The competition surrounding the marketing automation market has yet to hit its full stride. The industry is still maturing, providing opportunities to forward-thinking service providers that embrace new technologies to support their client needs.
A MarketsandMarkets report suggested the global marketing automation software industry totaled roughly $3.7 billion. By 2019, this figure should reach $5.5 billion, achieving a compound annual growth rate of 8.6 percent.
“The marketing automation market is just getting started.”
The market drivers
The research firm noted organizations seek accountability, support for multiple online channels and third-party application integration – all needs that are contributing to this growing sector.
Integration is a staple of marketing automation, specifically with customer relationship management software. Other reports have detailed the market drivers behind the marketing automation industry, including from a CRM standpoint. A Grand View Research report explained competition in the field has resulted in an increased focus on CRM for marketing and predictive analytics purposes.
Any marketing automation tool worth its weight will integrate with leading CRM suites such as Salesforce and Microsoft Dynamics.
Vendors will have to keep up to drive growth and minimize challenges
Although the global marketing automation industry is in healthy shape regarding future growth, it is not all smooth sailing. MarketsandMarkets indicated that a lack of personalized tools for every organization, data privacy concerns, open-source systems and technology changes could limit the marketplace’s true growth potential.
f potential customers are not confident that marketing automation providers can minimize the challenges listed above, it will be up to those providers to improve their offerings to encourage further adoption. With a marketplace approaching $6 billion, marketing tool vendors will be incentivized to keep up with the latest trends and technologies to ensure customers have a long-term strategic tool.
Trends such as social media and mobile will undoubtedly be areas of focus moving forward. Desired audiences are constantly accessing networks such as Facebook, Twitter and LinkedIn, as well as viewing email through mobile devices. These two developments will be responsible for the greatest changes in terms of how content is consumed during the next five years, making it imperative that organizations increase their presence in these fields to connect with audiences.
As marketing automation vendors focus on integrating mobile and social with their software, as well as addressing any concerns potential clients may have, customers will only benefit from the increased competition across the board. Adopters will be in a position to procure solutions that are more affordable, functional and secure due to this growing competition.