Forecast Period
Digital marketing solutions are being increasingly employed by companies in Asia-Pacific. Social media strategist and digital content curators are some careers that have emerged out of this. The internet boom that struck the Western world at the turn of the century is spreading slowly across Asia-Pacific. China, India, Japan, and Australia are the biggest markets in the region. Digital marketing had a slow start in China due to government control and the language barrier. However, the situations has changed and the government is now the biggest investor in adoption of new technologies and measures to make businesses function online.
Companies in China have identified m-commerce to be a strong marketing tool. WeChat is one company that has realized this potential and is offering mobile marketing to brands by combining the social and commercial sections. Mobile advertising is also booming with companies, like Coca-Cola launching very interesting marketing campaigns. China has already overtaken United States as the biggest economy in the world. Now, it strives to be the biggest digital economy. Sinorbis is one of the leaders in the Chinese digital marketing market.
Key Developments in the Market