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Top 3 Marketing Solutions hold more than 50% of the Marketing Automation Software Market in North America
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In terms of deployment type, the marketing automation software market is categorized into cloud, and on-premise deployment of marketing automation software. With the rapid increase in development of cloud technology globally, businesses are increasingly adopting cloud-based services. Marketing automation software providers are rolling out cloud-based platforms, which have gained huge interest from businesses of all sizes. This is due to elimination of physical requirements for sales and marketing through trained marketers. Therefore, cloud deployment of marketing automation software is expected to be the larger contributor to the market, while the market is expected to grow at a CAGR of 8.9% during the forecast period.
The top 3 marketing solutions hold more than 50% of the marketing automation software market in North America. Large businesses have been a major contributor to the overall revenue generated in the region, while small and medium businesses have higher potential to grow rapidly in the regional market, during the forecast period. In addition, the market for technology industry is expected to witness fastest growth, during the forecast period, on the back of increasing spending by technology providers for ensuring greater customer reach, globally. Campaign management segment has been the largest contributor to the North American marketing automation software market. However, the market segment for reporting and analytics is expected to grow at the highest rate, during the forecast period.
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Product launches, strategic partnerships, and product enhancements have been the major recent developments in the marketing automation software market. Act-On Software, which is a provider of marketing automation announced the launch of its account-based marketing (ABM) automation solution. The new solution aims to provide B2B marketers with the ability to orchestrate an automated, multi-channel ABM strategy. This include building brand awareness to driving the demand and through higher customer retention.
The research states that the market for automation software is competitive with many players introducing their product offerings. Some of the key players operating in the marketing automation software market are Marketo Inc., Act-On Software Inc., HubSpot Inc., Infusion Software Inc., Oracle Corporation, IBM Corporation, Salesforce.com Inc, Active Campaign Inc., SharpSpring Inc., and Adobe systems Inc.
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