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Lead Generation Software Market Size, Share & Growth 2024-2033 | Competitive Analysis
Lead Generation Software Market Size
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According to The Business Research Company's, The lead generation software market size has grown strongly in recent years. It will grow from $4.91 billion in 2023 to $5.39 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to the rise of data-driven marketing, increased adoption of digital marketing, Increased need to generate leads and sales, increased affordability of smartphones, and increased digital transformation.
The lead generation software market size is expected to see strong growth in the next few years. It will grow to $7.83 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to the growing need for customer acquisition, stress on marketing automation, expanding adoption of account-based marketing (ABM), growing stress on digital marketing, and increasing number of internet users. Major trends in the forecast period include technological advancements in artificial intelligence (ai) and machine learning (ml), demand for cost-effective solutions, need for predictive analytics, need for advanced lead capture and CRM solutions, and need for mobile-optimized solutions.
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Market Drivers and Trends:
The growing digitalization is expected to propel the growth of the lead management software market going forward. Digitalization refers to integrating digital technologies into various aspects of business operations, organizational processes, and societal activities to optimize efficiency, enhance productivity, and create new value. The growing digitalization is due to changing consumer expectations, business expectations, and the proliferation of high-speed internet. Lead management software plays a critical role in digitalization by digitizing and automating various aspects of the lead management process, enabling organizations to effectively leverage digital channels, data, and automation to generate and convert leads more efficiently. For instance, in October 2022, according to the Department for Digital, Culture, Media and Sport of the United Kingdom, a UK-based government agency, the digital economy of the UK tech sector's annual gross value added (GVA) is expected to boost by an additional £41.5 billion ($51.3 billion) by 2025. Therefore, the growing digitalization drives the lead management software market.
Major companies operating in the lead management software market are developing AI-based account prioritization software that enables more accurate and data-driven decision-making in lead prioritization and sales targeting strategies. AI-based account prioritization software refers to a category of technology solutions that leverage artificial intelligence (AI) and machine learning algorithms to assist businesses in prioritizing and managing their sales leads and accounts more effectively. For instance, in October 2023, Gradient Works, an Austin-based software company, launched a new AI-based account prioritization software called Market Map. It enables B2B sales teams to intelligently refine their ideal customer profile (ICP) and take a data-backed approach to selecting target accounts. Market Map uses generative AI and proprietary machine learning algorithms to analyze how all the accounts in an organization's CRM describe their unique products, services, and markets publicly.
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Major Key Players of the Market:
Salesforce Inc., Adobe Inc., HubSpot Inc., Zoho Corporation Pvt. Ltd., ZoomInfo Technologies Inc., DiscoverOrg, LeadFuze, ActiveCampaign LLC, CIENCE Technologies, Intercom Inc, Driftcom Inc., RocketReach, Keap, Lusha Systems Inc., Bombora Inc., Smith ai, Unbounce, Clearbit Inc., LeadGenius, SalesLoft, Hunter io, Leadfeeder, SharpSpring, Leadformly, Cleverly Inc.
Lead Generation Software Market 2024 Key Insights:
• The lead generation software market size is expected to see strong growth in the next few years. It will grow to $7.83 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%.
• Rising Internet Users Propel Growth Of Lead Generation Software Market
• Revolutionizing Lead Generation With The Emergence Of AI-Powered Account Prioritization Software
• North America was the largest region in the lead generation software market in 2023
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