The artificial intelligence in marketing market was valued at US$ 12,044.46 million in 2020 and is projected to reach US$ 107,535.57 million by 2028; it is expected to grow at a CAGR of 31.6% during 2021–2028.
The rising adoption of customer-centric marketing strategies and increasing use of social media platforms for advertising are among the factors boosting the artificial intelligence in marketing market growth. However, scarcity of personnel well-versed with AI knowledge hinders the market growth. Further, surge in the adoption of cloud-based applications and services creates notable opportunities for the artificial intelligence in marketing market players.
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Top Key Players Studied in Artificial Intelligence in Marketing Market:
- Appier Inc.
- Novantas (Amplero), Inc.
- SAS Institute Inc.
- SAP SE
- Oracle Corporation
- IBM Corporation
- Amazon Web Services
- Microsoft Corporation
- Xilinx, Inc
Rising Adoption of Customer-Centric Marketing Strategies
Many companies, regardless of the industry where they belong, are concentrating on developing long-term, mutually beneficial relationships with their customers, to survive in the rapidly growing competition in the global marketplace. In recent years, customer engagement strategies and actions have shifted from being product-driven to being more customer-centric Customer-centricity enables companies to better understand their customers and predict, as well as address their needs, at any time. It is proved that companies that have successfully shifted to customer-centric engagement, enjoy a major competitive advantage and growth in sales and revenue. 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 the guiding concepts. Nonetheless, many of the high-ranking brands in recent years have successfully adopted customer-centricity. In the US, popular customer-centric companies include American Express, Tumi, and USAA. Traditional models are being discontinued by airlines such as Emirates, Air New Zealand, and Singapore Airlines to switch to new advertising formats. Customer-centricity is a business strategy that emphasizes on providing an excellent customer experience both before and after the purchase to create opportunities of order repetition, along with increasing customer loyalty and fueling business development. For instance, Zappos and Amazon are two outstanding examples of customer-centric companies that have spent decades developing a culture that revolves around customers and their preferences.
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Artificial Intelligence in Marketing Market – by Offering
Artificial Intelligence in Marketing Market – by Application
- Social Media Advertising
- Search Advertising
- Dynamic Pricing
- Virtual Assistant
- Content Curation
- Sales & Marketing Automation
- Analytics Platform
Artificial Intelligence in Marketing Market – by End User
- Consumer Goods
- Media and Entertainment
The research on the Artificial Intelligence in Marketing market focuses on mining out valuable data on investment pockets, growth opportunities, and major market vendors to help clients understand their competitor’s methodologies. Comprehensive analysis of critical aspects such as impacting factors and competitive landscape are showcased with the help of vital resources, such as charts, tables, and infographics.
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