Global Digital Marketing Software Market Impact Of Covid-19 With Business Performance, Gross Margin And Forecast To 2029

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The global Digital Marketing Software market was valued at over US$55,391million in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 16.3% between 2022 and 2029. The growing popularity of social media and e-commerce platforms due to the proliferation of smartphones is expected to drive the growth of the Digital Marketing Software market.

Digital Marketing Software helps businesses measure the performance of their campaigns and ensures their marketing campaigns are launched and tested quickly and efficiently.

AgileIntel’s global Digital Marketing Software market study is a 162 pages report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, software, service, and end-user perspective.

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The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.

Insights ...
... on End-User:

The end-users of the Digital Marketing Software market include automotive, BFSI, education, government, healthcare, manufacturing, media and entertainment, and others.

The BFSI segment dominated the market accounting for a global revenue share of around 21% in 2021. This can be attributed to the large-scale adoption of Digital Marketing Software in the BFSI industry for various applications, including statement generation, automatic notification, investment advisory, etc. Additionally, banks and other financial institutions are using location-based advertising for improving consumer engagement and sending tailored messages through the most preferred channels of a customer.

Further, the media and entertainment segment is witnessing an upsurge as companies are developing online advertising strategies owing to the proliferation of smartphones and the continued rollout of high-speed data networks. Media and entertainment companies such as Star, The Walt Disney Company, and Netflix use social media advertising to update people about their upcoming shows and film releases. Likewise, gaming companies are adopting digital marketing software solutions such as Search Engine Optimization (SEO), App Store Optimization (ASO), video marketing, marketing automation, etc., to create personalized real-time campaigns for the target audience and increase customer engagement. For instance, in January 2022, Rovio Entertainment Corporation, a Finish gaming company, announced a new fully animated, long-form series of Angry Birds on Netflix.

Insights on Software:

The Digital Marketing Software market is classified into CRM Software, Email Marketing, Social Media, Search Marketing, Content Management, Marketing Automation, Campaign Management, and Others based on software.

The Customer Relationship Management (CRM) software segment held the largest share of 21%, accounting for a global revenue of over US$7,768 million in 2021. The growing demand by businesses to efficiently manage customer interactions has resulted in the widespread adoption of CRM software in recent years. CRM software helps companies understand customer preferences streamline processes, and improve profitability.

Furthermore, the social media segment is anticipated to grow significantly during the forecast period. This can be attributed to the growing use of social media platforms such as Facebook, Instagram, Snapchat, Twitter, and Pinterest in the retail and e-commerce industry for marketing products in an engaging and entertaining manner. Additionally, the integration of advanced technologies such as artificial intelligence (AI) and big data analytics into social media platforms is expected to propel market growth during the forecast period. For instance, Chatbots are being aggressively used by companies to engage with customers.

Impact of COVID-19

The outbreak of the COVID-19 pandemic has had a positive impact on the digital marketing software market. The pandemic has triggered a paradigm shift in the behavior of individuals when it comes to using different apps. Advertising companies are increasingly following digital marketing channels and providing publishers with advanced advertising capabilities. The outbreak of the coronavirus and the ensuing economic downturn has presented app developers with lucrative opportunities to review their advertising set-ups and improve their capabilities to push for more accountability and transparency with partners.

The pandemic has resulted in a rise in the number of people staying indoors, consequently leading to the high internet consumption for entertainment purposes. This is likely to impact the way companies market their products. Moreover, as governments across the globe have urged their citizens to stay home and mandated social distancing, people are socializing through online networking, thus leading to rising social media marketing activities.

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