by Digital marketing software enables enterprises and marketers to manage various digital marketing activities like social media marketing, email marketing, SEO, online campaign management, and data analytics in a centralized location. Digital marketing software helps marketers engage and convert new customers through personalized content and automated marketing campaigns. They provide tools for social media publishing and scheduling, website content management, campaign creation and performance tracking, delivery of personalized content to customers, and analytics of digital marketing ROI. Major digital marketing software are used by enterprises across industries like retail, automotive, healthcare, education, and more to increase their digital presence and online sales.
The global digital marketing software market is estimated to be valued at US$45.7 billion in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing Social Media Penetration
One of the major drivers fueling the growth of the digital marketing software market is the rising penetration of social media platforms. As per statistics, over 4.2 billion people globally use social media as of January 2022. Brands are diverting more of their marketing budgets towards social media advertising and influencer marketing to reach targeted audiences. Digital marketing software allows enterprises to effectively monitor and engage customers across different social networking sites in a centralized manner. They provide tools for social media listening, publishing, and measuring the impact of social campaigns. This growing reliance on social media marketing is expected to propel the demand for digital marketing automation tools over the forecast period.
Segment Analysis
The digital marketing software market is dominated by the customer relationship management (CRM) segment which holds more than 25% of the total market share. CRM software helps companies track and build relationships with their customers throughout the customer lifecycle. It provides a centralized database for all customer interactions and purchases which helps companies deliver personalized experiences. other major segments include email marketing, social media marketing, search marketing and content management segments. Email marketing holds the second largest share as many organizations rely on emails for promotions and branding.
PEST Analysis
Political: Government policies around data privacy and cybersecurity impact the growth of digital marketing software. Stricter privacy laws like GDPR increase compliance requirements.
Economic: A strong economy favors increased IT and digital transformation budgets. As organizations aim for higher returns on marketing spend, they increase investments in digital marketing and analytics tools.
Social: Rising social media and mobile usage encourages companies to optimize their presence and engage customers online. Social listening software gains traction to understand consumer sentiment.
Technological: Advances in AI, machine learning and predictive analytics enhance the capabilities of digital marketing platforms. Tools offer personalized experiences, segmentation and testing for optimization.
Key Takeaways
Global Digital Marketing Software Market Size is expected to witness high growth. The global digital marketing software market is estimated to be valued at US$45.7 billion in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
Regional analysis
North America accounts for over 35% share due to technological advances and presence of major vendors in the US and Canada. Asia Pacific follows with a 30% share with China and India contributing significantly to regional spending. Rapid pace of digitalization across industries and availability of homegrown SaaS platforms fuel adoption.
Key players
Key players operating in the digital marketing software market are Adobe, Oracle, SAP, Salesforce, IBM. Acquisition is a key focus area as large players look to enhance their portfolios. For example, Salesforce acquired Tableau, Oracle purchased Responsys and Marketo. Smaller players concentrating on specific functionalities also see increased investments.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
