New York, July 31, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Artificial Intelligence In Marketing Market Size, Share & Industry Trends Analysis Report By Technology, By End User, By Component, By Application, By Regional Outlook and Forecast, 2023 - 2030" - https://www.reportlinker.com/p06481149/?utm_source=GNW
The use of automation and personalization achieved via the application of artificial intelligence are perfect combinations that lead to a high level of personalization in marketing. Businesses can also gain a competitive advantage in pursuing customers, essential for any business operating in a sector experiencing rapid expansion. Automation of pay-per-click (PPC) ads, search engine marketing (SEM), search engine optimization (SEO), social media marketing (SMM), conversion rates, and keyword research are now possible for businesses that utilize AI systems. Automation of marketing procedures that AI enables has the potential to save time. This frees up time and mental space for marketers to concentrate on other areas of their jobs, such as developing new ideas and strategies.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In June, 2023, Salesforce partnered with Google Cloud to develop solutions for their business customers regarding customer experiences. Together, the companies would be able to serve their joint customers in a better way by providing them with a comprehensive suite of solutions for personalized customer experience. Additionally, In May, 2023, Intel Corporation entered into a partnership with Boston Consulting Group to provide their clients with generative AI solutions. The partnership aids Intel in providing its customers with services to build generative AI applications.
Based on the Analysis presented in the KBV Cardinal matrix; Microsoft Corporation and Google LLC are the forerunners in the Market. In January,2023, Microsoft Corporation extended its partnership with OpenAI, an AI research laboratory based in the United States, regarding AI supercomputing. The partnership provides the joint customers of the two companies with advanced AI infrastructures. Companies such as Intel Corporation, Oracle Corporation, NVIDIA Corporation are some of the key innovators in the Market.
Market Growth Factors
The increasing need for customer-driven marketing and advertisement
Customers are an organization’s most valuable asset, regardless of the type of company. To flourish in the competitive marketplace for AI in marketing, businesses should primarily emphasize developing long-term relationships with their customers. Companies have become more customer-centric as they have transitioned away from product-driven marketing methods and toward customer-centric marketing techniques. The organization could understand its clients better and forecast their behavior based on the products they had previously purchased after implementing the adjustments. Thus, the increasing adoption of customer-centric marketing tactics and the benefits these methods give firms would increase market growth over the forecasted period.
The automation of marketing
AI can assist businesses in automating their digital marketing while maintaining their ability to target specific audiences. The use of automation and personalization achieved via the application of artificial intelligence are perfect combinations that lead to a high level of personalization in marketing. Businesses can also gain a competitive advantage in pursuing customers, essential for any business operating in a sector experiencing rapid expansion. Automation of pay-per-click (PPC) ads, search engine marketing (SEM), search engine optimization (SEO), social media marketing (SMM), conversion rates, and keyword research are now possible for businesses that utilize AI systems. As a result, the expanding trend of using AI automation for marketing is anticipated to cause a spike in the expansion of the market.
Market Restraining Factors
Difficulties faced during the usage of AI-based marketing
Even the most straightforward applications of AI can be challenging to implement. Although it has a lower level of technological sophistication, stand-alone task automation AI can still be difficult to set for particular workflows, and it requires businesses to acquire appropriate AI skills. When incorporating any artificial intelligence into a workflow, it is necessary to integrate human and machine jobs so that AI improves people’s abilities rather than being used in a way that causes problems. For instance, many companies automate their customer care processes using rule-based chatbots. The market expansion is likely to be hampered by the drawbacks associated with using AI in marketing.
Component Outlook
Based on component, the market is segmented into software and services. The software segment dominated the market with maximum revenue share in 2022. This is due to careful advancements in data storage capacity, powerful computing, and the ability to supply high-end services through parallel processing. Furthermore, the segment is well-positioned to take the largest share of the market owing to its capacity to extract data, offer real-time insight, and support decision-making. Libraries for developing and deploying AI applications, such as those for primitives, inference, linear algebra, video analytics, sparse matrices, and numerous hardware connection capabilities, are included in artificial intelligence software packages.
