MOUNTAIN VIEW, Calif., July 8, 2015 /PRNewswire/ -- Marketing organizations are looking to streamline planning, budgeting, forecasting and campaign management activities, in order to bring in cost-efficiency and agility across departments and processes. The need to ensure consistency in global and local practices and rapidly respond to consumer needs is strengthening the relevance of marketing process optimization solutions (MPOS). MPOS automate processes across the marketing value chain and enable marketers to deliver seamless cross-channel customer experiences.
New analysis from Frost & Sullivan, Global Marketing Process Optimization Solutions Market (https://www.frost.com/ned0), finds that the market earned revenues of $897.8 million in 2014 and estimates this to reach $2443.3 million by 2020.
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"Forward thinking organizations are doing away with the cumbersome, excel-based approach to collaboration, and turning to optimization solutions to deliver better marketing content and effective campaigns," said Frost & Sullivan Digital Media Industry Analyst Hiral Jasani. "MPOS are used most frequently in distributed marketing, planning and budgeting applications."
However, continuing use of data siloes and disjointed technological solutions in companies are barriers to adoption. The presence of multiple decision-makers across departments also makes it difficult to arrive at a common decision about an organization-wide technology such as, MPOS. Moreover, MPOS are highly modular and expensive, largely limiting deployments to the enterprise segment.
Meanwhile, the popularity of home-grown solutions and agency-developed technologies is eating into the share of smaller vendors; continued consolidation is another restraint. Large vendors are aggressively looking for inorganic growth opportunities to expand their capabilities and deliver a complete end-to-end marketing solution. As a result, lower deal numbers slow down market growth.
"Solution providers can maximize the value proposition of MPOS through strategic third-party integration with content marketing, big data analytics and digital asset management solutions on the front-end," advised Jasani. "Vendors offering such integrated solutions for high-growth verticals like the retail, banking and financial services, travel and hospitality, and manufacturing, will be able to race ahead of the competition."
Although the market is skewed towards business-to-consumer (B2C) deployments, vendors are bolstering their campaign management capabilities to cater to the business-to-business (B2B) segment, thus casting their net wider and broadening their scope for success in the global market.
Global Marketing Process Optimization Solutions Market is part of the Digital Media (http://www.digitalmedia.frost.com) Growth Partnership Service program. Frost & Sullivan's related studies include: Global Engineering Information Management Solutions Market, Global Digital Signage Systems Market, Global Enterprise Rights Management Market, and Global Marketing Automation Software Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Global Marketing Process Optimization Market
Corporate Communications – North America
SOURCE Frost & Sullivan