by The digital marketing software caters to managing a company’s online presence and marketing campaigns through digital mediums. It encompasses activities such as search engine optimization, search engine marketing, content marketing, affiliate marketing, social media marketing, email direct marketing, display advertising, and others. Digital marketing software assists various industries in automating repetitive tasks, customizing marketing experiences for customers, analyzing marketing performance, and tracking return on investments.
The global Digital Marketing Software Market is estimated to be valued at US$ 69.64 Billion in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing adoption of location-based digital marketing: Location-based digital marketing utilizes location data and proximity technologies to personalize marketing messages to consumers based on their physical location. Retailers leverage location data and mapping technologies to display geotargeted deals and promotions to nearby customers, influencing their purchase decisions. The ability to reach consumers through location-based strategies has boosted the adoption of digital marketing software with geo-targeting capabilities.
Rising popularity of video content marketing: Engaging video content has emerged as one of the most effective digital marketing formats. According to statistics, video marketing sees 800-1,200% higher shares than text and image content combined. As consumers spend more time watching videos online, digital marketers are ramping up video content marketing through software solutions for video creation, distribution, analytics, and more. The trend is expected to continue driving the demand for digital marketing software with advanced video capabilities.
Porter’s Analysis
Threat of new entrants: Low as the market is growing rapidly with lots opportunities for growth. However, the established players dominate a major market share which poses threat to new entrants.
Bargaining power of buyers: Moderate as there are lots of options available but established brands have an advantage in terms of brand name. Customers bargain for discounts and special offers.
Bargaining power of suppliers: Low as there are many suppliers for different digital marketing solutions and services. Switching costs are low for suppliers.
Threat of new substitutes: Moderate as new technologies can disrupt the market. Traditional marketing is substituting digital marketing but digital marketing still has the edge.
Competitive rivalry: High as major players compete on price, features, customer support and service. They focus on developing advanced solutions to drive growth.
Key Takeaways
The Global Digital Marketing Software Market Size is expected to witness high growth. The North America region dominates the market currently due to extensive technological adoption. Increasing investments by advertising agencies and marketers is driving higher spending on digital marketing campaigns in the region.
The Asia Pacific region is expected to grow at the fastest pace during the forecast period. The presence of populous countries like China and India provides ample growth opportunities. Growing internet and smartphone penetration coupled with increasing digital literacy in the region is supporting the market growth.
Key players operating in the Digital Marketing Software market are Oracle Corporation, Microsoft Corporation, Google LLC, IBM Corporation, Salesforce.com Inc. Major players are focused on frequent product innovations and expansions to consolidate their market presence. Acquisitions of emerging players is another strategy adopted by top companies to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
