DUBLIN--(BUSINESS WIRE)--The "Artificial Intelligence in Marketing Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offering, Application, End-Use Industry, and Geography" report has been added to ResearchAndMarkets.com's offering.
The global artificial intelligence in marketing market was valued at US$ 12,044.46 million in 2020 and is projected to reach US$ 107,535.57 million by 2028; it is expected to grow at a CAGR of 31.4% from 2020 to 2028.
The rising adoption of customer-centric marketing strategies and increasing use of social media platforms for advertising are among the factors boosting the artificial intelligence in marketing market growth. However, scarcity of personnel well-versed with AI knowledge hinders the market growth. Further, surge in the adoption of cloud-based applications and services creates notable opportunities for the artificial intelligence in marketing market players.
The use of artificial intelligence in marketing helps the marketers to use customer's data to draw important insights of their buying behavior and preferences, among others. It is used in applications such as dynamic pricing, social media advertising, and sales & marketing automation. Artificial intelligence uses concepts such as machine learning to know these patterns, which helps companies to plan their next move accordingly. In the recent years, there has been an unprecedented increase in social media engagement . According to DIGITAL 2021, ~0.5 billion new users joined the world's social media networks in the beginning of 2021. Moreover, in January 2021, there were 4.20 billion social media users worldwide. This number has increased by 490 million in the last year, representing year-on-year growth of more than 13%. During 2020, more than 1.3 million new users joined the social media streams on average every day, i.e., ~15 new users every second.
Many companies have realized the platform's tremendous potential and are using it for ecommerce, customer support, marketing, and public relations, among others. Artificial intelligence have become an unintegral part social media networks today. Social networks such as Facebook, LinkedIn, Instagram, and Snapchat allow marketers to run paid advertising to platform users based on demographic and behavioral targeting. For instance, according to DIGITAL 2020, in January 2020, the potential number of people that marketers can reach using advertisements was 1.95 billion on Facebook, 928.5 million on Instagram, 663.3 million on LinkedIn, 381.5 million on Snapchat, 339.6 million on Twitter, and 169.0 million on Pinterest. Moreover, in January 2019, a total of US$ 89.91 billion was spent on social media ads. In the same month, the total global digital ad spend was US$ 333.3 billion, which accounts for 50.1% of the total global ad expenditure. Of the total digital ad spend, Google, Facebook, Alibaba, and Amazon accounted for 31.1%, 20.2%, 8.8%, and 4.2%, respectively. Thus, the increasing use of social media for advertising is bolstering the AI in marketing market growth.
Market Dynamics
Drivers
- Rising Adoption of Customer-Centric Marketing Strategies
- Increasing Use of Social Media for Advertising
Restraints
- Limited Number of Artificial Intelligence (AI) Experts
Opportunities
- Growth in Adoption of Cloud-Based Applications and Services
Future Trends
- Dynamic Personalized Ad Serving
Companies Mentioned
- Affectiva
- Appier Inc.
- Bidalgo
- Novantas (Amplero), Inc.
- CognitiveScale
- SAS Institute Inc.
- SAP SE
- Salesforce.com, inc.
- Oracle Corporation
- IBM Corporation
- Amazon Web Services
- Adobe
- Accenture
- Microsoft Corporation
- Xilinx, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/dml3ne
