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AI-Driven Marketing Strategies: 2024 Market Overview of Artificial Intelligence in Advertising
Artificial Intelligence In Marketing Segements
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According to The Business Research Company's, The artificial intelligence in marketing market size has grown exponentially in recent years. It will grow from $22.01 billion in 2023 to $28.37 billion in 2024 at a compound annual growth rate (CAGR) of 28.9%. The growth in the historic period can be attributed to skills development and talent acquisition, data explosion and big data analytics, personalization and customer segmentation, predictive analytics and forecasting,marketing automation platforms..
The artificial intelligence in marketing market size is expected to see exponential growth in the next few years. It will grow to $80.3 billion in 2028 at a compound annual growth rate (CAGR) of 29.7%. The growth in the forecast period can be attributed to increasing integration of ai in e-commerce, focus on explainable ai and ethical marketing practices, greater adoption of ai for customer segmentation, advancements in image and video recognition, enhanced personalization strategies, advanced predictive analytics.. Major trends in the forecast period include ai-enhanced customer journey mapping, real-time analytics for actionable insights, ai in email marketing optimization, emotion recognition and sentiment analysis, visual search optimization..
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Market Drivers and Trends:
The increasing adoption of virtual assistants is expected to drive artificial intelligence in the marketing market. Virtual assistants are services over the internet or dedicated network with delivery on demand. Due to the pandemic and lockdowns, small and medium-scale enterprises are increasingly focusing on streamlining their business models by adopting virtual assistants. For instance, in April 2022, ThriveMyWay published an article which states that chatbot ecommerce transactions is projected to hit $112 billion by 2023. Conversational technologies such as virtual agents and chatbots can help businesses save up to 30% on customer support costs. Hence, the increasing adoption of virtual assistants will increase the demand for artificial intelligence in the marketing market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
IBM Corporation, Salesforce. com Inc., Amazon. com Inc., Facebook Inc., Oracle corporation, Appier Inc., GumGum Inc., Heuritech SAS, NetBase Quid Inc., Quantcast Corporation, Persado Inc., Albert Technologies Ltd., Affectiva Inc., Conversica Inc., Brave Bison Group plc, War Room Inc., SmallGiants LLC, Shout Digital Ltd., Major Tom Inc., Blueshift Labs Inc., iKala Interactive Media Inc., Amplero Inc., Clickstrike Inc., Avantgrade LLC, NoGood Inc., Single Grain LLC, Matrix Marketing Group LLC, Near Pte Ltd., Pixis Interactive Inc., Adobe Sensei
Artificial Intelligence In Marketing Market 2024 Key Insights:
• The artificial intelligence in marketing market size is expected to see exponential growth in the next few years. It will grow to $80.3 billion in 2028 at a compound annual growth rate (CAGR) of 29.7%.
• Rising Adoption Of Virtual Assistants
• Launch Of Innovative Technological Solutions
• Asia-Pacific was the largest region in the artificial intelligence in marketing market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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