The global digital marketing software (DMS) market was worth USD 25 billion in 2014 and is expected to grow at an estimated CAGR of around 17% over the forecast period. The software helps firms to carry the real-time analysis of the marketing campaigns by integrating various digital mediums and channels.
Digital marketing software (DMS) assists companies to develop and maintain strong customer relationship through digital marketing channels. Various tools incorporated in digital marketing include web analytics, email software, market automation software, CRM, etc. These tools help in creating and developing customer behavior & performance pattern and contribute to personalizing, measure & optimize the marketing drives for the client.
Increased digitalization has facilitated marketers to target better their customers and enhance the user experience. Growing competition has supported evolution in marketing strategies from selling to customer satisfaction and retention.
Interactions and relationships with existing and prospective customers can be improvised & increased through various digital channels such as instant messaging systems, mobile applications, and social networking sites.
Digital marketing share in overall marketing budget of firms and real-time marketing is on the rising because of growing importance of digital marketing which increases need of digital marketing software thus driving market growth.
Rising internet usage and broadband connections make it a potential platform for improving customer interaction. High social media platform attractiveness and increase in mobile device usage make it a potential platform for customer interaction and engagement.
Improved mobile devices have led to increasing in mobile advertising as its reach is far greater than traditional internet advertising. Mobile advertising includes SMS & MMS advertising, mobile web, mobile video & television, and mobile application advertising in addition to various online advertising channels thus propelling market growth.
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Social media advertising has witnessed rapid growth, and it has become an efficient platform to publish a concept, idea or indirect advertisements. Rising popularity of social media websites is expected to drive digital marketing software market over the forecast period.
Increasing demand for handling large amounts of unstructured and structured data is a critical function for having a shorter responsive time thus fueling market growth. Sprouting need of big data analytics in digital marketing and increasing the budget for digital marketing by many companies world-wide is expected to create opportunities for market growth.
Lack of skilled labor in coding and handling marketing software is supposed to restrain the market growth. Shortage of qualified employees has resulted in high fixed cost for software development thus increasing prices for end-use customers. High costs involved in digital marketing is also expected to negate the market growth. Improved employee training and a higher number of educational institutions adopting courses related to this technology are expected to solve this problem over the forecast period.
Selection of relevant digital technique and vendor is a crucial function as digital marketing is a very much diversified field with a lot of technologies, verticals and working methods, there are specified suppliers that excel in a defined area of functioning.
Usage of multiple devices and channels creates functional complexities making it harder to channelize relevant information which is restraining the market. The increasing popularity of videos and trending videos on the internet used by companies for advertising is replacing traditional television advertisements opening new market opportunities.
The market can be segmented according to services, software, organization size, deployment mode and by vertical. By software, the market can be segmented as social CRM, web content management, marketing automation, web analytics, E-commerce, E-mail and CRM software-mail and E- commerce software are mostly used for personal communication and also for financial transactions, exchange of quotations and catalogs.
Organizations try to engage with customers on social sites to take the brand, product or company more into the public. This activity is done using social CRM. CRM software helps firms to manage customer data and customer interaction, automate sales & marketing, access business information, manage employees, vendors and customer support.
By service type, market can be classified as managed services, professional services and deployment & integration. Regarding verticals, market segmentation includes healthcare, BFSI, automotive, retail, manufacturing, IT & Telecom, government, education, and media & entertainment. BFSI sector uses digital marketing software, digital commerce and other similar functions including statement generation and automatic notice dispatching.
Retail and media & entertainment industry depend on digital marketing to a great extent in recent times concerning increased mobile & internet advertising. Government and educational institutions are using more of social advertising on social media and other sites to promote government initiatives and activities.
On basis of deployment mode market can be segmented as on demand or on cloud and on- premises. By organization size, it can be classified as small & medium business and large enterprises. Small & medium business has equal opportunities in the market as it is a diversified market.
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