Global Digital Marketing Software Market:
A new market study released by Global Industry Analysts Inc., (GIA), a leading market research firm, today released its report titled “Digital Marketing Software – Global Market Monitoring and Analysis”. The report offers new perspectives on opportunities and challenges in a radically changed market environment after COVID-19.
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The global digital marketing software market was $129.3 billion by 2026
Digital marketing software refers to the use of solutions advertised on digital platforms and social media sites. The digital marketing industry has grown rapidly over the past decade due to the significant increase in internet penetration and the proliferation of mobile and electronic devices around the world. The growth prospects of the global market are driven by the increase in digital marketing spending and the proliferation of social media and advertising. The growing budget for digital marketing and the increasing popularity of social media and advertising are expected to give a significant boost to the growth of the market.
Growing trends, such as the increasing use of mobile devices and personal marketing, are changing organizations’ marketing strategies, which are more focused on improving the user experience. Companies are increasingly using digital marketing software to manage customer relationships and measure consumer behavior across various business channels.
The increasing use of solutions in sectors such as IT, telecommunications, media and entertainment, manufacturing, healthcare, education, retail, consumer goods, logistics and transportation, and BFSI should drive growth. Management and administration applications are expected to grow strongly in the coming years.
During the COVID-19 crisis, the global digital marketing software market, estimated at $55 billion in 2020, is expected to reach a revised size of $129.3 billion in 2026 and during the reporting period. With a CAGR growth of 15.1%. Software, one of the segments analyzed in the report, is expected to achieve a CAGR of 14.4%, reaching $103.7 billion by the end of the reporting period. After a thorough analysis of the operational implications of the pandemic and the economic crisis it caused, the growth of the services segment over the next 7 years is adjusted to a revised CAGR of 16.8%.
The dominance of the software industry can be attributed to the fast-paced and ever-changing technological environment and the dynamic efforts of enterprises to keep their systems updated with the latest technologies to keep up with competitors in the market. Marketing automation software will likely be increasingly used to perform tasks such as team collaboration and lead generation to promote the business. The growth in the service segment is driven by the ever-changing industry and the growing need to use digital marketing services such as subscriber-based pricing models and remote monitoring.
The US market is expected to reach $20.8 billion by 2021, while China is expected to reach $17.5 billion by 2026.
The US digital marketing software market is expected to reach $US$20 billion by 2021. China, the world’s second-largest economy, is expected to reach a projected market size of $17.5 billion by 2026, with a CAGR lookback of 18.5. % during the analysis period. Other notable geographic markets include Japan and Canada, which will grow by 11.4% and 14.1% respectively over the period.
In Europe, Germany is expected to grow at approximately 13.7% CAGR. The United States is the largest market due to a large number of technologically advanced consumers. The rapid growth of cloud computing platforms in the region is also expected to drive the use of content management, marketing automation, and CRM solutions.