Technology Outlook
On the basis of technology, the market is divided into machine learning, natural language processing (NLP) and computer vision and others. The machine learning segment held the highest revenue share in the market in 2022. The segment’s growth is due to the significant investments in AI that have been made in machine learning and deep learning. They encompass AI platforms and cognitive applications, making it easier to create advisory, intelligent, and cognitively enabled solutions. These cognitive applications include tagging, clustering, categorization, hypothesis-generating, alerting, filtering, navigation, and visualization.
End-Use Outlook
By end-use, the market is classified into, BFSI, consumer goods & retail, media & entertainment, IT & telecommunication, and others. The consumer goods & retail segment procured a remarkable revenue share in the market in 2022. This is due to the increased emphasis on delivering a better shopping experience; it is projected that the retail sector will experience a significant increase. An increase in the volume of digital text, sound, and image data from various social media sources is driving the demand for data mining and analytics. Additionally, AI in retail uses behavioral analytics and consumer intelligence to improve a variety of customer care touchpoints and gain insightful knowledge about various market demographics, driving the segment’s growth.
Application Outlook
Under application, the market is bifurcated into content curation, social media advertising, virtual assistant, search engine marketing, sales & marketing automation, analytics platform, and others. The social media advertising segment recorded a remarkable revenue share in the market in 2022. Social media marketing uses AI to produce written & video content, schedule posts, analyze data, and more. As in the past, AI will play a bigger part in social media marketing in the future. Social media marketers will embrace the power of AI content generation, scheduling, predictive modeling, and other goodies.
Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region registered the highest revenue share in the ar market in 2022. This is due to the encouraging government policies that promote the adoption of artificial intelligence (AI) across numerous businesses. The region’s several well-known IT firms are utilizing the promising possibilities presented by AI in marketing. In addition, both small and large companies are using AI at a respectable rate in the region, especially compared to other parts of the world. The high usage of AI by various industries in the region is aiding the expansion of the regional market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amazon.com, Inc., Baidu, Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, Salesforce, Inc., NVIDIA Corporation, Google LLC (Alphabet Inc.), Intel Corporation and Twitter, Inc.
Recent Strategies deployed in Artificial Intelligence (AI) In Marketing Market
Mergers & Acquisition:
Oct-2022: Google completed the acquisition of Alter, an artificial intelligence (AI) avatar startup engaged in helping brands and creators express themselves. Through this acquisition, Google would improve both the quality and quantity of the content provided to consumers.
Sep-2022: IBM Corporation announced the acquisition of Dialexa, an engineering consulting firm based in the United States. Through this acquisition, IBM aims to integrate Dialexa’s product engineering specialty with its hybrid cloud portfolio so that IBM’s clients can use the portfolio to drive their business growth.
Jul-2022: Salesforce announced the acquisition of Troops.ai, a revenue communications solution provider. The acquisition allows Salesforce to provide its customers with the necessary tools for better engagement.
Mar-2022: Microsoft Corporation completed the acquisition of Nuance, a conversational AI solutions provider. The acquisition brings Nuance’s AI-powered conversational capabilities to Microsoft’s industrial cloud offering and would allow Microsoft to provide a better offering to its customers.
Partnerships, Collaborations & Agreements:
Jun-2023: Salesforce partnered with Google Cloud, a cloud platform offered by Google, to develop solutions for their business customers regarding customer experiences. Together, the companies would be able to serve their joint customers in a better way by providing them with a comprehensive suite of solutions for personalized customer experience.
May-2023: Google LLC extended its partnership with Wipro Limited, an Indian IT company, to integrate Google’s generative AI portfolio with Wipro’s AI-powered industry solutions. The partnership allows Google to serve its customers in a better way by providing them with a comprehensive suite of generative AI portfolios.
May-2023: Google Cloud, a cloud platform offered by Google LLC, partnered with Cognizant, an American IT company, to provide AI-powered solutions for different businesses. The partnership would help the joint clients of the two companies to drive business value through the use of generative AI services offered by the two companies.
May-2023: Intel Corporation entered into a partnership with Boston Consulting Group, a management consulting firm based in the United States, to provide their clients with generative AI solutions. The partnership aids Intel in providing its customers with services to build generative AI applications.
May-2023: NVIDIA Corporation signed a partnership with WPP, a communication solutions provider based in the United Kingdom, to develop content engines featuring the NVIDIA Omniverse. The partnership provides NVIDIA’s customers with generative AI tools that can be used to create better advertising content.
