Artificial Intelligence in Marketing Market Report

Market Insights

The global artificial intelligence in marketing market is expected to grow from USD 23.68 billion in 2022 to USD 94.09 billion by 2029 at a CAGR of 21.8% during the forecast period.

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Artificial Intelligence (AI) in marketing refers to the use of AI technologies to enhance marketing strategies and improve customer experiences. AI can be used to automate tasks, analyze data, and personalize customer interactions. For instance, AI-powered chatbots can provide instant responses to customer queries, thereby improving customer satisfaction and reducing workload for customer service teams.

Additionally, AI can be used to analyze customer data and identify patterns of behavior, enabling marketers to personalize marketing campaigns and improve customer engagement. Machine learning algorithms can be used to optimize advertising campaigns, predict customer behavior, and identify potential customers. The use of AI in marketing can enhance customer experiences, improve marketing ROI, and increase customer loyalty.

Overall, AI is transforming the marketing industry by enabling companies to connect with customers on a deeper level and create more targeted and effective marketing strategies.

Key Players

The major players operating in the global artificial intelligence in marketing market are:

• NVIDIA (US)
• Intel (US)
• IBM (US)
• Samsung Electronics (Korea)
• Micron (US)
• Xilinx (US)
• Amazon (US)
• Alphabet (US)
• Facebook (US)
• Microsoft (US)
• Baidu (China)
• Salesforce (US)
• Sentient Technologies (US)
• Albert Technologies (Israel)
• Oculus360 (US)

Market Dynamics

The artificial intelligence in marketing market is experiencing growth due to various factors such as the increasing demand for virtual assistants, the rise of social media usage for advertising, and the implementation of customer-centric marketing strategies.

Additionally, the market growth is being fueled by the development of big data analytics and the utilization of Al-based products and services to improve consumer experience. However, the high cost of maintenance, security concerns, and the need for continuous supervision are expected to hinder the growth of the market. Nevertheless, the growth of marketing analytics and the adoption of cloud-based applications and services present opportunities for the market to flourish.

Driver: Growing adoption of customer-centric marketing strategies

Any company recognizes the importance of customers as valuable assets. To thrive in the competitive artificial intelligence in marketing market, companies are prioritizing the development of long-term relationships with their customers. In recent times, there has been a shift from product-driven marketing strategies to customer-centric marketing strategies, with the aim of gaining a better understanding of the customers and predicting their behavior based on their purchase history.

The customer-centric strategy prioritizes delivering exceptional customer experiences before and after sales, with the goal of increasing customer loyalty, promoting business growth, and creating repeat orders.

Segment Analysis

Deployment Type Insights

The market for cloud deployment is projected to experience a higher compound annual growth rate (CAGR) between 2023 and 2029 when compared to other deployment types. This is due to the fact that numerous businesses have already shifted some of their operations to the cloud, which has prompted vendors to develop cloud-based solutions for protecting data stored on the cloud.

Application Insights

The fastest-growing application among those in the artificial intelligence in marketing market is virtual assistants. Virtual assistants are becoming increasingly popular for sales purposes because they are designed to increase productivity by eliminating time-consuming lead generation activities.

This allows salespeople to concentrate on more productive areas of their job. Virtual assistants can take many forms, such as chatbots, voice assistants, or digital avatars, and employ natural language processing (NLP), computer vision, and machine learning algorithms to understand and respond to user requests.

Virtual assistants can be utilized in a variety of domains, including customer service, healthcare, finance, and education, to improve the efficiency and effectiveness of human-computer interactions. Examples of virtual assistants include Siri, Alexa, and Google Assistant.

With the growing demand for convenience and personalized experiences, virtual assistants are expected to play an increasingly crucial role in the development of the Artificial Intelligence (AI) in Marketing Market throughout the forecast period.

Technology Insights

The market has been divided into four technology segments, namely machine learning, natural language processing, computer vision, and context-aware computing. The market for machine learning is growing due to its ability to collect and manage large amounts of data and perform complex calculations that were previously impossible.

Natural Language Processing (NLP) is another rapidly growing technology segment that is expected to continue growing during the forecast period, primarily due to the rising demand for intelligent systems and increased investment in this area. NLP enables computers to understand, interpret, and generate human language, making it possible for them to perform tasks such as sentiment analysis, machine translation, question answering, and text generation.

These technologies are widely used in a variety of applications, such as chatbots, virtual assistants, and personalized recommendation systems. With the increasing amount of unstructured text data being generated every day, NLP is expected to continue to grow and play an essential role in the advancement of AI.

End-user Industry Insights

The largest share of the AI in marketing market is held by the enterprise industry among end-user industries. The enterprise industry is utilizing AI in marketing for various applications, such as virtual assistants, sales and marketing automation, analytics, and social media advertising.

Regional Analysis

Asia-Pacific to witness fastest growth during the forecast period. The market study segments the market into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The Asia-Pacific region is a significant growth market for AI in Marketing Market, driven by rapid digitalization and technological advancements, growing e-commerce and online retail industries, increasing smartphone and internet penetration, rising investment in AI and related technologies, and growing awareness and adoption of AI-powered marketing solutions among businesses.

China, India, Japan, South Korea, and Australia are countries in the Asia-Pacific region that show significant AI in Marketing market growth. China, in particular, has a rapidly growing AI industry and is expected to become a leader in AI technology in the near future. The retail and e-commerce industries are key industry verticals of AI in marketing in the Asia-Pacific region, with a growing demand for personalized and data-driven marketing solutions.

The North American region is anticipated to experience positive growth in the artificial intelligence in marketing market in the coming years. Many established technology companies situated in the area are aware of the promising opportunities presented by AI in marketing. Additionally, the adoption of AI by small and large businesses in the region is relatively high compared to the rest of the world, which contributes to the growth of the market in this region.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Product Portfolio, New Product Launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com

Recent Developments

• In February 2023, Aurora Mobile teamed up with Baidu's ERNIE bot to deliver AI-driven marketing products.
• In October 2022, Facebook (Meta) announced new ways for advertisers to reach customers in a variety of ways based on how they are spending their time, through video, messaging, ads or AI-enhanced experiences.
• In April 2022, Salesforce launched new Service and Marketing Cloud features that humanize the customer experience with updated AI-powered conversational intelligence, mobile offline access to relevant information, and Customer Data Platform innovations.
• In March 2022, Adobe unveiled new AI Innovations that include intelligent content creation and delivery, product recommendations, live search results, intelligent budget forecasting and allocation, cross-channel budget optimization.