The Global Marketing Resource Management Market size is expected to reach $6. 5 billion by 2026, rising at a market growth of 13. 8% CAGR during the forecast period. Marketing Resource Management (MRM) refers to a technology utilized to effectively manage the workforce and associated technology and operations like planning, production, and design of marketing processes.
New York, Feb. 10, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Marketing Resource Management Market By Component, By Deployment Type, By Enterprise Size, By End User, By Region, Industry Analysis and Forecast, 2020 - 2026" - https://www.reportlinker.com/p06021892/?utm_source=GNW
The advent of MRM applications has assisted businesses in their planning and budgeting activities. Marketing divisions can efficiently plan their budgets, specify the expenses types, and closeouts with the help of functions like budgeting and planning.
The rising trend of digitization, coupled with the growing deployment of cloud-based MRM solutions across the world, acting as a major driver for the market. Organizations are increasingly adopting cloud and software-as-a-service (SaaS)-based solutions to develop a marketing ecosystem that is extremely cost-effective and customizable. Moreover, the incorporation of MRM with artificial intelligence (AI) and big data tools for data-driven marketing is fueling the growth of the market.
These technologically advanced solutions help companies in assessing the effectiveness of their digital marketing assets and take corrective steps for the highest profits. The increasing organizational demand for customized brand imaging is another driving force behind the market growth. MRM is programmed to provide customer-centric content for improved brand experience with new customer profiles and better market presence of the organization, which is increasing its adoption by numerous organizations. Other aspects such as fast urbanization, growing expenditure capacities of the consumers, and comprehensive research and development (R&D) in the domain of information technology (IT), are expected to boost the growth of the market.
Based on Component, the market is segmented into Solutions and Services. Solutions segment is further bifurcated across Marketing Asset Management, Project Management, Brand & Advertisement Management, Financial Management, Capacity Planning Management and Others. The solutions segment is expected to procure a higher market size over the forecast years. This is because, marketing resource management solutions handle critical business problems associated with the management of marketing budgets, marketing calendars, and digital assets. With the help of marketing resource management solutions, companies are empowered to develop, upgrade, and maintain content to improve content sharing and collaboration, and publishing, ensure rapid TTM, expand brand awareness, drive online traffic and sales, and improve customer experience and satisfaction.
By Deployment Type
Based on Deployment Type, the market is segmented into On-premise and Cloud. The on-premises segment is expected to garner a major portion of market size over the forecast period in the marketing resource management market. The installation of the on-premise marketing resource management solution is massive owing to the associated advantages of configuration & multiple customization options and low vendor dependency.
By Enterprise Size
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. The large enterprises segment is expected to hold a bigger market share over the forecast years. The deployment of marketing resource management solutions among large enterprises is massive due to the increasing assimilation of advanced technologies, broad product portfolio, many resources and complex workflows increase the deployment of marketing resource management solutions among large enterprises.
By End User
Based on End User, the market is segmented into Manufacturing, Consumer Goods & Retail, Travel & Hospitality, Healthcare, Telecom & IT, BFSI and Others. The manufacturing segment procured the highest market size in 2019. MRM solutions are extensively utilized in the manufacturing sector to efficiently store, search, and distribute digital assets. These solutions can ease out asset management and collaboration within and outside the organization. Further, the manufacturing sector is observing a change toward digital campaigns. This factor is creating growth possibilities for MRM solutions in the manufacturing sector.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America is anticipated to acquire the highest revenue share over the forecast years due to the existence of numerous marketing resource management vendors and growing adoption of cutting-edge technologies to decrease manual tasks and simplify workflows among North American enterprises. The rising trend of digitization and the increasing utilization of cloud-based MRM solutions in the Asia Pacific region are anticipated to boost the regional market growth. Companies in the Asia Pacific region are quickly moving toward Software-as-a-Service (SaaS) and cloud-based solutions to efficiently create a marketing ecosystem that is highly customizable and cost-effective.
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunner in the Marketing Resource Management Market. Companies such as Oracle Corporation, Adobe, Inc., IBM Corporation, Teradata Corporation, and HCL Technologies Ltd., SAS Institute, Inc., SAP SE are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, SAP SE, Teradata Corporation, Microsoft Corporation, HCL Technologies Ltd. (HCL Enterprises), Adobe, Inc., Oracle Corporation, Infor, Inc. (Koch Industries), SAS Institute, Inc., and North Plains Systems Corporation (Aclate, Inc.).
Recent strategies deployed in Marketing Resource Management Market
Partnerships, Collaborations, and Agreements:
Nov-2020: Adobe announced that Adjust, a Global app marketing platform, joined the Adobe Exchange Program. By integrating mobile app data along with data collected from additional touchpoints, current and prospective mutual clients can build a more complete view of the user journey across all channels enhancing their customer experience stack analytics. It empowers them to make more informed, targeted marketing decisions to maximize ROI and enhanced business outcomes.
