Artificial Intelligence in Marketing Market Report 2031
The artificial intelligence in marketing market size is projected to reach US$ 251618.41 million by 2031 from US$ 27554.10 million in 2023. The market is expected to register a CAGR of 31.8% during 2023–2031. AI-assisted decision making taking the central place is likely to remain a key trend in the market.
Artificial Intelligence in Marketing Market Analysis
The increasing use of social media platforms for advertising and the rising adoption of customer-centric marketing strategies are among the factors boosting artificial intelligence in marketing market growth. However, the scarcity of personnel well-versed with AI knowledge hinders market growth. Further, the surge in the adoption of cloud-based applications and services creates notable opportunities for artificial intelligence in marketing market players.
Artificial Intelligence in Marketing Market Overview
Artificial intelligence (AI) technologies are used in marketing to help automated decision-making based on data collection, analysis, and extra audience or economic trend observations that could affect marketing campaigns. AI is frequently utilized in digital marketing campaigns when efficiency is crucial. When speed is crucial in digital marketing endeavors, generative AI is frequently employed. AI marketing solutions learn how to engage with clients most effectively by using data and customer profiles. They then deliver personalized messages at the appropriate moment without the help of marketing team people, guaranteeing optimal productivity. Generative AI is utilized by a large number of modern digital marketers to support their teams or carry out more tactical activities that call for less human delicacy.
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Artificial Intelligence in Market: Strategic Insights
Market Size Value in US$ 12,044.46 Million in 2020 Market Size Value by US$ 107,535.57 Million by 2028 Growth rate CAGR of 31.6% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Artificial Intelligence in Market: Strategic Insights
| Market Size Value in | US$ 12,044.46 Million in 2020 |
| Market Size Value by | US$ 107,535.57 Million by 2028 |
| Growth rate | CAGR of 31.6% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Artificial Intelligence in Marketing Market Drivers and Opportunities
Rising Adoption of Customer-Centric Marketing Strategies
In order to thrive in the fiercely competitive global marketplace, many businesses, regardless of the industry to which they belong, are focusing on building long-term, mutually beneficial relationships with their clients. The focus of customer engagement tactics and actions has changed in recent years from being mostly product-driven to being more customer-centric. By adopting a customer-centric approach, businesses may anticipate and better serve their customers' requirements at all times. Companies that have effectively transitioned to customer-centric engagement have been shown to have a significant competitive edge as well as increased sales and revenue. More than a third of Fortune 500 organizations, according to the Harvard Business Review, have restructured with the customer in mind, employing journeys, preferences, and segmentation as driving principles. However, a lot of well-known firms have effectively embraced customer-centricity in recent years. Popular customer-focused businesses in the US include USAA, Tumi, and American Express. Airlines like Singapore Airlines, Air Innovative Zealand, and Emirates are abandoning their traditional methods in favor of innovative advertising forms.
The surge in the adoption of cloud
For Cloud users, artificial intelligence (AI) has evolved into a multifunctional tool for data management, security, data analysis, and strategic decision-making. Its grasped capacity to use machine learning and produce objective interpretations of data-driven insights increases these procedures' efficiency and saves the business a substantial amount of money. Utilizing AI software that is built on machine learning algorithms in cloud environments allows companies to provide users and consumers with connected and user-friendly experiences. Therefore, the surge in the adoption of cloud is creating various opportunities for the market.
Artificial Intelligence in Marketing Market Report Segmentation Analysis
Key segments that contributed to the derivation of artificial intelligence in marketing market analysis are offering, application, and end-use industry.
- Based on the offering, artificial intelligence in marketing market is divided into solutions and services. The solutions segment held a larger market share in 2023.
- By application, the market is segmented into social media advertising, search advertising, dynamic pricing, virtual assistant, content curation, sales & marketing automation, analytics platform, and others. The social media advertising segment held a larger market share in 2023.
By end-use industry, the market is segmented into BFSI, retail, consumer goods, media and entertainment, and others.
Artificial Intelligence in Marketing Market Share Analysis by Geography
The geographic scope of the artificial intelligence in marketing market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America dominates artificial intelligence in marketing market. The key artificial intelligence in marketing market players, such as Adobe, Amazon Web Services, IBM, Salesforce, and Accenture—have been adopting various organic and inorganic strategies to enhance their revenue and market standings. For example, Appier launched ARTIFICIAL INTELLIGENCEXPERT, an ARTIFICIAL INTELLIGENCE-powered app-based advertising assistant that helps marketers easily scale their performance of sales campaigns through campArtificial Intelligencegns in January 2021. Thus, the market is growing in the region.
Artificial Intelligence in Marketing Market Report Scope
Artificial Intelligence in Marketing Market News and Recent Developments
Artificial intelligence in marketing market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in artificial intelligence in marketing market are listed below:
- Clarivate Plc, a leading global provider of transformative intelligence, launched the first publicly available version of Trademark Watch Analyzer today at the 2024 International Trademark Association Annual Meeting. As the next-generation trademark protection solution enhanced by artificial intelligence (AI) and cloud technology, this solution combines Clarivate global trademark and case law data, in-house IP expertise, and cutting-edge AI technology. It will provide faster and more accurate answers to critical business questions by automating key trademark-watching tasks and intelligently prioritizing result sets. (Source: Signify, Press Release, May 2024)
- Omnichannel customer engagement company Emarsys, which has been part of SAP since 2020, announced the launch of AI Product Finder, a new solution for product recommendations and personalized customer experiences. The move responds to consumer interest in AI for commerce, with Emarsys’ data showing that 64% of consumers believe AI has improved their commerce experiences. (Source: Tungsram Group, Press Release, April 2024)
Artificial Intelligence in Marketing Market Report Coverage and Deliverables
The “Artificial Intelligence in Marketing Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Artificial intelligence in marketing market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Artificial intelligence in marketing market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- artificial intelligence in marketing market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the artificial intelligence in marketing market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Offering , Application , End-Use Industry , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, Taiwan, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America dominates artificial intelligence in marketing market.
Rising Adoption of Customer-Centric Marketing Strategies and The surge in the adoption of the cloud are the major factors that propel global artificial intelligence in marketing market.
AI-assisted decision-making taking the central place is anticipated to play a significant role in the global artificial intelligence in marketing market in the coming years.
The key players holding majority shares in the global artificial intelligence in marketing market are 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, and Xilinx, Inc.
The global artificial intelligence in marketing market is expected to reach US$ 251618.41 million by 2031.
The expected CAGR of global artificial intelligence in marketing market is 31.8%.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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