Apr-2023: Oracle Corporation collaborated with GitLab Inc., a software company based in the United States, to provide enhanced AI and ML capabilities with Oracle Cloud Infrastructure. The collaboration provides the joint customers of the two companies with providing them with a comprehensive suite of services that they can use to increase their operational efficiencies.
Mar-2023: NVIDIA Corporation partnered with Adobe, a US-based software company to provide workflow solutions using AI. The partnership combines the capabilities of Adobe Cloud tools with NVIDIA Picasso and therefore provides comprehensive generative AI capabilities to the clients of the two companies.
Jan-2023: Microsoft Corporation extended its partnership with OpenAI, an AI research laboratory based in the United States, regarding AI supercomputing. The partnership provides the joint customers of the two companies with advanced AI infrastructures.
Oct-2022: NVIDIA Corporation announced an extended partnership with Oracle, a computer software company based in the United States, to provide AI-powered business solutions. The partnership expands NVIDIA’s reach within more companies by featuring NVIDIA’s GPU solutions on Oracle Cloud Infrastructure.
Sep-2022: Amazon Web Services, Inc., a subsidiary of Amazon, came into partnership with Salesforce, an American software company, to integrate Amazon Sagemaker with Salesforce Platform. The combination of the two companies’ portfolios will enable customers to use salesforce business applications with AWS AI, and Audio/Video services, thereby helping the two companies to strengthen their position in the market.
Product Launches and Product Expansions:
Jun-2023: Salesforce, Inc. unveiled Marketing GPT. Marketing GPT is used by marketers to facilitate a better customer experience with generative AI. Benefits of the Marketing GPT include better work management through the use of segment creation, reduction in content workload through the use of email content creation option, and better marketing ROI through the use of segment intelligence for the cloud.
May-2023: Google LLC announced a new customer acquisition goal feature for Google Ads. The new features are used for creating a pipeline of new customers using first-party data and smart bidding. The feature carries two modes namely, Value new customers and new customers only.
Apr-2023: Oracle Corporation updated its Oracle Fusion Applications Suite with the launch of new features. The new features include AI-powered lead time estimation, Rebate management capability, and an improved quote-to-cash process.
Mar-2023: Google LLC introduced Generative AI support in Vertex AI used by developers to solve ML issues by use of foundation models including PaLM. The service offers the following features, case selection, selection capability to choose from the foundation models offered by Google and others, and engagement customizability.
Mar-2023: Microsoft released Dynamics 365 Copilot. The Dynamics 365 Copilot is an AI-powered solution that facilitates professionals in content creation. The solution is used for three applications namely, Marketing, supply chain, and sales. The solution helps personnel better manage their time by saving time on repetitive tasks.
Feb-2023: Microsoft Corporation launched a new version of its Bing search engine powered by GPT 3.5. The updated version of Bing includes the ’chat’ feature used for summarizing a webpage and the ’compose’ feature used for assisting in text generation.
Nov-2022: Amazon Web Services, Inc., a subsidiary of Amazon, added new features for its AI services. The new features include Amazon Textract Analyze lending used for automating loan document processing, Call analytics for Amazon Transcribe used for analyzing in-progressing and incoming calls and a new search feature for Amazon Kendra which facilitates customers to find answers to their queries in a faster way in an HTML document.
Sep-2021: Oracle Corporation launched Oracle Fusion Marketing. Oracle Fusion Marketing is a marketing solution that is used to automate the process of lead generation and qualification based on customer responses in different campaigns. The Oracle Fusion Marketing is AI-powered and guides the marketer through the entire campaign journey.
Scope of the Study
Market Segments covered in the Report:
By Technology
• Machine Learning
• Natural Language Processing
• Computer Vision
• Others
By End User
• Media & Entertainment
• Consumer Goods & Retail
• BFSI
• IT & Telecommunications
• Others
By Component
• Software
• Services
By Application
• Content Curation
• Social Media Advertising
• Virtual Assistant
• Search Engine Marketing
• Sales & Marketing Automation
• Analytics Platform
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Amazon.com, Inc.
• Baidu, Inc.
• IBM Corporation
• Microsoft Corporation
• Oracle Corporation
• Salesforce, Inc.
• NVIDIA Corporation
• Google LLC (Alphabet Inc.)
• Intel Corporation
• Twitter, Inc.
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