Asia-Pacific Marketing Automation Software Market by Solution, by Enterprise Size, by Deployment Type, by Industry, by Country -Market Size, Share, Development, Growth and Demand Forecast, 2013-2023
NEW YORK, Jan. 21, 2020 /PRNewswire/ --
Asia-Pacific (APAC) Marketing Automation Software Market by Solution (Cross-Channel Campaign Management (CCCM), Real-Time Interaction Management, Lead-to-Revenue Management (L2RM), Marketing Resource Management, Content Marketing Platform (CMP), Through Channel Marketing Automation (TCMA)), by Enterprise Size (Large Enterprises, Small & Medium Enterprises), by Deployment Type (Cloud, On-Premises), by Industry (BFSI, Telecom & IT, Retail, Automotive, Manufacturing, Hospitality, Healthcare, Government, Media & Entertainment, E-Commerce, Education), by Country (China, India, Japan, South Korea, Australia) -Market Size, Share, Development, Growth and Demand Forecast, 2013-2023
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APAC marketing automation software market is projected to reach $7.0 billion by 2023, this is attributed to increasing penetration of digital marketing and social media in APAC, especially by populace under the age of 40. Marketers are leveraging this fact to build their consumer base by adopting social media platforms to reach and engage with potential target audience, which is positively driving the market growth.
On the basis of solution, the cross channel campaign management (CCCM) marketing automation software solution contributed over 45% revenue share to the APAC marketing automation software market in 2017, on account of growing need by enterprises for a technology that supports them in customer data management, analytics, along with workflow tools for designing, executing, and measuring campaigns for digital and offline channels.
Based on industry, banking, financial services, and insurance (BFSI) held the largest market share in 2017. This was due to increasing adoption of marketing automation software in BFSI industry. The industry's major challenge is to effectively up-sell and cross-sell retail banking products like debit cards, credit cards, loans, insurance, and so on to customers. To overcome these challenges, BFSI industry is implementing marketing automation software, as it provides summarized information of consumer behavior depending on their digital channels, platforms and the touch points they use. Additionally, marketing automation software automates repetitive manual tasks which thereby improves productivity of an organization.
Based on deployment type, APAC marketing automation software market categorized into cloud and on-premises. Of these, cloud-based marketing automation category is expected to continue holding larger share in the APAC market, during the forecast period. Majority of market investments in the region are targeted toward cloud-based applications. Furthermore, small and large businesses are becoming aware of the advantages offered by cloud technology such as scalability, speed, storage, and convenience over on-premises deployment solutions, which is thereby boosting the adoption of cloud-based marketing automation software.
India is forecast to emerge as the fastest growing country in APAC marketing automation software market in the next five years. With rapid growth in industries such as retail, manufacturing, and hospitality, demand for marketing automation software solutions is high in these industries. Solutions such as through channel marketing automation (TCMA), and lead-to-revenue management (L2RM) are being adopted by these industries as they improve lead scoring and channel marketing. Moreover, to cater to the needs of these industries, marketing software automation vendors are coming-up with solutions tailored as per the business size and needs of the end-users.
The major factors pushing the growth of APAC marketing automation software market is the rising adoption of automation tools in retail sector. With the advent of self-checkout systems in the retail sector is enabling APAC retailers to automate their stores and purchasing operations. Automation in a retail store is also enabling customers to make purchases checkout with the help of their smartphones and applications. This resulted in a less reliance on manual and physical labor force, and in increasing efficiency of the store operations, and customer satisfaction.
Automation in retail industry offer customers with contextual product recommendation, and rationalizes shopping experience for them. For instance, 7-Eleven convenience brand offers customer promotions, based on weather and location. Automation tools helps in carrying out surveys to understand buying patterns in customers' shopping experiences. Auto-responding features, such as "thank you", and "please come again", attract consumers to a store, and adds to their positive feedbacks. Small and large retail stores in APAC are using automation tools for better sales and for building reputation.
Recently, major players in the APAC marketing automation software market have been involved in various mergers and acquisitions, partnerships, and product launches, to gain a foothold in the market. Oracle Corporation, SharpSpring Inc., and HubSpot, Inc. have been focusing on both product launches and partnerships to improve their market position.
Some of the key players operating in the APAC marketing automation software market includes Oracle Corporation, IBM Corporation, Adobe Systems Incorporated, Salesforce.com, Inc., HubSpot, Inc., Teradata Corporation, Act-On-Software Inc., SharpSpring, Inc., SAS Institute Inc., and Infusionsoft, Inc.
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