PUBLISHER: The Insight Partners | PRODUCT CODE: 1874062
PUBLISHER: The Insight Partners | PRODUCT CODE: 1874062
The market for artificial intelligence in marketing is anticipated to grow from US$ 25.14 Billion in 2024 to US$ 236.42 Million by 2031, reflecting a compound annual growth rate (CAGR of 32.44% from 2031 to 2031. A significant trend in this market is the central role of AI-assisted decision-making.
Analysis of the Artificial Intelligence in Marketing Market
The growth of the artificial intelligence in marketing market is driven by the increasing utilization of social media for advertising and the growing adoption of customer-focused marketing strategies. However, the lack of skilled personnel with AI expertise poses a challenge to market expansion. Additionally, the rise in the use of cloud-based applications and services presents substantial opportunities for players in the artificial intelligence in marketing sector.
Overview of the Artificial Intelligence in Marketing Market
AI technologies are employed in marketing to facilitate automated decision-making through data collection, analysis, and monitoring of audience or economic trends that may influence marketing campaigns. AI is particularly valuable in digital marketing campaigns where efficiency is essential. Generative AI is often used when speed is critical in digital marketing efforts. AI marketing solutions leverage data and customer profiles to learn the most effective ways to engage with clients, delivering personalized messages at optimal times without the need for marketing team intervention, thus ensuring maximum productivity. Many contemporary digital marketers utilize generative AI to assist their teams or to perform more strategic tasks that require less human finesse.
Strategic Insights
Drivers and Opportunities in the Artificial Intelligence in Marketing Market
Growing Adoption of Customer-Centric Marketing Strategies
To succeed in the highly competitive global market, businesses across various industries are increasingly focusing on establishing long-term, mutually beneficial relationships with their customers. Recently, customer engagement strategies have shifted from being primarily product-driven to more customer-centric approaches. By adopting a customer-centric model, companies can better anticipate and meet their customers' needs. Organizations that have successfully transitioned to customer-centric engagement have demonstrated a significant competitive advantage, along with increased sales and revenue. According to the Harvard Business Review, over a third of Fortune 500 companies have restructured with a customer focus, utilizing journeys, preferences, and segmentation as guiding principles. Notable customer-centric companies in the US include USAA, Tumi, and American Express, while airlines such as Singapore Airlines, Air New Zealand, and Emirates are moving away from traditional methods in favor of innovative advertising strategies.
Increase in Cloud Adoption
For cloud users, artificial intelligence (AI) has become a versatile tool for data management, security, analysis, and strategic decision-making. Its ability to leverage machine learning and provide objective interpretations of data-driven insights enhances the efficiency of these processes and can lead to significant cost savings for businesses. Implementing AI software based on machine learning algorithms in cloud environments enables companies to offer connected and user-friendly experiences to users and consumers. Consequently, the rise in cloud adoption is creating numerous opportunities for the market.
Segmentation Analysis of the Artificial Intelligence in Marketing Market Report
Key segments contributing to the analysis of the artificial intelligence in marketing market include offerings, applications, and end-use industries.
End-Use Industry Segmentation
The market is segmented by end-use industry into BFSI, retail, consumer goods, media and entertainment, and others.
Geographical Market Share Analysis of Artificial Intelligence in Marketing
The geographical scope of the artificial intelligence in marketing market report is divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America leads the artificial intelligence in marketing market. Major players in this sector, such as Adobe, Amazon Web Services, IBM, Salesforce, and Accenture, are employing various organic and inorganic strategies to boost their revenue and market presence. For instance, in January 2021, Appier launched ARTIFICIAL INTELLIGENCE XPERT, an AI-powered app-based advertising assistant designed to help marketers enhance the performance of their sales campaigns through effective campaign management. Thus, the market is expanding in this region.
Scope of the Artificial Intelligence in Marketing Market Report
Recent Developments in the Artificial Intelligence in Marketing Market
The artificial intelligence in marketing market is assessed through qualitative and quantitative data collected from primary and secondary research, including significant corporate publications, association data, and databases. Some recent developments in the artificial intelligence in marketing market include:
Coverage and Deliverables of the Artificial Intelligence in Marketing Market Report
The report titled "Artificial Intelligence in Marketing Market Size and Forecast (2021-2031)" provides a comprehensive analysis of the market, covering the following areas: