The global digital marketing software market size is expected to reach USD 182.21 billion by 2028, registering a CAGR of 18.2% from 2021 to 2028, according to a new study conducted by Grand View Research, Inc. The growth can be attributed to the unabated transition from desktops to smartphones as the rapid increase in the number of smartphone users would expose more individuals to online ads. The demand for digital marketing software is expected to increase over the forecast period as smartphones and mobile devices continue to proliferate and communication and exchange of information continue to get more convenient and efficient than before.
The digital marketing software market has been evolving continuously in line with the advances in technology and the changing needs of the incumbents of various end-use industries and industry verticals, especially small and medium enterprises. Several vendors are striking strategic partnerships with end users and helping them in strengthening their digital marketing activities. For instance, in May 2018, Marketo, Inc. announced a partnership with The Pedowitz Group, a revenue marketing consulting firm based in the U.S. in Atlanta, Georgia. The partnership was aimed at operationalizing business accountability, bringing about digital transformation, and enhancing the experience for mid-market manufacturing firms.
Customers are increasingly getting dependent on the latest, advanced technologies to ensure business continuity amid the challenges posed by the outbreak of the COVID-19 pandemic and the subsequent disruptions in supply chains, the growing preference for working-from-home policies, and the evolving customer expectations and preferences. As such, the economic uncertainties stemming from the outbreak of the pandemic are particularly prompting business software vendors and service providers to focus on pursuing customer service-driven strategies and assisting customers in their digital journey. At the same time, brands are also switching from offline marketing to online marketing in the wake of the outbreak of the pandemic.
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The adoption of marketing automation software is anticipated to gain traction over the forecast period as activities, such as lead nurturing and collaboration among marketing teams, continue to be pursued aggressively
The managed services segment is anticipated to register the highest CAGR from 2021 to 2028. The growth can be attributed to the benefits, such as remote monitoring and cost-effective management of IT infrastructure through subscription-based pricing models, associated with the adoption of managed services
The cloud segment is expected to register significant growth over the forecast period owing to the cost-effectiveness and convenient accessibility facilitated by the cloud deployment model
The SMEs segment is anticipated to register the highest CAGR from 2021 to 2028 owing to the aggressive adoption of social media platforms, such as Facebook, Pinterest, and Instagram, among others, by SMEs for sales and promotional activities
Asia Pacific is anticipated to register the highest growth rate over the forecast period, owing to the increasing popularity of social media and the rising preference for e-commerce and m-commerce, particularly in emerging economies, such as India, Indonesia, and Thailand
Grand View Research has segmented the global digital marketing software market based on solution, service, deployment, enterprise size, end-use, and region:
Digital Marketing Software Solution Outlook (Revenue, USD Million, 2018 - 2028)
Digital Marketing Software Service Outlook (Revenue, USD Million, 2018 - 2028)
Digital Marketing Software Deployment Outlook (Revenue, USD Million, 2018 - 2028)
Digital Marketing Software Enterprise Size Outlook (Revenue, USD Million, 2018 - 2028)
Small & Medium Enterprises (SMEs)
Digital Marketing Software End-use Outlook (Revenue, USD Million, 2018 - 2028)
Media & Entertainment
Digital Marketing Software Regional Outlook (Revenue, USD Million, 2018 - 2028)
List of Key Players of Digital Marketing Software Market
Hewlett Packard Enterprise Company
International Business Machines Corporation
SAS Institute, Inc.
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