AI in Marketing Market Size, Competitive Analysis, Upcoming Opportunities and Forecast To 2023

Market Highlights

Market Research Future (MRFR) reports that the global artificial intelligence (AI) in marketing market could touch the valuation of USD 21 billion by 2023. It is set to achieve a robust CAGR during the forecast period (2017-2023).

Predictive analytics are among the top benefits offered by artificial intelligence that assist marketing enterprises in acquiring customers and also with lead generation. Backed by AI, marketers benefit from advertising optimization techniques like advertisement, media content placement, as well as campaign optimization. These make use of pattern and customer behavioral, which captures the attention of a larger fraction of the consumers. Using AI-based virtual assistance like chatbots, recommendation engines, and digital assistance makes it easy for marketing enterprises to better manage customer relationships. These also help them get an acute understanding of the customer’s preference that leads to improved experience. Thus, the accelerated demand for digital assistance is expected to do wonders for the AI in marketing market in the following years.

Considerable advancement in machine learning algorithms has led to large scale adoption of AI solutions within the marketing space. Soaring demand for improving business functions as well as emerging innovation across diverse industries are opening new avenues for AI solutions in marketing. But the lack of skilled professionals in this field could slow down the ongoing market growth rate in the coming years.

On the bright side, latest trends in the AI in marketing market are uplifting its position at a global level. Some of the prevalent trends are individual personalization, conversational marketing, and social media image recognition. With respect to AI in marketing and advertisement, social media image recognition helps analyze multiple pictures in a fraction of time. This helps the marketers in understanding consumer behavior, which enables them to provide personalized content them.

Segmentation:

The worldwide AI in marketing market size has been segmented on the basis of deployment, technology, applications, and verticals.

Depending on deployment, the market is considered for on-cloud and on-premise.

Technology-based segments covered by the report are machine learning, adaptive learning, natural language processing, natural language generation, speech recognition, advanced analytics, and computer vision.

Application-wise, the segments in the market are sales forecasting, content curation, virtual assistance, predictive analytics, Ad optimization, dynamic pricing, and others.

The verticals forming the client of the market are base vertical, the market caters to BFSI, retail, & e-commerce, government, IT & telecommunication, healthcare, commercial organization, and others.