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PUNE, India, February 13, 2018 /PRNewswire/ —
According to the “Artificial Intelligence in Marketing Market by Offering (Hardware, Software, Services), Technology (Machine Learning, Context-Aware Computing, NLP, Computer Vision), Deployment Type, Application, End-User Industry, and Geography – Global Forecast to 2025”, published by MarketsandMarkets™, the market is expected to be valued at USD 6.46 Billion in 2018 and is likely to reach USD 40.09 Billion by 2025, at a CAGR of 29.79% during the forecast period. Growth in the adoption of customer-centric marketing strategies, increase in demand for virtual assistants, and increased use of social media for advertising are the major factors driving the demand for AI-based marketing and sales solutions.
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Software to hold largest share of AI in marketing market by 2025
Software holds a major share of the overall AI in marketing market owing to the developments in AI software and related software development kits. AI systems require different types of software, including application program interfaces, such as language, speech, vision, and sensor data, along with machine learning algorithms, to realize various applications for sales and marketing. Software platforms and solutions are available at high costs as there are limited number of experts that develop machine learning algorithms.
Market for cloud deployment to grow at higher CAGR between 2018 and 2025
Several businesses have already moved part of their operations to the cloud, which has encouraged vendors to develop cloud-based solutions. Migrating to the cloud has benefits such as enhanced flexibility, control, and scalability. Cloud deployment significantly reduces the capital investment required to implement AI-based solutions for marketing and sales; this is one of the major reasons for the increased demand for cloud-based solutions from most enterprises.
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North America to hold major share of AI in marketing market in 2018
North America is expected to account for the largest share of the overall AI in marketing market in 2018. North America is the largest contributor to the adoption and implementation of AI in marketing. The region, including the US and Canada, has shown increased investments in the market, and several vendors have evolved to cater to the rapidly growing market. Considerable growth is expected in the region during the forecast period owing to the growing adoption of AI among physically present retail stores, as well as the ongoing research and pilot projects by North American companies.
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Companies covered in the AI in marketing market report are NVIDIA (US), Intel (US), IBM (US), Micron (US), Samsung Electronics (Korea), Xilinx (US), Amazon (US), Alphabet (US), Facebook (US), Microsoft (US), Salesforce(US), Baidu (China), Sentient Technologies (US), Albert Technologies (Israel), and Oculus360 (US). Some of the other key companies included in the report are Twitter (US), Oracle (US), InsideSales (US), Persado (US), Mariana (US), Drawbridge (US), Narrative Science (US), Appier (US), GumGum (US), and Zensed (Sweden).
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