- Digital marketing software is a powerful marketing strategy adopted by business merchants. Digital marketing, also known as online marketing, includes advertisement through email, social media websites, and web marketing. Digital marketing software consists of meeting customers at many different touch points, and using content to move them along their journey, including important segments such as search engine optimization (SEO).
- Digital marketing software allows companies to strengthen and build their customer relationships using multiple digital marketing channels such as social networking sites and instant messaging services.
- Digital marketing software encompasses online display advertisements within any application or website; it generally occurs before, during and/ or after a video stream on the internet.
- The global digital marketing software market is projected to expand at a rapid pace during the forecast period, due to increasing demand to adopt innovative ways of marketing to attract customers in the digital world.
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Global Digital Marketing Software Market: Dynamics
Global Digital Marketing Software Market: Key Drivers and Restraints
- Increase in demand for automation of marketing processes is expected to boost the digital marketing software market during the forecast period.
- Increasing technological advancements and changing consumer behavior have encouraged advertisers to adopt innovative ways of advertising. This is primarily because the currently consumer is more focused on brands and products. Hence, demand for digital marketing software is expected to increase during the forecast period.
- Rise in adoption of Augmented Reality (AR) and Virtual Reality (VR) technology in digital marketing is expected to boost the demand for digital marketing software across the globe.
- Increase in online shopping and significant shift in consumer buying patterns have pushed the demand for digital marketing software
- Increasing popularity of mobile advertising with increasing adoption of smartphones, smart televisions etc., in rural and urban areas across the globe is estimated to propel the global digital marketing software market during the forecast period
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Impact of COVID-19 on the Global Digital Marketing Software Market
- The COVID-19 pandemic has caused a significant drop in advertising spending by end-users. For instance, according to the Interactive Advertising Bureau, spending on advertisements are down 9% on average across Europe, with Germany and France falling by 7% and 12% respectively. Additionally, in China, advertising revenue is down by around 15%. During the COVID-19 pandemic, in-home media usage, TV viewership, and use of social platforms and streaming services is increasing; hence, advertisers are adapting a digital advertising marketing strategy. This, in turn, is projected to have a positive impact on the global digital marketing software market.
North America to Hold Major Share of the Global Digital Marketing Software Market
- In terms of region, the global digital marketing software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global digital marketing software market in 2019. Most of the major brands and companies are finding a broader target audience to promote their content and market their products and services online, thus, driving the demand for digital marketing software in the region.
- The digital marketing software market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to growing investments by telecommunication players on providing high-speed internet services, which in turn increases the adoption of smart devices, OTT platforms, social media platforms etc. which indirectly propels the digital marketing software market.
Global Digital Marketing Software Market: Competition Landscape
Several local, regional, and international players are active in the digital marketing software market with a strong presence. Rapid technological advancements have led to opportunities in the global digital marketing software market. Digital marketing software vendors are focused on an inorganic growth strategy such as strategic collaborations and merger and acquisition activities with technology partners, to develop innovative and advanced solutions to improve their offerings and market reach.
Key Players Operating in the Global Digital Marketing Software Market
- Act-On Software
- Adobe Inc.
- Hubspot, Inc.
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Salesforce.com, Inc.
- SAP SE
- SAS Institute