The global digital marketing software market is expected to value US$ 65 Bn in 2022 which is likely to reach US$ 370 Bn by 2032. The projected growth rate is 19% from 2022 to 2032. The expansion of the market can be attributed to the increasing preference for mobile phones to gain information on the go.
The increasing penetration of smartphones has also enhanced the consumption of digital media and is encouraging players to advertise more online ads on digital platforms and on social media for better reachability.
Smartphone preference is rising, which will help the market
The primary driver propelling the market over the forecast period is the increased inclination for smartphones to access information while on the go. The market size has increased due to increased utilisation of digital media and the market’s strong smartphone penetration. The continuous digitization has changed how businesses operate by giving them a useful tool for connecting with numerous industry stakeholders via various channels and social media.
According to a Google survey, 48% of consumers begin their searches on search engines, 33% do so on brand websites, and 26% do so on mobile applications.
Data Security Issues Will Limit Industry Growth
Throughout the projection period, it is anticipated that worries about data security and privacy protection will impede market expansion. Security problems are anticipated to rise as IoT-powered digital platforms proliferate. Some of the key issues impeding market growth are phishing attempts, malware injections, the use of insecure APIs, and social engineering attacks.
Any type of security breach in a company’s data repository, which contains important customer and business information, could result in significant losses for the corporations. These data security breaches could cause identity theft, data theft, and significant financial losses for the organisation.
The key players of the global digital marketing software market adopt various strategies to enhance their influence in the industry. Acquisitions, partnerships, and collaborations are some of the methods adopted to strengthen their presence in the market. Some of the recent developments among the key players are as follows:
- In April 2021, HubSpot developed its CRM platform by launching Operations Hub. With this platform, users can unify customer data in a connected CRM platform, automate a host of time-consuming tasks, maintain a clean database with ease, and ultimately, play an active role in shaping their company’s strategy.
- Likewise, Adobe Inc. announced a partnership with FedEx to boost e-commerce innovation. The integration will give Adobe merchants access to FedEx post-purchase logistics intelligence, which will help them drive demand, reduce cost and gain customer insights.
Key Players of the Industry
- Adobe Inc.
- Hewlett Packard Enterprise
- HubSpot Inc.
- IBM Corporation
- Marketo Inc.
- Microsoft Corporation
- Oracle Corporation