Oct-2020: IBM extended its partnership with ServiceNow, an American software company. This expansion aimed to assist companies in minimizing operational risk and reducing costs by applying AI to automate IT operations. Together, the companies created a joint solution to integrate IBM’s AI-powered hybrid cloud software and professional services to ServiceNow’s intelligent workflow offerings and market-leading IT service and operations management products.
Oct-2020: Adobe came into partnership with Alteryx, a leader in analytic process automation. Under this partnership, Alteryx APA integrated analytics, data science, and process automation in one self-service platform. This integration made it easier for marketers to answer any query from Adobe Experience Cloud applications and Adobe Experience Platform and integrated Adobe data with other data sources for aggregated answers and actions.
Oct-2020: Microsoft collaborated with Honeywell, an American publicly traded, multinational conglomerate. Under this collaboration, the companies focused on integrating the AI-driven autonomous controls of the Honeywell Forge enterprise performance management software with Microsoft Dynamics 365 Field Service. With this integration, customers can access operating data including workflow management support to enhance performance and energy efficiency within the enterprise environment.
Sep-2020: SAS came into partnership with RTI International, a non-profit organization. In this partnership, RTI and SAS strengthened and enhanced services to clients by integrating subject matter expertise, advanced analytics, scientific rigor, and technical and software products into comprehensive solutions.
Sep-2020: SAP came into partnership with Bosch, a German multinational engineering and technology company. Under this partnership, they further develop a digital industrial standard that governs, for instance, the exchange and usage of company data along the value chain. It further harmonized and automates processes, both within and between companies, therefore achieving substantial efficiency gains.
Jul-2020: IBM collaborated with Influential, a leader in advanced social media technology. In this collaboration, IBM launched Watson Advertising Social Targeting with Influential, a new solution that harnesses artificial intelligence (AI) to help brands in identifying influencers that best align with their brand values.
Jul-2020: Adobe collaborated with Medallia, a customer experience management software provider. This collaboration aimed to combine Adobe’s customer behavioral data with Medallia’s CXM software. The Adobe Experience Cloud features solutions including advertising, analytics, commerce, content management, data management, email marketing, and personalization. The Medallia Experience Cloud utilizes machine learning for customer insights.
Jul-2020: Infor signed a collaboration with Nahdi Medical Company, a Saudi Arabia-based pharmacy retail chain. Under this collaboration, Nahdi digitally transformed Infor’s financial management, payment systems, and financial planning with Infor Treasury Management. The integration enabled wide enhancements to Nahdi Medical’s financial management and planning offerings, placing the company in a powerful position to extend its operations in line with Saudi Arabia’s Vision 2030 ambition to grow the private sector participation in the provision of healthcare services.
Jun-2020: SAS entered into a partnership with Microsoft. This partnership focused on enabling customers to easily operate their SAS workloads in the cloud that expanded their business solutions and uncovered critical value from their digital transformation initiatives. In this partnership, SAS integrated with Microsoft cloud solutions including Azure, Dynamics 365, Microsoft 365, and Power Platform and helped the companies’ shared vision to further normalize AI and analytics.
Jun-2020: HCL Technologies extended its partnership with Google Cloud. This expansion helped to bring HCL’s software capabilities, starting with HCL Commerce, to Google Cloud. Following the partnership, HCL also aimed to provide Anthos to allow multi-cloud and hybrid-cloud deployments of HCL Commerce.
Acquisition and Mergers:
Jan-2021: HCL Technologies acquired Australian IT solutions firm, DWS. The acquisition improved its contribution to digital initiatives in Australia and New Zealand and strengthened its client portfolio across main industries.
Dec-2020: Adobe acquired Workfront, the leading work management platform for marketers. Together, the companies are providing Adobe’s customers’ access to a single system for supporting planning, collaboration, and governance that improves organizational productivity.
Nov-2020: SAP acquired Emarsys, a leading omnichannel customer engagement platform provider. With this acquisition, SAP Customer Experience powers a foundation of omnichannel personalized engagement, meeting customers where and when they choose to engage, on their preferred channels, and terms.
Oct-2020: Adobe took over the Marketo, the market leader for B2B marketing engagement. This acquisition focused on taking benefit from the combination of Adobe Experience Cloud’s analytics, personalization, and content portfolio with Marketo’s lead management. It helped companies further connect marketing engagement to revenue growth.
Oct-2019: Oracle signed an agreement to acquire CrowdTwist, the leading cloud-native customer loyalty solution. Following the acquisition, Oracle and CrowdTwist aim to empower organizations of all sizes to offer personalized engagement and expand loyalty and reward programs to a brand’s most valuable customer behaviors.
Aug-2019: Microsoft took over PromoteIQ, a leading vendor of marketing automation technology for e-commerce. The software allowed brands to develop e-commerce websites, increase brand awareness, drive product sales, and generate performance insights.
