Marketing Automation Market Worth $6.4 Billion by 2024 - Exclusive Report by MarketsandMarkets
CHICAGO, Sept. 10, 2019 /PRNewswire/ -- According to a new market research report "Marketing Automation Market by Component (Software, Services), Organization Size, Applications (Lead Nurturing & Lead Scoring, Email Marketing, Social Media Marketing, Analytics & Reporting, Campaign Management), Industry & Region - Global Forecast to 2024", published by MarketsandMarkets, the global Marketing Automation Market size is expected to grow from USD 3.3 billion in 2019 to USD 6.4 billion by 2024, at a CAGR of 13.9% during the forecast period.
The growing demand for automation in the marketing process, increasing need for informed marketing strategy, and maximizing prospect's interest & engagement are some of the major factors driving the growth of the market.
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The large enterprises segment is expected to account for the larger market share during the forecast period.
The use of marketing automation in large enterprises is relatively higher as compared to that of small and medium-sized enterprises (SMEs). This higher use is due to the affordability and economies of scale, which enables large organizations to benefit from the marketing automation technology. Large enterprises have left no stone unturned to compete in today's cut-throat competitive industry. Moreover, the need for a multichannel communication to capture leads and improve the conversion rate of prospects to customers is likely to drive the growth of the Marketing Automation Market.
The services segment to grow at a higher CAGR during the forecast period as compared to the solutions segment
Marketing automation services have a broad scope of usage, ranging from assistance to the client for the deployment of software, strategy, & implementation, to cater to the business-specific needs of organizations. Marketing automation services help businesses bridge legacy systems to modern applications and take care of training and implementation work so that the client can focus on their core business. This has created opportunities for vendors to provide services to a varied organization operating in different industries and help them deal with complexities while configuring marketing automation systems.