Artificial Intelligence (AI) in Marketing Market to Reach USD 35.13 Billion, at a 11.1% CAGR By 2030 - Market Research Future (MRFR)
AI in Marketing Market is Growing to Boost the Increasing Demand for Digital Assistance and Growing Demand for Customer-Driven Marketing and Advertisement
New York, USA, May 25, 2023 (GLOBE NEWSWIRE) -- According to the market research report published by Market Research Future (MRFR), "Artificial Intelligence (AI) in Marketing Market Information by Type, Technology, Application, Industry Vertical, and Region - Forecast till 2030”, the Artificial Intelligence (AI) in Marketing Market could thrive at a rate of 25.2% between 2022 and 2030. The market size will reach around USD 77.40 billion by the end of the year 2030.
Artificial Intelligence (AI) in Marketing Market is an emerging technology that is transforming the way businesses approach their marketing strategies. AI in Marketing refers to the use of machine learning algorithms and data analytics to analyze customer behavior and preferences and to optimize marketing campaigns to achieve better results. AI has the potential to revolutionize the way businesses interact with customers and deliver personalized experiences that are more engaging and effective.
The applications of AI in Marketing are numerous and varied. One of the most common applications is in customer segmentation and targeting. By analyzing customer data, AI algorithms can identify patterns and preferences that can help businesses to target their marketing campaigns more effectively. AI can also be used for predictive modeling, allowing businesses to anticipate customer behavior and adjust their marketing strategies accordingly. Other applications include chatbots, which can provide customers with personalized support and assistance, and recommendation engines, which can suggest products and services based on customer preferences.
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Market Competitive Landscape:
The affluent companies in the Artificial Intelligence (AI) in the Marketing industry include:
Micron Technology, Inc.
Latest Industry Updates:
December 2021 - The AI in Marketing market is the acquisition of Acquia by CDP (Customer Data Platform) provider, Twilio. Acquia is a provider of digital experience and personalization solutions, and the acquisition is expected to enhance Twilio's AI capabilities and its ability to deliver personalized experiences to customers. The acquisition is indicative of the growing importance of AI in Marketing and the increasing demand for advanced customer data analytics solutions.
Scope of the Report - Artificial Intelligence (AI) in Marketing Market:
Market Size by 2030
USD 77.40 Billio
CAGR during 2022-2030
Key Market Opportunities
Emerging Innovation in AI Across Industries Evolution of Marketing Analytics
Key Market Dynamics
Increasing Demand for Digital Assistance Growing Demand for Customer-Driven Marketing and Advertisement
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Market USP Covered:
The market-driving factors for AI in Marketing are numerous and include the growing demand for personalized experiences, the increasing use of digital marketing channels, and the need to optimize marketing budgets. Personalization has become a critical aspect of modern marketing, with customers expecting businesses to deliver personalized experiences that meet their specific needs and preferences. AI can help businesses to achieve this by analyzing customer data and delivering tailored messages and offers. The increasing use of digital marketing channels, such as social media and mobile, has also created a need for more sophisticated analytics tools that can help businesses to track and measure their marketing efforts. Finally, businesses are under increasing pressure to optimize their marketing budgets and achieve better ROI. AI can help businesses to achieve this by identifying areas for improvement and by providing insights that can be used to optimize marketing campaigns.
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There are also market restraints for AI in Marketing. One of the biggest challenges is the need for high-quality data. AI relies on accurate and comprehensive data to deliver effective results, and businesses that lack access to such data may struggle to implement AI successfully. There is also a need for skilled data scientists and analysts who can interpret the data and develop effective marketing strategies. Finally, there are concerns around data privacy and security, with many customers wary of sharing their data with businesses.
COVID 19 Analysis:
The COVID-19 pandemic has had a significant impact on the AI in Marketing market. The pandemic has accelerated the shift towards digital marketing channels, as businesses have had to adapt to the changing consumer behavior. This has created new opportunities for AI in Marketing, as businesses seek to optimize their digital marketing strategies and deliver personalized experiences to customers. However, the pandemic has also highlighted the importance of data privacy and security, with many customers concerned about the use of their data by businesses.
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By Type - The Types in the market include On-Cloud and On-Premise.
By Technology - By Technology, the segment includes Machine Learning, Adaptive Learning, Natural Language Processing, Natural Language Generation, Speech Recognition, Advanced Analytics, and Computer Vision
By Application - By Application, the segment includes Sales Forecasting, Content Curation, Virtual Assistance, Predictive Analytics, Ad Optimization, Dynamic Pricing, and Others.
By Industry Vertical - By Industry Vertical, the segment includes BFSI, Retail & E-Commerce, Government, IT & Telecommunication, Healthcare, and Commercial Organization.
North America is the largest market for AI in Marketing, with the US being the primary driver of growth. The region is home to several major technology companies that are leading the way in AI development, and there is a high level of investment in technology. Further, Europe is the second-largest market, with countries like the UK, Germany, and France investing heavily in AI development. Additionally, Asia Pacific is expected to be the fastest-growing market, with countries like China and India investing in AI research and development, and experiencing rapid growth in the digital marketing sector.
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