Overview and Scope
Marketing resource management refers to a software solution used by organizations to effectively plan, budget, execute, and analyze their marketing activities. It facilitates better control over marketing resources, improving efficiency, and maximizing return on investment (ROI) in marketing initiatives.
Sizing and Forecast
The marketing resource management market size has grown rapidly in recent years. It will grow from $5.37 billion in 2023 to $6.20 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The growth in the historic period can be attributed to efficiency improvement, cross-team collaboration, data-driven decision-making, the desire to reduce unnecessary marketing expenses, and growing awareness of the importance of adhering to regulatory standards.
The marketing resource management market size is expected to see rapid growth in the next few years. It will grow to $11.03 billion in 2028 at a compound annual growth rate (CAGR) of 15.5%. The growth in the forecast period can be attributed to AI and automation integration, security and privacy concerns, continuous training and development, demand for scalability, and demand for real-time insights. Major trends in the forecast period include enhanced AI capabilities, blockchain for transparent marketing supply chains, advanced cross-channel attribution models, integration with virtual and augmented reality, and voice search optimization.
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Segmentation & Regional Insights
The marketing resource management market covered in this report is segmented –
1) By Solution Type: Marketing Reporting And Analytics, Capacity Planning Management, Financial Management, Creative Production Management, Brand And Advertising Management, Marketing Asset Management, Other Solutions
2) By Deployment Type: Cloud-based, On-premises
3) By Vertical: Media And Entertainment, Retail, Banking, Financial Services, And Insurance, Healthcare, Consumer Goods, Automotive, Manufacturing, Apparel, Other Verticals
North America was the largest region in the marketing resource management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the marketing resource management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
A rise in digital marketing initiatives is expected to propel the growth of the marketing resource management market moving forward. Digital marketing initiatives refer to online strategies and tactics aimed at promoting products or services, leveraging channels such as social media, search engines, email, and websites to reach and engage target audiences, ultimately driving brand awareness and conversions. The rise in digital marketing initiatives is driven by the growing online presence of consumers and the effectiveness of targeted advertising on digital platforms. Marketing resource management (MRM) streamlines and optimizes digital marketing processes, ensuring efficient allocation of resources for maximum return on investment (ROI). For instance, in April 2022, according to the Interactive Advertising Bureau (IAB), a US-based advertising business organization, 2021 year-on-year growth for total digital ad revenues climbed 35.4%, reaching a total of $189 billion. This growth is nearly three times larger than the growth of 12.2% in 2020. Revenues increased by $50 billion in just one year. Therefore, the rise in digital marketing initiatives is driving the growth of the marketing resource management market.
Key Industry Players
Major companies operating in the marketing resource management market are Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Adobe Systems Inc., HCL Technologies Limited, Broadridge Financial Solutions, SAS Institute Inc., Teradata Corporation, Aprimo LLC, MarcomCentral, BrandMaker GmbH, Sitecore Corporation, North Plains Systems Corporation, Capital ID B.V., Allocadia Software Inc., Admation Pty. Ltd., Bynder B.V., BrandMaster AS, InMotionNow Inc., Marvia B.V., IntelligenceBank Pty. Ltd., Hive9 Solutions Inc., Optimatica Technologies LLC
The marketing resource management market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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