Artificial Intelligence in Marketing Market Outlook
According to a new report by Expert Market Research titled, “Artificial Intelligence in Marketing Market Size, Share, Analysis, Report and Forecast 2023-2028″, the artificial intelligence in marketing market attained a value of USD 19.36 billion in 2022. Aided by the growing demand for data-driven marketing strategies and expanding applications of AI across various sectors, the market is anticipated to grow at a CAGR of 21.40% during the forecast period of 2023-2028 to attain a value of USD 64.31 billion by 2028.
AI has become a significant player in marketing as it provides valuable insights into customer behaviour, predicts future trends, and automates repetitive tasks, freeing up time for marketers to focus on strategy and creativity. AI applications in marketing range from chatbots providing customer service to complex algorithms that analyse customer data for hyper-personalised marketing campaigns.
The primary driver of the global artificial intelligence in marketing market growth is the increasing demand for data-driven marketing strategies. With the rise of digital platforms, businesses have access to massive amounts of customer data. Harnessing the power of this data through AI allows for more targeted and effective marketing strategies. As the benefits of data-driven marketing become more apparent, demand for AI in marketing is expected to grow exponentially.
In addition to this, the growth in the adoption of AI in various industries is boosting the artificial intelligence in marketing market expansion. Sectors such as e-commerce, automotive, healthcare, and banking are increasingly integrating AI into their marketing efforts to provide personalised experiences, enhance customer service, and increase overall efficiency. The trend of adopting AI across industries is expected to further boost the market.
The artificial intelligence in marketing market demand is also propelled by advancements in technology. The introduction of technologies such as machine learning, natural language processing, and predictive analytics in marketing has led to improved customer experiences and increased return on investment (ROI) for businesses. As technological advancements continue, the application of AI in marketing is likely to become even more widespread and sophisticated.
Furthermore, the COVID-19 pandemic has had a significant impact on the artificial intelligence in marketing market development. As more businesses shifted online due to lockdown restrictions, the need for effective digital marketing strategies has increased. AI has played a crucial role in meeting this need by providing businesses with the tools to connect with their customers in meaningful ways despite the physical distance.