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Artificial Intelligence (AI) in marketing has seen a tremendous change in market dynamics, influencing how companies interact with their target customers. With the rapid advancement of technology, artificial intelligence (AI) has become a potent weapon for marketers, offering them never-before-seen levels of efficiency, customization, and insight.
The need for data-driven decision-making is one of the main factors influencing the dynamics of the industry. AI algorithms can analyze large volumes of data at incredibly fast speeds, and they are able to extract important patterns and trends that are practically difficult for human analysts to identify. With the help of this data-driven approach, marketers can better target their campaigns to particular demographics, make well-informed decisions, and optimize their whole marketing strategy for better results.
One more important component in the AI-driven marketing scene is personalization. In order to provide highly tailored information and suggestions, machine learning algorithms can examine user behavior, preferences, and interactions. Marketers are using AI to provide relevant and tailored content, which increases engagement and boosts conversion rates.
Moreover, market dynamics are greatly influenced by AI's real-time capabilities. Being able to react swiftly to shifting trends and customer behavior is critical in the fast-paced field of marketing. Real-time data analysis made possible by AI lets marketers modify their plans as needed. AI's adaptability is revolutionary for preserving relevance and efficacy in marketing campaigns, whether it's by tweaking targeting criteria, changing messaging, or rearranging ad placements.
The marketing environment is changing as a result of the emergence of chatbots and virtual assistants, which are also changing consumer relationships. Chatbots driven by AI can instantly address consumer inquiries, optimize customer care procedures, and even help with product recommendations. This improves client happiness while also freeing up human resources for more strategic work, which boosts marketing operations efficiency even further.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Type, Technology, Application, Industry Vertical, and Region |
Artificial Intelligence Marketing Market Highlights:
Artificial Intelligence (AI) in Marketing Market Overview
The Artificial Intelligence (AI) in Marketing Market is projected to grow from USD 19.3 billion in 2024 to USD 79.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 24.50% during the forecast period (2024 - 2032). Additionally, the market size for artificial intelligence (AI) in marketing was valued at USD 15.76 billion in 2023.
The increasing demand for digital assistance, the growing demand for customer-driven marketing and advertisement are driving the growth of the market.
Figure 1: Artificial Intelligence (AI) in Marketing Market Size, 2023-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Covid-19 Analysis
Post-COVID-19, the Artificial Intelligence (AI) in Marketing market size was valued at $10.10 billion in 2021 and is projected to reach $77.40 billion by 2030, growing at a CAGR of 25.23% from 2022 to 2030. Businesses, industries, enterprises, & corporations were converting most of their production, manufacturing, & other functions to digital. As a result of widespread detection of the novel Coronavirus, digital software and solutions have been adopted throughout the supply chain industry to boost productivity and advance the business. Due to competition, the market is being driven by the need for artificial intelligence to be implemented in marketing & promotion. As a result of the COVID-19 epidemic, businesses are increasingly turning to AI services and solutions to solve their problems. In order to help the economy cope with the stagnating approach caused by the spread of the pandemic, the government is heavily investing in innovative strategies to implement and understand the breadth of artificial intelligence. Moreover, the major market participants are seeking innovative and strategic ways to implement AI-based products, services, and solutions during the forecast period in order to improve the marketing path of the AI in marketing market.
Artificial Intelligence (AI) in Marketing Market Trends
Growing Demand for Customer-Driven Marketing and Advertisement
The growing adoption of customer-centric marketing strategies will boost market growth over the forecast period. The most important asset of any business is its customers. Businesses focus on building long-term relationships with their clients in order to thrive in the cutthroat AI in marketing market. As companies have evolved from product-driven to customer-centric marketing strategies, they have become more customer-centric. By making the changes, the company was better able to understand its customers and predict their behavior based on their purchases. An important component of customer-centric strategies is to deliver exceptional customer experiences to both previous and future customers in order to increase repeat orders, customer loyalty, and business growth.
