The Worldwide Marketing Resource Management Industry is Expected to Reach $5.5 Billion by 2026 at a CAGR of 10.9% from 2021
DUBLIN, Aug. 10, 2021 /PRNewswire/ -- The "Marketing Resource Management Market with COVID-19 Impact Analysis by Component (Solutions and Services), Deployment Type, Organization Size, Industry Vertical (Consumer Goods and Retail, BFSI, and Manufacturing), Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The MRM market size is expected to grow from USD 3.2 billion in 2021 to USD 5.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.9% during the forecast period.
The Increased demand for cloud based solutions during COVID 19, business expansion by market leaders in, and growing investments for cloud based technologies due to increased pace of digital transformation are a few factors driving the growth of the MRM solutions and services.
Adoption of performance management solutions is noticeably increasing in among large enterprises due to the incerased need to enhance marketing performance
The planning and budget management solution helps establish marketing objectives and align investments with the strategies. While enabling the management of budgets, marketing spends, and vendors, the solutions also help marketers assess the impact of marketing plans and maximize RoI. Companies are increasingly investing in solutions to scale their marketing with a real-time view of the entire marketing spend. Moreover, MRM solutions enable users to plan and track financial resources and establish a structured approval process.
They can prepare and manage budget requests across different levels of the marketing hierarchy, including organization, plan, brands or product line, industry, and geography. It also supports the full life cycle of marketing expenses, including tracking detailed line-item expenses and generating purchase orders and invoices so that users can track forecasted, committed, and actual costs at any budgetary level. Users can ensure that every marketing program and a budget request is reviewed by the appropriate people. Using these solutions, users can circulate, review, and approve important marketing items, including proposed marketing plans and tactics, budget requests, and marketing content. Marketing managers can easily submit items for review, forward items for feedback, and approve or decline requests.
Growing trend of expanding business operations while working within the existing infrastructure to drive the consulting and implementation services
Consulting and implementation are professional services practice for enterprise infrastructure that involves advising customers for managing organization's IT infrastructure and improving infrastructure performance, including security and workflow processes. They also help them implement a solution. Before implementing a required solution, business needs must be assessed and understood thoroughly to ensure hassle-free and proper deployment and integration of MRM solutions. MRM vendors offer consulting services to users that have limited awareness related to the market and how to adopt the solutions depending upon their business. The implementation service helps users to manage the implementation and site going forward and helps their team to assist via virtual meetings and handling questions, and helps to manage decisions that are best for their teams.
Increased awareness related to cloud benefits among small enterprises is driving its adoption
Small enterprises have an overall revenue of fewer than 100 million dollars. Being new to the market, they have restricted budgets for marketing, recruitment, and sales activities; but they need to create their presence in the market, for which they are adopting MRM solutions. Small enterprises have a low market share compared to medium-sized and large enterprises but are trying their best to sustain it. These MRM solutions help businesses combine content management systems with digital asset management systems and deliver personalized content to their users. These factors are expected to contribute to the growth of the small enterprises segment over the forecast period. Though small enterprises have started adopting cloud-based MRM solutions, it is expected to be expensive due to the high implementation cost. The changing customer behavior, such as increased consumption of the Internet at a reduced cost, is also a challenging task for small enterprises.
Enterprises are choosing cloud due to ease of operations and enhanced scalability
The rising shift from on-premises to cloud infrastructure is propelling the demand for cloud-based MRM solutions. This is due to various benefits associated with cloud. Some of these benefits include 24x7 data accessibility, rapid implementation, reduced setup, operational cost CAPEX and Operating Expenditure (OPEX), less maintenance cost, scalability, and ease of use for organizations with limited IT staff and budget. Moreover, the growing adoption of cloud services due to minimal capital expenses offers unlimited data storage and customization based on organization requirements. This factor will drive the demand for cloud services in the coming years. The growth of the segment can be attributed to the increasing need to manage information in a secure, efficient, consolidated, and remotely accessible manner. The cloud software suites can be easily integrated with the existing systems, and these cloud-based MRM solutions allow businesses to personalize, manage, orchestrate, and optimize cross-channel campaigns across B2C and B2B use cases.
Retailers shifting business operations online to continue businesses during lockdown imposed due to COVID-19 is boosting the cloud based MRM solutions demand
The consumer goods and retail industry vertical is highly customer-centric and is one of the fastest-growing verticals with respect to the adoption of advanced technologies and services. Owing to the presence of a high number of players in this vertical, the marketing budget is usually huge. They always try to maintain a certain brand image and cater to specific customer needs and demographics. With the help of MRM software, it becomes easy to market their products and target customers based on their digital footprint. In this highly competitive market of retail and consumer goods, brand positioning is the key to higher revenues. Several retailers and consumer goods companies are leveraging the internet by launching their eCommerce sites. Hence, MRM software can be used to increase the footfall in eCommerce sites. The proper planning and execution of digital marketing campaigns can also be done with the help of MRM software. Search Engine Optimization (SEO) improves organically with proper digital marketing.
North America to dominate the MRM market in 2021
North America is one of the most technologically advanced regions in the world. It comprises the US and Canada and accounts for the largest share of the global MRM market due to the early adoption of the by the US markets. The presence of major key players that are making heavy investments in R&D development to develop advanced solutions to manage various marketing related operations and resources, early adoption of technology, organizations focusing on marketing campaigns and activities to promote the increase in the market reach, and the presence of a large number of MRM vendors are adding to the global MRM market growth in the region.
