Major players in the artificial intelligence in marketing market are IBM, Salesforce, Amazon, Facebook, Oracle, Microsoft, NVIDIA, GumGum, Heuritech, Alphabet, Baidu, NetBase, Appier, QuantCast and Dstillery.
The global artificial intelligence in marketing market grew from $17.48 billion in 2022 to $22.64 billion in 2023 at a compound annual growth rate (CAGR) of 29.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The artificial intelligence in marketing market is expected to grow to $64.31 billion in 2027 at a CAGR of 29.8%.
The artificial intelligence in the marketing market includes revenues earned by entities by making automated judgments based on audience or economic patterns that may affect marketing activities, data collection, analysis, and other observations.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
AI in marketing refers to obtaining and evaluating consumer data for making marketing decisions on behalf of an algorithm or machine learning engine that helps in making automated judgments that are based on data gathering, analysis, and further observations of the data from the audience or economic patterns that may influence marketing efforts.
APAC was the largest region in the artificial intelligence in marketing market in 2022. The regions covered in the artificial intelligence in marketing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of technologies used in artificial intelligence in marketing are machine learning, context-aware computing, natural language processing and computer vision.The machine learning solutions in marketing refers to a computer programme can learn and adapt to new data without human involvement.
Machine learning is a type of artificial intelligence (AI) that helps in maintaining built-in algorithms of a computer’s up to date.These technologies are offered through hardware, software and services and deployed through cloud or on-premises.
Artificial intelligence in marketing have applications in social media advertising, search advertising, dynamic pricing, virtual assistant, content curation, sales and marketing automation, analytics platform, others.
The increasing adoption of virtual assistants is expected to drive the artificial intelligence in marketing market.Virtual assistants are services over the internet or dedicated network with delivery on demand.
Due to the pandemic and lockdowns, small and medium-scale enterprises are increasingly focusing on streamlining their business models by adopting virtual assistants.For instance, in April 2022, ThriveMyWay publisehd an article which states that chatbot ecommerce transactions is projected to hit $112 billion by 2023.
Conversational technologies such as virtual agents and chatbots can help businesses save up to 30% on customer support costs. Hence, the increasing adoption of virtual assistants will increase the demand for artificial intelligence in the marketing market.
The advancement of technologies is seen as an emerging trend in artificial intelligence (AI) in marketing market.Software companies are bringing new advanced technology for automated and integrated business models.
In October 2020, IBM planned to provide its IBM Watson, an AI for business toolset to industry leaders and make it available across the advertising ecosystem. Altering existing business practices can provide firms with improved AI capabilities in language, automation, and trust.
In March 2022, Zoomd Technologies Ltd., an Israel-based company marketing tech company announced the acquisition of Albert Technologies Ltd., for an undisclosed amount. Through this deal, Zoomd aims to expand its products onto a Self-Service and SaaS business model using Albert’s expertise in artificial intelligence (AI) and add Fortune 500 customers that will now be able to use Zoomd products and services. Albert Technologies Ltd. is a US-based company offering artificial intelligence marketing solution.
The countries covered in the artificial intelligence in marketing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The artificial intelligence in marketing market research report is one of a series of new reports that provides artificial intelligence in marketing market statistics, including artificial intelligence in marketing industry global market size, regional shares, competitors with an artificial intelligence in marketing market share, detailed artificial intelligence in marketing market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence in marketing industry. This artificial intelligence in marketing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.