AI in Marketing Market Expectations and Growth Trends Highlighted Until 2023Posted by Akshay Solanki on February 12th, 2021 According to Market Research Future, the Artificial Intelligence (AI) in marketing market has been segmented into deployment, technology, application, vertical and region.
Artificial Intelligence in marketing enhances the customer experience and boosts the enterprise growth by focussing on understanding the customers’ need, customer behavior, managing real-time customer interactions, personalizing customer experience, identifying customers across various channels, and finding the target group. A study by Emarsys and Forrester found that 54% of the retail marketers who were surveyed, were using AI driven personalization across channels to drive their business growth.
Based on deployment, the market is segmented into on-premise and on-cloud deployment. The market for on-cloud deployment is expected to possess a higher growth owing to the cost-effective features offered by cloud-based services such as scalability, flexibility, mobility, and cross-platform support which will help to achieve maximum benefits of AI integrated marketing campaigns.
By technology, the market is segmented into machine learning, adaptive learning, natural language processing, natural language generation, speech recognition, advanced analytics, and computer vision. Advanced analytics help in obtaining detailed business insights and predictive analytics owing to which it is expected to grow at a significant rate
By application, the market is segmented into sales forecasting, content curation, virtual assistance, predictive analytics, Ad optimization, dynamic pricing, and others. Amongst all the applications the market for virtual assistance is expected to lead. Virtual assistance such as chatbots, digital assistance, and recommendation engines are adopted by every enterprise today as they offer 24/7 assistance to the customers which help in enhancing the customer experience.
By vertical, the market is segmented into BFSI, retail & e-commerce, government, IT & telecommunication, healthcare, commercial organization, and others. Commercial organizations are expected to lead the market by using AI applications such as virtual assistance and predictive analytics to obtain detailed insights and enhance its operational performance. Retail & e-commerce is expected to grow at a significant rate due to sales forecasting, ad-optimization, content curation, and other applications offered with the help of AI integration which helps in increasing the sales.
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Key Players
The prominent players in the market of AI in marketing are Google (US), Nvidia Corporation (US), Sentient Technologies Holdings Ltd (US), Salesforce, Inc. (US), IBM Corporation. (US), Intel Corporation (US), Twitter (US), Facebook. (US), Microsoft Corporation (US) and Amazon, Inc.(US).
Other players include Albert Technologies Ltd (Israel), Oculus360 (US), Samsung (South Korea), H2O.ai (US), Baidu, Inc. (China), Micron Technology, Inc. (US), and Oracle Corporation (US) among others.
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