Apr-2017: Oracle signed an agreement to acquire Moat, the fastest-growing digital measurement cloud company. The acquisition aimed to combine Oracle and Moat for connecting data to consumer attention for improved media experiences and business outcomes.
Jul-2016: Teradata took over Big Data Partnership, a London-based EMEA-based services provider. This acquisition aimed to widen Teradata’s analytic services portfolio, improving Think Big’s expertise and offering their customers more choices, outcomes customized to their goals, and valuable knowledge transfer.
Product Launches and Product Expansions:
Nov-2020: Teradata introduced the DataDNA, a new as-a-service offering. The new offering provides an automated view into data assets with their usage and cross-platform data lineage. DataDNA allows transparency into data assets and their usage for a better understanding of customers by the data flow and reduced data redundancies.
Nov-2020: Microsoft introduced the Dynamics 365 Project Operations solution. The solution is designed to help service-based businesses to unite operational workflows to offer visibility, collaboration, and insights to lead success across teams, from prospects to payments to profit.
Oct-2020: IBM introduced three new products for increasing the suite of AI solutions for brands and publishers. The IBM Watson Advertising suite of solutions helps AI to assist clients to make informed, data-based decisions. The new products include Watson Advertising Accelerator, Watson Advertising Social Targeting with Influential, and Watson Advertising Weather Targeting.
Oct-2020 SAP unveiled SAP Customer Data Platform, a next-generation customer data platform (CDP). The platform aimed to enable organizations to re-evaluate the customer experience across every engagement, from commerce and marketing to sales and service.
Sep-2020: IBM launched Watson Advertising Weather Targeting, a new portfolio of triggers. These triggers developed for marketers to assist them to create the connection between weather and product sales actionable at scale without the use of third-party cookies or identifiers. This launch is the result of the collaboration of IBM and Nielsen. IBM integrated the power of weather insights from the Weather Company with Nielsen’s Retail Measurement Services data to obtain future reports for marketers.
Sep-2020: Oracle introduced a series of innovations within its customer data platform (CDP). The new updates to Oracle Unity allow B2B and B2C marketers to reduce costly and complex customer data integration projects by offering a single platform that integrates all customer data and allows it to be quickly and easily activated within existing business processes.
Sep-2020: HCL launched New Unica Discover, a real-time enterprise-class digital experience analytics platform for apps and websites. It provides behavioral insight analytics for an optimized web and mobile web experience and offers unique session-capture offerings. Unica Discover combined with HCL Digital Experience, HCL Software’s Unica Marketing Platform, and HCL Commerce. It also delivers open integration with third-party martech, customer experience, and commerce solutions for extensive behavioral insight across the entire experience.
Jul-2020: SAS unveiled four new service offerings, and announced updates to SAS Customer Intelligence 360. This update helped brands to escalate the value delivered through analytics with a hybrid marketing approach. The four new service portfolios included SAS 360 Digital Insight Service, SAS 360 Customer Insight Service, SAS 360 Attribution Service, and SAS 360 Data Activation Service.
Mar-2020: HCL Technologies launched version 12.0 of Unica Its features include: #UNICAisBACK, this is the most comprehensive upgrade to Unica with over 200 enhancements, 90+ native reports, 25 new features, 500+ REST APIs, and a new UI/UX; Improved Experience; and Cloud-Native, it deploys in minutes and upgrade in hours.
Jan-2020: IBM unveiled Advertising Accelerator with Watson, a first-to-market portfolio. This portfolio uses artificial intelligence (AI) to forecast the optimal integration of creative elements that helps in driving high engagement and conversion for a given audience.
Jan-2020: Oracle launched Consumer Insights to assist retail marketers to utilize enriched customer data attributes alongside third-party consumer data from Oracle Data Cloud to discover prospective similar customers. Oracle Cloud offers data sets composed of profile-based, transaction-level data along with other demographic attributes.
Oct-2019: Microsoft introduced its cross-platform marketing solution known as the Digital Marketing Center. The Digital Marketing Center offers users various features. Firstly, they can quickly and easily make campaigns through goal-setting, determining daily budgets, and defining location targets. The tool is powered by artificial intelligence and allows small business owners to control and automatically advance their digital marketing.
Scope of the Study
Market Segments covered in the Report:
o Marketing Asset Management
o Project Management
o Brand & Advertisement Management
o Financial Management
o Capacity Planning Management
By Deployment Type
By Enterprise Size
• Large Enterprises
• Small & Medium Enterprises
By End User
• Consumer Goods & Retail
• Travel & Hospitality
• Telecom & IT
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• IBM Corporation
• SAP SE
• Teradata Corporation
• Microsoft Corporation
• HCL Technologies Ltd. (HCL Enterprises)
• Adobe, Inc.
• Oracle Corporation
• Infor, Inc. (Koch Industries)
• SAS Institute, Inc.
• North Plains Systems Corporation (Aclate, Inc.)
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