Pune, India, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Marketing Resource Management Market Analysis/ Marketing Resource Management Market Trends
The global marketing resource management market is highly lucrative and predicted to witness significant growth at a healthy 13.30% CAGR over the forecast period (2020- 2026), reveals the Market Research Future’s (MRFR) marketing resource management market forecast report. Marketing resource management or MRM, simply put, is a software platform that helps marketers to organize and manage their marketing operations. These solutions help to manage complicated marketing processes like assets, ideation, creation, tasks, budgets, and plans. It allows organizations to plan out the financial and strategic planning of marketing initiative, creating and organizing related marketing assets, and distributing marketing assets externally and internally, thus ensuring faster time-to-market, boost brand awareness, increase online sales and traffic, and improved customer experience.
Enhancing Features that Bolster Market Growth
As per the MRFR report, there are numerous factors that are propelling the marketing resource management market size. These include the need to analyze market trends, plan effective strategies, ensure regulatory compliance and brand promotion, the emerging digitalization trend, increasing use of cloud-based MRM solutions, shift to SaaS and cloud-based solutions by organizations, customizable and highly cost-effective, rapid urbanization, extensive R&D in IT, and consumer’s increasing expenditure capacities. Besides, the integration of MRM with big data tools and AI may offer marketing resource management market opportunities.
On the flip side, the absence of cost visibility when implementing MRM applications, upfront costs related to new MRM systems, and the lack of trust in new marketing technologies may impede the marketing resource management market growth over the forecast period.
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COVID-19 Analysis
Almost every industry had faced the brunt of the ongoing COVID-19 crisis, barring just a few, such as the marketing resource management industry. Fortunately, this outbreak had a favorable impact on the market growth. This is because, during the outbreak, several enterprises have rapidly applied artificial intelligence and machine learning technologies in different areas such as media planning execution, marketing analytics, strategic planning budgeting, and project management.
Market Segmentation
The Market Research Future report offers an inclusive analysis of the marketing resource management market based on vertical, organization size, deployment, and component.
By component, the marketing resource management market is segmented into service & solution. The solution segment is further segmented into performance management, marketing analytics, brand and advertising management, asset management, financial management, and project management. The service management is further segmented into support and maintenance, training, and consulting and implementation. Of these, the solution segment will lead the market over the forecast period.
By deployment, the marketing resource management market is segmented into on-cloud and on-premise. Of these, the on-premise segment will dominate the market over the forecast period.
By organization size, the marketing resource management market is segmented into small and medium-sized enterprises and large enterprises. Of these, large enterprises will spearhead the market over the forecast period.
By vertical, the marketing resource management market is segmented into healthcare, retail and e-commerce, media and entertainment, BFSI, and IT and telecommunication. Of these, the BFSI and IT and Telecommunication segment will have the lion’s share in the market over the forecast period.
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Regional Segmentation
North America to Have Lions Share in Marketing Resource Management Market
By region, the global marketing resource management market covers growth opportunities and the latest trends across Europe, the Asia Pacific (APAC), North America, South America, and the Middle East and Africa (MEA). Of these, North America will have the lion’s share in the market over the forecast period. The presence of major key players that are making heavy investments in R&D development to develop advanced solutions to manage various marketing related operations and resources, early adoption of technology, organizations focusing on marketing campaigns and activities to promote the increase in the market reach, and the presence of a large number of MRM vendors are adding to the global marketing resource management market growth in the region. Besides, increasing adoption of advanced technologies to cut down manual tasks and streamline workflows among enterprises, and growing adoption of cutting-edge technologies to reduce manual task and simplify workflows are also adding market growth.
APAC to Have Healthy Growth in Marketing Resource Management Market
The marketing resource management market in the APAC region is predicted to have healthy growth over the forecast period. Growing demand for cloud-based services and solutions, government policies that support the growth of SMEs, growing awareness among SMEs and large enterprises to improve their marketing campaigns and projects to increase and promote the brand reach, and growing trend of digitization. Besides, the companies are moving quickly towards SaaS solutions to effectively create a marketing ecosystem that is cost-effective and highly customizable is also adding to the global marketing resource management market share in the region.
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Competitive Landscape
The prominent players profiled in the global marketing resource management market report include
- Capital ID (Netherlands)
- Sitecore (US)
- Broadridge (US)
- Aprimo (US)
- Teradata Corporation (US)
- North Plains Systems Corporation (Canada)
- Workfront, Inc. (US)
- HCL Technologies (India)
- Oracle, Inc. (US)
- Infor, Inc. (US)
- Adobe Systems, Inc. (US)
- Microsoft Corporation (US)
- SAS Institute, Inc. (US)
- SAP SE (Germany)
- IBM Corporation (US)
Partnerships, R&D, collaborations, joint ventures, and product launches are the key strategies encompassed by key players to stay at the forefront.
Industry Updates
January 2021- A leader in MPM, Allocadia has announced new agile budgeting capabilities to augment the budgeting process for worldwide marketing organizations. The latest functionality and features empower marketing teams to attain real-time, flexible management of budgets with the help of reallocations that seamlessly track and request budget movement in, within, and out, their marketing plans through a transparent approval workflow process.
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