New growth opportunities, including revenue attribution solutions, will drive innovation in the market, finds Frost & Sullivan
Frost & Sullivan’s recent analysis, COVID-19 Geopolitical Chaos Highlights the Importance of Marketing Automation Solutions (MAS), finds that the pandemic-fueled digitization of global marketing and sales and an increasing number of marketing channels targeting niche audiences will contribute to the growth of the marketing automation sector over the next five years. The market is forecast to increase from $2.9 billion in 2020 to $6.6 billion in 2026.
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“The adoption of marketing automation solutions is on the rise as companies acknowledge the power and purpose MAS has to connect marketing and sales teams. With automation and intelligence built-in, marketing automation bridges department data silos and gives the company a clear look into the omnichannel customer journey,” said Melody Siefken, Industry Analyst, Frost & Sullivan. “MAS is perceived as necessary tools for the development of marketing and sales campaigns by most companies today. Adoption rates are skyrocketing as vendors lower prices and promote the benefits of this software through awareness programs and events in their efforts to bring MAS to the forefront of every marketer’s mind.”
Siefken added: “With COVID-19 forcing companies to focus more on digital marketing and sales efforts, an uptick in MAS adoption post-pandemic is highly likely. MAS integration with third-party software will open doors to under-penetrated verticals. New trends, like the use of revenue attribution solutions, will drive innovation in the market, which is expected to grow rapidly.”
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For further revenue opportunities, market participants should explore these strategic recommendations:
- MAS vendors that do not provide revenue attribution services should consider building their own solution, partnering with a solution provider, or acquiring a solution to fully integrate into their own.
- Solution providers should create white papers, case studies, product demos, and other outreach material to showcase the importance of MAS tools to post-pandemic marketing and sales strategies.
- Solution providers need to tie in enterprise resource planning and inventory management systems to give sales teams the requisite knowledge to close deals with leads.
- MAS vendors and clients need to investigate and learn about their target customers to personalize their chatbots.
- MAS vendors should look to improve AI and data analytics capabilities to build powerful bases for chatbots. Invest in chatbot companies and partner with AI-based solutions providers.
COVID-19 Geopolitical Chaos Highlights the Importance of Marketing Automation Solutions is part of Frost & Sullivan’s global Information and Communication Technology Growth Partnership Service program.
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