AI in Marketing Market Size, Historical Analysis and Emerging Technologies

Posted by Ehtesham Peerzade on January 29th, 2020

Market Highlights

AI 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.

AI helps in analyzing a large volume of structured and unstructured data and trace meaningful patterns through it which helps in sales forecasting. Predictive analytics offered by AI help marketing enterprises in lead generation and customer acquisition. AI also helps marketers with ad optimization such as media content placement, buying option, advertisement and campaign optimization according to the customer behavioral and usage pattern. With the use of AI-based virtual assistance such as chatbots, digital assistance, recommendation engines, and others, marketing enterprise can offer 24/7 support, manage customer relationship better, and help understand their preference which enhances the customer experience. Increasing demand for digital assistance is expected to drive the growth of AI in marketing.

Segmentation:

According to Market Research Future, the Artificial Intelligence (AI) in marketing market size has been segmented into deployment, technology, application, vertical and region.

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.

Regional Analysis:

The global market for AI in marketing is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of the AI in marketing market is done for North America, Europe, Asia-Pacific, and the rest of the world.

North America is expected to dominate the market during the forecast period. The major factor influencing the growth of market in this region is well-established economies like the US, and Canada, that are spending a large share on research and development of AI algorithms and technologies such as machine learning, virtual assistance, natural language processing, and others. Also, increasing adoption of social media platforms to stay connected offers an additional platform for advertisement which is another reason driving the growth of AI in marketing. Asia-Pacific is expected to grow at a significant rate owing to increasing adoption of AI technology and cloud deployment by large as well as SMEs for increasing customer satisfaction and enhancing operational performance.

Key Players:

The prominent players in the market of AI in marketing are Google (US), Nvidia Corporation (US), Sentient Technologies Holdings Ltd (US), Salesforce.com, Inc. (US), IBM Corporation. (US), Intel Corporation (US), Twitter (US), Facebook. (US), Microsoft Corporation (US) and Amazon.com, 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.