Artificial Intelligence (AI) in Marketing Market Segment Insights
Artificial Intelligence (AI) in Marketing Type Insights
The Artificial Intelligence (AI) in Marketing market segmentation, based on type, includes On-Cloud, and On-Premise. The "On-Cloud" segment of the Artificial Intelligence (AI) in Marketing Market refers to AI-based marketing solutions that are hosted on cloud servers and accessed over the internet. This segment offers benefits such as scalability, lower upfront costs, and easier deployment compared to on-premise AI solutions. Some examples of AI solutions in the on-cloud segment include customer segmentation, predictive analytics, and personalization.
January 2023: Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) in collaboration with IBM launched an AI Center of Excellence as part of Abu Dhabi Sustainability Week's World Future Energy Summit. In order to improve AI adoption and drive sustainability, the Center seeks to advance collaboration. Natural language processing (NLP) for Arabic dialects, as well as carbon neutral solutions for existing energy supplies, will be developed by the Center.
Artificial Intelligence (AI) in Marketing Technology Insights
According to Technology segment, the Natural Language Processing (NLP) is experiencing significant growth and is expected to continue to grow during the forecast period due to increased demand for intelligent systems and increased investment in these areas. NLP technologies enable computers to understand, interpret, and generate human language, making it possible for them to perform tasks like sentiment analysis, machine translation, question answering, and text generation. These technologies are widely used in a variety of applications, such as chatbots, virtual assistants, and personalized recommendation systems. With the increasing volume of unstructured text data being generated every day, NLP is expected to continue growing and playing a crucial role in the development of AI.
Artificial Intelligence (AI) in Marketing Application Insights
The Artificial Intelligence (AI) in Marketing market research segmentation, by application, the market is segmented into Sales Forecasting, Content Curation, Virtual Assistance, Predictive Analytics, Ad Optimization, Dynamic Pricing, and Others. The Virtual Assistance market held a major share of the market in 2021 and is expected to exhibit the highest CAGR during the forecasted period. Virtual Assistance can take the form of chatbots, voice assistants, or digital avatars and use natural language processing (NLP), computer vision, and machine learning algorithms to understand and respond to user requests. Virtual assistance can be used in a variety of domains, such as customer service, healthcare, finance, and education, to improve the efficiency and effectiveness of human-computer interactions. Some examples of virtual assistants are Siri, Alexa, and Google Assistant. With the increasing demand for convenience and personalized experiences, virtual assistance is expected to play an increasingly important role in the development of Artificial Intelligence (AI) in Marketing Market during the forecasted period.
Artificial Intelligence (AI) in Marketing Industry Vertical Insights
Based on Industry Vertical, the Artificial Intelligence (AI) in Marketing market has been segmented into BFSI, Retail & E-Commerce, Government, IT & Telecommunication, Healthcare, Commercial Organizations, Others. The IT & Telecommunications industry is a significant player in the AI in Marketing market. The industry adopts AI technologies to enhance their own marketing efforts and also offers AI-powered marketing solutions to other businesses. The IT & Telecommunications industry is experiencing significant growth in the AI in Marketing market due to the increasing demand for personalized and data-driven marketing solutions. Major players in the industry include Google, Facebook, Amazon, Microsoft, and IBM, among others.
Artificial Intelligence (AI) in Marketing Regional Insights
By Region, the study segments the market into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia Pacific region is a significant growth market for AI in Marketing Market. Key factors driving the growth in the region include rapid digitalization and technological advancements, growing e-commerce and online retail industries, increasing smartphone and internet penetration, rising investment in AI and related technologies, and growing awareness and adoption of AI-powered marketing solutions among businesses. Countries in the Asia Pacific region with significant AI in Marketing market growth include China, India, Japan, South Korea, and Australia. In particular, China has a rapidly growing AI industry and is expected to become a leader in AI technology in the near future. The retail and e-commerce industries are key industry vertical of AI in marketing in the Asia Pacific region, with a growing demand for personalized and data-driven marketing solutions.
