Market Analysis
The global digital marketing software market will reach USD 264.5 billion at a favorable 19.20% CAGR by 2030, states the latest Market Research Future (MRFR) report.
Drivers
Increased Use of Social Media to Boost Market Growth
The increased use of social media has made a huge impact on the digital marketing software market. Social media is the key focus of digital marketers that has paved an effective means for reaching potential clients in a brief time. The advent of social media technologies has assisted companies in building their brands over various customer groups. Different means of advertising like video-content advertising, location-based advertising, and social advertising can be done on social media platforms. This will boost the market growth over the forecast period.
Opportunities
Proliferation of Smartphones to offer Robust Opportunities
The proliferation of smartphones that has increased the consumption of digital media will offer robust opportunities for the market over the forecast period. It has prompted marketers in pushing higher number of online advertisements on social media as well as other digital platforms for more visibility and larger exposure.
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Restraints
Lack of Specialists to act as Market Restraint
The lack of specialists and skilled operators to handle software solutions and increased complexities may act as market restraint over the forecast period.
Challenges
Privacy Issues to act as Market Challenge
Privacy issues and security concerns related to digital marketing software may act as market challenge over the forecast period.
Market Segmentation
The global digital marketing software market is bifurcated based on type and application.
By type, the interaction systems segment will lead the market over the forecast period.
By application, the retail segment will dominate the market over the forecast period.
COVID-19 Analysis
The COVID-19 outbreak has triggered the growth of the digital marketing software positively. There has been an increase in the use of apps that are accessible for different essential services. App developers currently are concerned to revise their ad setups and look for solutions that aid to enhance their capabilities as there is a noteworthy economic downfall in the sector. Besides, SMEs are arranging meetings online and also contacting their prospective consumers online. They are promoting their services and products effectively online. This shift in the trend is positively impacting the market growth.
Regional Analysis
North America to Lead Digital Marketing Software Market
North America will lead the digital marketing software market over the forecast period. Higher number of commercial and industrial sectors, growing economy, improved infrastructure, people’s tendency to adopt such latest trends and reap the perks of better network facility and superior infrastructure, the region being a vital market for brands and companies to get more target audience, promoting their content, and marketing their services and products online, consumers growing preference for online shopping, and various organizations & associations in the region promoting the usage of cloud computing to develop different high-tech solutions are adding to the global digital marketing software market growth in the region.
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Key Players
Eminent industry players profiled in the global digital marketing software market report include Oracle Corporation (U.S.), IBM Corporation (U.S.), SAP SE (Germany), Microsoft Corporation (U.S.), SAS Institute Inc. (U.S.), Adobe Systems (U.S.), HP Enterprise Development L.P (U.S.), Hubspot Inc. (U.S.), and others.
Industry Updates
Oracle has launched a new digital marketing software that will use AI to assist businesses to effectively automate digital marketing campaigns.
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