Artificial intelligence in 2021 marketing market emerges with increasing use of social media for advertising by 2028
NEW YORK, USA, November 22, 2021 /EINPresswire.com/ – According to new market research from The Insight Partner on “Artificial intelligence in the marketing market until 2028 – COVID-19 impact and global analysis “, the market was valued at US $ 12,044.46 million in 2020 and is expected to reach US $ 107,535.57 million by 2028; it is expected to grow at a CAGR of 31.6% during 2021-2028.
The major artificial intelligence players in the marketing market players, such as IBM, Amazon Web Services, Salesforce, Adobe, and Accenture, have adopted several organic and inorganic strategies to improve their revenue and market position. For example, in January 2021, Appier launched ARTIFICIAL INTELLIGENCEXPERT, an ARTIFICIAL INTELLIGENCE-based app-based advertising assistant that helps marketers easily tailor their sales campaign performance through campArtificial Intelligencegns. Through its applications, ARTIFICIAL INTELLIGENCEXPERT enables the automation of budget allocation on major advertising platforms such as Facebook, Google and Apple Search Ads (ASA) and helps to make better decisions with suggestions based on ARTIFICIAL INTELLIGENCE .
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Growing adoption of customer-centric marketing strategies
Many companies, no matter what industry they belong to, are focused on developing long-term and mutually beneficial relationships with their customers, to survive in the rapidly growing competition in the global market. In recent years, customer engagement strategies and actions have shifted from product orientation to customer orientation. Customer centricity enables businesses to better understand their customers and better anticipate, as well as meet their needs, at all times. Companies that have successfully transitioned to customer-centric engagement have been proven to enjoy major competitive advantage and grow in sales and revenues. According to the Harvard Business Review, more than a third of Fortune 500 companies have reformed around the customer, using preferences, segments and journeys as guiding concepts. Nonetheless, many leading brands in recent years have successfully embraced customer focus. Popular customer-centric businesses in the United States include American Express, Tumi, and USAA. Traditional models are being abandoned by airlines such as Emirates, Air New Zealand and Singapore Airlines to switch to new advertising formats. Customer Orientation is a business strategy that emphasizes providing a great customer experience before and after purchase to create repeat order opportunities, as well as customer retention and business development. . For example, Zappos and Amazon are two outstanding examples of customer-centric companies that have spent decades developing a culture focused on customers and their preferences.
The increasing adoption of customer-centric marketing strategies and the increasing use of social media for advertising are among the factors contributing to the growth. However, the limited availability of professionals with AI expertise is holding back the growth of artificial intelligence in the marketing market. Nonetheless, the rise in adoption of cloud-based applications and services is creating significant opportunities for vendors operating in artificial intelligence in the marketing market.
Impact of COVID-19 on artificial intelligence in the marketing market
COVID-19 started in Wuhan, China in December 2019 and since then it has spread at a rapid rate across the world. The United States, India, Brazil, Russia, France, United Kingdom, Turkey, Italy and Spain are among the most affected countries in terms of confirmed cases and reported deaths. COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans and business closures. The closure of various factories and factories has affected global supply chains and negatively impacted manufacturing, delivery schedules and product sales in the global market. Few companies have already announced possible delays in product deliveries and a decline in future sales of their products. In addition to this, global travel bans imposed by countries in Europe, Asia-Pacific and North America affect business collaborations and partnership opportunities.
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Based on supply, the market for artificial intelligence in marketing is segmented into solutions and services. In 2020, the solutions segment held the largest market share, and furthermore, it is expected to represent a larger share during 2021-2028. However, the service segment is expected to register a higher CAGR in the market during the forecast period.
On the basis of Apps, Artificial Intelligence in Marketing Market is segmented into Search Advertising, Social Media Advertising, Dynamic Pricing, Virtual Assistant, Content Curation, Sales & Marketing Automation, etc. In 2020, the social media advertising segment has secured a dominant market share and is expected to continue the same trend during the forecast period. However, the virtual assistance segment is expected to register the highest CAGR in the artificial intelligence market in the marketing market between 2021 and 2028.
End User Industry Information
Based on the end-use industry, Artificial Intelligence in the marketing market is segmented into BFSI, Retail, Consumer Goods, Media and Entertainment, and others. Artificial intelligence is not a new concept for professionals engaged in planning digital marketing campaigns in various industries. AI-enhanced PPC advertising, personalized website experience, AI-powered content creation, and content creation chatbots are some of the features commonly used by various small and large businesses across different industries. end users.
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