Artificial intelligence in the marketing market size worth $ 107,535.57 million, globally, by 2028 at 31.6% CAGR
The size of the Artificial Intelligence in Marketing market is driven by the increasing adoption of customer-centric marketing strategies and the increasing use of social media for advertising, increasing application adoption and of cloud-based services creates significant opportunities for providers. In 2020, the solutions segment dominated the market and planned to be a larger shareholder of the market during the period 2021-2028.
New York, December 17, 2021 (GLOBE NEWSWIRE) – Based on new market research report “Artificial intelligence in the marketing market Forecast to 2028 – COVID-19 Impact and Global Analysis by Offer (Solutions and Services), Application (Social Media Advertising, Search Advertising, Dynamic Pricing, Virtual Assistant, Content Custody, Sales and Marketing Automation , analytics platform and others), End -Use of Industry (BFSI, Retail, Consumer Goods, Media and Entertainment and others) and Geography ”, Posted by Insight partners, the global artificial intelligence in marketing market was valued at US $ 12,044.46 million in 2020 and is expected to reach US $ 107,535.57 million by 2028; it should grow to a 31.6% CAGR in 2021-2028.
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Artificial intelligence in the marketing market: competitive landscape and key developments
Affective; Appier, Inc .; Bidalgo, Novants (Amplero), Inc .; Cognitive Scale; SAS Institute Inc .; SAP SE; Salesforce.com, Inc .; Oracle Corporation; IBM Corporation; Amazon Web Services; Adobe; Accent; Microsoft Corporation; and Xilinx, Inc. are among the key players in the global artificial intelligence market in the marketing market. Leading companies focus on expanding and diversifying their market presence by acquiring new customers, thereby exploiting existing business opportunities.
In 2021, Microsoft and Cleareyeai, a leading fintech platform, entered into a collaboration. Cleareye’s enterprise-ready artificial intelligence platform will use Microsoft’s artificial intelligence-based technology, Microsoft Azure, to promote its products and streamline business processes such as loan processing and scrutiny trade finance documents.
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Artificial intelligence in marketing uses machine learning that helps marketers harness customer data to derive critical insights like customer buying behavior. Artificial intelligence in marketing is used in various applications such as dynamic pricing, social media advertising, and sales and marketing automation, due to which it is in high demand. BFSI, retail and consumer goods are among the various industries using artificial intelligence to increase their income. The growing use of social media and the growing popularity of customer-centric marketing strategies are the main factors that are expected to support the Artificial intelligence in the marketing market growth, while data privacy concerns are the major factors expected to slow the growth of this market.
Amid the COVID-19 pandemic and resulting nationwide lockdown, India’s media and advertising industry has gone through unprecedented disruption. But it has also inspired industry leaders and stakeholders to further explore the potential of digital technologies and better prepare for the changing times. According to the latest status report from the World Health Organization (WHO), the United States, India, Brazil, Russia, United Kingdom, France, Spain and Italy are among the countries most affected due to the COVID-19 epidemic. The pandemic has disrupted artificial intelligence in marketing companies and vendors around the world. Market players have seen disruption in their operations, and this is expected to have consequences until the first quarter of 2022. With several industries and business activities returning to normal, the artificial intelligence market is expected to gain ground in a near future.
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Growing use of social media for advertising to create opportunities for growth in the years to come:
According to DIGITAL 2021, nearly half a billion new social media users joined social media networks around the world in early 2021. Artificial intelligence is a crucial part of social media networks today. Many social networks, including the most popular social networks, such as Facebook, LinkedIn, Instagram, and Snapchat, give marketers the option of serving paid advertising. According to DIGITAL 2020, as of January 2020 the potential number of people marketers can reach using ads on Facebook was 1.95 billion, Instagram 928.5 million, LinkedIn 663.3 million, Snapchat 381.5 million , Twitter 339.6 million, Pinterest 169.0 million. Additionally, in January 2019, a total of US $ 89.91 billion was spent on social media ads. In addition, in January 2019, the total global digital ad spend was US $ 333.3 billion, which is 50.1% of the total global ad spend, of which 31.1% on Google Ads, 20, 2% on Facebook Ads, 8.8% on Alibaba Ads, and 4.2% on Amazon Ads. Thus, the increasing use of social media for advertising is expected to drive the growth of artificial intelligence in the marketing market.
Artificial intelligence in the marketing market: offer
The artificial intelligence in marketing market, by offering, is segmented into solutions and services. The solutions segment dominated the artificial intelligence market in the marketing market in 2020. Artificial intelligence software solutions help analytics and automate content generation to increase its ability to understand customer behavior for improved customization. Artificial intelligence systems for marketing can perform the tasks associated with human intelligence with in-depth knowledge of machine learning and deep learning for separate implementation. The solutions segment is expected to experience substantial growth as various companies and their marketing teams embrace smart technology solutions to improve operational efficiency and customer experience. With the help of these solutions, marketers can gain a nuanced and comprehensive understanding of their customers.
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