The leading MRM vendors in the region include Aprimo(US), Brandmaker(US), SAP(US), and Allocadia(Canada). These vendors are investing heavily toward the adoption of MRM software. The region is experiencing an immense amount of technological advancement, which includes the usage of MRM systems to reduce unnecessary work and increase focus on their main task. The region has multiple large-scale firms that require MRM software to keep track of marketing resources and activities. Aprimo, in the US, continues to lead because of the market size and high adoption rate. MRM vendors in this region are expanding and upgrading their services, thereby transitioning and leveraging technologies, such as marketing analytics, AI and machine learning, and cloud.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Growth Opportunities in the Marketing Resource Management Market
4.2 Market, by Component and Country
4.3 Asia-Pacific Market, by Component and Country
4.4 Market, by Component, 2021 Vs. 2026
4.5 Market, by Service, 2021 Vs. 2026
4.6 Market, by Deployment Model, 2021
4.7 Market, by Organization Size, 2021
4.8 Market, by Industry Vertical, 2021 Vs. 2026
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 COVID-19 Pandemic Boosting the Adoption of Marketing and Branding Software Among Several Verticals
5.2.1.2 Benefits of Modular Suites with Interconnected Solutions and Third-Party Integrations
5.2.1.3 Growing Need for Ensuring Brand and Regulatory Compliance
5.2.1.4 Indispensable Requirements for Reducing the Cycle Time Projections Through Content Deduplication and Distribution
5.2.2 Restraints
5.2.2.1 Upfront Cost Associated with New Systems
5.2.2.2 Persistent Growth in Cyber-Attacks and Security Issues
5.2.3 Opportunities
5.2.3.1 Scope of Expansion for Emerging Market Players Due to Divestiture of Major Marketing Resource Management Businesses
5.2.3.2 Integration of Artificial Intelligence and Machine Learning Technologies
5.2.4 Challenges
5.2.4.1 Growing Cultural Barriers to Adopt Advanced Solutions Over Traditional Systems
5.2.4.2 Dilemma of Choosing the Right, Comprehensive Platform
5.3 COVID-19-Driven Market Dynamics
5.3.1 Drivers and Opportunities
5.3.2 Restraints and Challenges
5.4 Case Study Analysis
5.5 Value Chain Analysis
5.6 Ecosystem
5.7 Technology Analysis
5.8 Pricing Analysis
5.9 Revenue Shift - Yc/Ycc Shift
5.10 Patent Analysis
5.11 Porter's Five Forces Analysis
5.12 Regulations
6 Marketing Resource Management Market, by Component
6.1 Introduction
6.1.1 Component: Market Drivers
6.1.2 Solutions and Services: COVID-19 Impact
6.2 Solutions
6.2.1 Planning and Budgeting Management
6.2.2 Asset Management
6.2.3 Channel Marketing Management
6.2.4 Performance Management
6.2.5 Others
6.3 Services
6.3.1 Consulting and Implementation
6.3.2 Training, Support, and Maintenance
7 Marketing Resource Management Market, by Organization Size
7.1 Introduction
7.1.1 Organization Size: Market Drivers
7.1.2 Organization Size: COVID-19 Impact
7.2 Large Enterprises
7.3 Mid-Sized Enterprises
7.4 Small Enterprises
8 Marketing Resource Management Market, by Deployment Type
8.1 Introduction
8.1.1 Deployment Models: Marketing Market Drivers
8.1.2 Deployment Models: COVID-19 Impact
8.2 On-Premises
8.3 Cloud
9 Marketing Resource Management Market, by Industry Vertical
9.1 Introduction
9.1.1 Industry Vertical: Market Drivers
9.1.2 Industry Verticals: COVID-19 Impact
9.2 Banking, Financial Services, and Insurance
9.3 Consumer Goods and Retail
9.4 Manufacturing
9.5 Information Technology and Information Technology-Enabled Services
9.6 Telecommunications
9.7 Healthcare and Life Sciences
9.8 Media and Entertainment
9.9 Travel and Hospitality
9.10 Education
9.11 Energy and Utilities
9.12 Others
10 Marketing Resource Management Market, by Region
11 Competitive Landscape
12 Company Profiles
12.1 Major Players
12.1.1 Oracle
12.1.2 Sap
12.1.3 Sas
12.1.4 Adobe
12.1.5 Aprimo
12.1.6 Brandmaker
12.1.7 Allocadia
12.1.8 Hcl Technologies
12.1.9 Wedia
12.1.10 Welcome
12.1.11 Infor
12.1.12 Inmotionnow
12.1.13 Seismic
12.1.14 Sitecore
12.1.15 Contentserv
12.1.16 IBM
12.1.17 Smartsheet
12.1.18 Capital Id
12.1.19 Brandmaster
12.1.20 Simple
12.1.21 Wrike
12.1.22 Widen
12.1.23 Marcom Central
12.1.24 Tapclicks
12.1.25 Admation
12.1.26 Marvia
12.1.27 Resolut
12.1.28 Intelligencebank
12.2 Startup / Sme Players
12.2.1 MRM Central
12.2.2 Bynder
12.2.3 Hive9
12.2.4 Plannuh
12.2.5 Shopperations
12.2.6 Central De Marca
12.2.7 Optimatica
12.2.8 Dreamdata
12.2.9 Sharpspring
12.2.10 Mybrand.Center
13 Adjacent Markets
13.1 Introduction
13.2 Marketing Automation Market
14 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/chdatu
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