Growth in the adoption of customer-centric marketing strategies, increase in demand for virtual assistants, and increased use of social media for advertising are the major factors driving the demand for AI-based marketing and sales solutions.
Customers continuously seek better services and products, and companies try to achieve a model that makes both these requirements attainable without much investment. AI is gaining momentum owing to its agile structure, which offers a high level of satisfaction and customer retention.
AI systems offer fast response, tailored approach, highly accurate information, and fewer redundancies—all of which are the key factors to enhance customer experience. Moreover, AI combines data from multiple resources and uses it as a database, which ultimately results in accurate predictions about consumer needs.
The artificial intelligence (AI) in marketing market was valued at USD 5.00 Billion in 2017 and is likely to reach USD 40.09 Billion by 2025, at a CAGR of 29.79% during the forecast period. The base year considered for the study is 2017, and the forecast period is between 2018 and 2025
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Study Objectives :-
- To define, describe, and forecast the artificial intelligence (AI) in marketing market, in terms of value, segmented on the basis of offerings, deployment types, technologies, applications, end-user industries, and regions
- To forecast the market size of various segments with respect to 4 main regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
- To provide detailed information regarding the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the total market
- To strategically profile key players and comprehensively analyze their market share and core competencies, and detail the competitive landscape for market leaders
- To analyze competitive developments such as joint ventures, collaborations, agreements, contracts, partnerships, mergers & acquisitions, new product developments, and research & development in the AI in marketing market
North America to hold major share of AI in marketing market in 2018:-
North America is expected to account for the largest share of the overall AI in marketing market in 2018. North America is the largest contributor to the adoption and implementation of AI in marketing. The region, including the US and Canada, has shown increased investments in the market, and several vendors have evolved to cater to the rapidly growing market.
Considerable growth is expected in the region during the forecast period owing to the growing adoption of AI among physically present retail stores, as well as the ongoing research and pilot projects by North American companies.
Key Players:-
Companies covered in the AI in marketing market report are NVIDIA (US), Intel (US), IBM (US), Micron (US), Samsung Electronics (Korea), Xilinx (US), Amazon (US), Alphabet (US), Facebook (US), Microsoft (US), Salesforce(US), Baidu (China), Sentient Technologies (US), Albert Technologies (Israel), and Oculus360 (US).
Some of the other key companies included in the report are Twitter (US), Oracle (US), InsideSales (US), Persado (US), Mariana (US), Drawbridge (US), Narrative Science (US), Appier (US), GumGum (US), and Zensed (Sweden).
Software to hold largest share of AI in marketing market by 2025:-
Software holds a major share of the overall AI in marketing market owing to the developments in AI software and related software development kits.
AI systems require different types of software, including application program interfaces, such as language, speech, vision, and sensor data, along with machine learning algorithms, to realize various applications for sales and marketing.
Software platforms and solutions are available at high costs as there are limited number of experts that develop machine learning algorithms.
Market for cloud deployment to grow at higher CAGR between 2018 and 2025:-
Several businesses have already moved part of their operations to the cloud, which has encouraged vendors to develop cloud-based solutions. Migrating to the cloud has benefits such as enhanced flexibility, control, and scalability.
Cloud deployment significantly reduces the capital investment required to implement AI-based solutions for marketing and sales; this is one of the major reasons for the increased demand for cloud-based solutions from most enterprises.
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