Marketing resource management market continues to remain largely concentrated among the emerging companies, while Tier 1 market players are focusing on global expansion through acquisition of their local competitors, according to a new Fact.MR study. Aprimo LLC’s acquisition of ADAM Software to offer integrated marketing operation solutions, and Broadridge Financial Solutions Inc.’s acquisition of MackayWilliams for expanding its market intelligence business, are primary examples of such expansion strategies of leading players.
The study foresees the marketing resource management market to continue on its upward trajectory at an impressive CAGR of nearly 10% over the forecast period, 2018 to 2028. Marketing resource management (MRM) solutions are becoming more of a necessity from being beneficial-to-have assets, with MRM vendors concentrating on the integration of analytics into their offerings. Additionally, marketing resource management is likely to play a pivotal role in the automation of personalized content creation, thereby aiding marketers in time-effective creation of consistent content.
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In response to changing requirements, companies have introduced various application-specific marketing resource management solutions, ranging from capacity planning management and MRA to BAM and creative production management. The report opines that MRA will continue to account for leading revenue share of the marketing resource management market, while creative production management is envisaged to record a relatively faster growth through 2028. Over 50% revenues of the marketing resource management market are estimated to be accounted by MRA and creative production management solutions by 2028-end.
“Individualized messages and offers are becoming more efficacious than mass messages in the marketing landscape. Customer discrepancies apropos of online website content are being offset by marketing solutions providers who aim at tailormade experience provisions related to past behaviors & preferences of their customers. Demand for marketing resource management solutions will ride the coattails of shifting focus of companies toward delivering customized, exceptional, and consistent branded experiences, with branding gradually replacing marketing across all channels,” says a lead analyst at Fact.MR.
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New categories of marketing resource management technologies are imminent as marketing resources will soon witness integration of connected technologies, IoT, and big data sets. Recent rapid rise in the martech industry has resulted in an influx of new vendors in the marketing resource management market, implying specialized and refined development of solutions to manage assets, work, and performance. Companies in the marketing resource management market who adopt specialized applications are likely to get to the forefront, while diving in changing dynamics of the marketing resource management market. Marketing resource management will continue to gain ground, enabling enterprise brands in unlocking better stakeholder satisfaction, while providing superior marketing results.
Surging demand for control of digital assets, along with higher return on investments (ROI), continue to remain key growth determinants for the marketing resource management market in the long run. Provision of real-time and consistent intelligence, which entails improved productivity of IT resources, in combination with effective diagnostic approach of marketing resource management solutions will further fuel their demand in among enterprises.
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In the throes of the modern marketing transformations, B2C marketers are rethinking the role of marketing resource management, with a tranche of new user-friendly tools substituting legacy MRM solutions with agile alternatives. Current marketing resource management market is highly fragmented in nature, with several vendors offering overlapping functionality. B2C marketers are steadily ditching legacy platforms with new tools that offer an easy-to-use, modular, approach to certain MRH use cases. Challenges in navigating through jam-packed space of overlapping vendor capabilities for selecting proper MRM tools as per requirement is a key growth deterrent for the marketing resource management market.