— Allied Market Research
WILMINGTON, DE, UNITED STATES, October 23, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Digital Marketing Software Market, by Component (Software, Services), by Deployment Mode (On-Premise, Cloud), by Type (Interaction Systems, Data and Analytics Systems, Content Production & Management, Management & Administration Oriented Apps), by Enterprise Size (Large Enterprises, Small & Medium Sized Enterprises), by Industry Vertical (Media & Entertainment, IT & Telecommunications, Retail and E-commerce, BFSI, Manufacturing, Education, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030″
The digital marketing software market was valued at $48.4 billion in 2020, and is estimated to reach $181.0 billion by 2030, growing at a CAGR of 14.1% from 2021 to 2030.
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Digital marketing is the process of marketing products or services to potential customers via digital channels and the internet. Digital marketing has the same goals as traditional marketing, the only difference is the medium used to convey the marketing message. Various digital marketing activities, such as search engine optimization (SEO), social media marketing (SMM), email marketing, search engine marketing (SEM), and content creation are used by businesses to promote their brand to their potential consumers or to retain their customers.
Digital marketing allows businesses to allocate their marketing resources to the right set of people through the right channels. This ensures optimal use of resources and higher conversion rates. Thus, it has become a very integral part of all kinds of businesses in present era. And especially since the COVID-19 pandemic, digital marketing has turned into a necessity. Ideally, it is one of the most effective ways to reach target market while they are stuck at home and spending a lot of time on the internet. Consequently, this has given a boost to the scope of digital marketing careers. To run smoothly, companies need digital marketing professionals and experts, and thus the job market is growing tremendously.
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The competitive environment of Digital Marketing Software Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Digital Marketing Software Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Hewlett Packard Enterprise Development LP
SAS Institute Inc and Many More
By region, the global digital marketing software market is being dominated by North America in 2020, and is expected to maintain this trend during the forecast period. The region witnessed immense potential growth in the digital marketing software market owing to increase in demand from the media & entertainment industries in the region. Further, the ecommerce industry in the region has increased demand for digital marketing software. However, Asia-Pacific is expected to witness exponential growth in the digital marketing industry owing to the governmental support for digitalization, specifically in countries such as India, China, and Singapore. Further, governments have extended their support to small and medium enterprises (SMEs) to utilize digital services for geographical presence expansion.
Increase in spending on digital marketing activities by well-known brands and other players for branding and marketing of their products has been directly influencing the growth of digital marketing software market. Furthermore, rise in digitalization and emergence of social media platforms such as Facebook, Instagram, and Twitterare fueling the digital marketing software market growth. In addition, high demand for social media and social advertising is positively impacting the growth of the market.
Furthermore, surge in popularity of mobile advertising with increase in mobile devices, along with optimizing digital experiences to meet changing customer preferences, is driving the digital marketing software market growth. The major factors that determine the market growth are rise in awareness and increase in importance of digital marketing. However, various security and privacy concerns for confidential data are acting as major limitations for the market growth. These, along with that the lack of digitally skilled personnel and integration of digital marketing software tools with other business applications, have the potential to challenge the digital marketing software market growth in the forecast period of 2021 to 2030.
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