The global artificial intelligence in marketing is growing continually. The market growth attributes to the growing need for high computation power, vast volumes of data generated each day, cloud-based services, and advanced algorithms development. Increasing requirements of marketing platforms allow companies in content curation, exploring artificial intelligence (AI) technology. Besides, the increasing usages of machine learning, deep learning, and natural language processing escalate market growth.
According to Market Research Future (MRFR), the global artificial intelligence in the marketing market is poised to reach approximately USD 21 BN by 2023, growing at 26% CAGR throughout the forecast period (2017 to 2023). AI uses adaptive learning and computer vision techniques to analyze the enterprise data and offer detailed insights about the market, which helps make informed decisions for better management of the enterprise.
Additionally, increasing curating on-demand services, advertisements, articles, promotional advertisements, and videos substantiate market growth. The preference of the target audience increases the size of the market, helping in brand building substantiate the development of the market. The growing demand for customer-driven marketing and advertisement fuels market growth. The latest trends, such as social media image recognition, individual personalization, and conversational marketing, influence market growth.
On the other hand, complex algorithms and data privacy concerns are the major factors projected to impede the growth of the market. Nevertheless, increasing AI implementation for marketing and advertisement, social media image recognition applications would support market growth, analyzing millions of pictures within no time. Also, the growing competition across the industries and increasing emphasis on business intelligence boost the growth of the market.
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The report is segmented into five dynamics:
By Application : Sales Forecasting, Content Curation, Virtual Assistance, Predictive Analytics, Ad Optimization, Dynamic Pricing, and others.
By Technology : Machine Learning, Adaptive Learning, Natural Language Processing, Natural Language Generation, Speech Recognition, Advanced Analytics, Computer Vision, and others.
By Vertical : BFSI, Retail, & E-Commerce, Government, IT & Telecommunication, Healthcare, Commercial Organization, and others.
By Deployment : On-Cloud and On-Premise.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
North America accounts for a key share in the global artificial intelligence in marketing market. The largest market share attributes to the presence of major technology providers equipped with advanced technologies in the region. Besides, the increasing implementation of cutting-edge technology in the advertisement sector drives growth in the regional market. Moreover, the penetration of the Internet and smartphones substantiate the growth of the regional market.
The increasing spending on research and development of AI algorithms and technologies such as machine learning, virtual assistance, natural language processing, and others increase the market size. The North American AI in marketing market is projected to retain its dominance throughout the forecast period.
Europe stands second in the global artificial intelligence in marketing market. The market growth attributes to the presence of various notable players and large deployments of AI technologies in marketing platforms. Additionally, the rising numbers of medium and large enterprises act as a major tailwind for the growth of the regional market.
High adoption of AI technology in marketing solutions used across the growing number of agencies and retailers pushes the growth of the regional market. The European artificial intelligence in marketing market is predicted to create a substantial revenue pocket during the assessment period.
Asia Pacific artificial intelligence in the marketing market is growing rapidly. Factors such as the increasing adoption of social media platforms and additional platforms for advertisement drive the growth of the regional market. The rising adoption of AI technology and cloud deployment by large and SMEs to enhance customer satisfaction and operational performance boost the growth of the regional market.
Augmenting demand from growing numbers of retailers and businesses for tools is a key driving force, driving the traffic towards the brick & mortar shops. Substantial investments transpired by key players in the development of AI technology platforms impact the growth of the regional market positively. India and China are the major AI in the marketing market in the region. The APAC artificial intelligence in marketing market is expected to grow at a significant rate during the forecast period.
Artificial Intelligence (AI) in Marketing Market – Competitive Analysis
Highly competitive, the AI in marketing market appears fragmented due to the presence of several well-established players. Mergers & acquisitions, innovation, and brand reinforcement remain prevailing key trends for the leading players as these strategies support their growth and expansion plans. They deliver reliable, leading-edge products and services. For which they invest substantially in R&D to develop adept technologies and products.
Players leading the AI in marketing market include Google (US), IBM Corporation (US), Facebook (US), Intel Corporation (US), Amazon.com, Inc. (US), Microsoft Corporation (US), Salesforce.com, Inc. (US), NVIDIA Corporation (US), Baidu, Inc. (China), Samsung (South Korea), Albert Technologies Ltd (Israel), Micron Technology, Inc. (US), Oracle Corporation (US), H2O.ai (US), Oculus360 (US), Sentient Technologies Holdings Ltd (US), and Twitter (US), among others.
September 02, 2020 — IDG Communications, Inc. (the US), a leading global tech media, data, and marketing services company, unveiled a glimpse into organizational Artificial Intelligence (AI)/Machine Learning (ML) initiatives. The rising adoption of AI/ML technology led by the researches reveals organizations’ current activity around AI/ML.