North America is expected to exhibit favorable growth in the market for artificial intelligence in marketing in the upcoming years. Several well-known technology companies located in the area are aware of the exciting prospects offered by AI in marketing. In addition, the number of small and large businesses adopting AI in the region is reasonably high, especially when compared to the rest of the world. It contributes to the growth of the regional market.
Further, the countries considered in the scope of the Artificial Intelligence (AI) in Marketing market are the US, Canada, Mexico, UK, Germany, France, Italy, Spain, Switzerland, Austria, Belgium, Denmark, Finland, Greece, Hungary, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Sweden, Romania, Ireland, China, Japan, Singapore, Malaysia, Indonesia, Philippines, South Korea, Hong Kong, Macau, Singapore, Brunei, India, Australia & New Zealand, South Africa, Egypt, Nigeria, Saudi Arabia, Qatar, United Arab Emirates, Bahrain, Kuwait, and Oman, Brazil, Argentina, Chile, and others.
Artificial Intelligence (AI) in Marketing Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Artificial Intelligence (AI) in Marketing market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Artificial Intelligence (AI) in Marketing industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
Microsoft's AI strategy in the marketing market includes the Integration of AI technologies into its existing marketing and advertising products, such as Microsoft Advertising and Microsoft Dynamics 365. Partnership with major brands and advertising agencies to provide AI-powered solutions for their marketing and advertising needs. Development of AI-powered tools for market research and customer insights, such as Microsoft Power BI and Microsoft Customer Insights. Investment in startups that are developing AI-powered marketing technologies. Expansion of its AI-powered advertising platform to new markets, both domestically and internationally. The goal of Microsoft's AI strategy in the marketing market is to provide brands and businesses with powerful, data-driven insights to improve their marketing and advertising efforts, increase customer engagement and drive growth.
Key Companies in the Artificial Intelligence (AI) in Marketing market include
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IBM Corporation
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Amazon.com, Inc.
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Microsoft Corporation
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Intel Corporation
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Micron Technology, Inc.
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Salesforce.com, inc.
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Twitter, Inc.
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Baidu, Inc.
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Samsung
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Albert Technologies
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Oracle Corporation
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H2O.ai.
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O360, among others
Artificial Intelligence (AI) in Marketing Industry Development
Our personal and professional lives are beginning to change as a result of artificial intelligence (AI). Leading companies are beginning to take advantage of the potential presented by technology, showing that the marketing sector is not immune to this digital upheaval. One of the main advantages of AI in marketing is the improved understanding of consumer behaviour.
in February 2023, Dealtale, a Vianai Company and the industry pioneer in causal AI for marketers, today announced the creation of Marketing Co-pilot, a ChatGPT-like feature that enables marketers to ask complex questions about their past, present, and future performance metrics and receive instant responses based on information from all parts of their marketing and sales stack, such as Salesforce, HubSpot, Google Analytics, and social media channels.
From the marketing manager to the CMO, Marketing Co-pilot was created to support marketers of all specialties in making the greatest strategic choices. A content marketer might inquire as to which blogs generated the most revenue, a demand generation marketer might inquire as to why particular segments are underperforming, a digital marketer might seek to identify the gaps in their customer journey, and a CMO might seek to see year-over-year conversion trends.December 2022: By acquiring Octo, IBM becomes one of the largest digital transformation partners to the federal government. As IBM Consulting's public and federal market organization grows to 4,200 highly skilled employees, it will be able to support federal agencies with a flexible, modern approach to digital transformation, enhancing its ability to support federal agencies with a flexible, modern approach to digital transformation. Octo also brings deep federal mission experience and certifications in the technologies most commonly used across government, as well as a proven track record of enabling fast IT modernization and seamless citizen engagement.
Artificial Intelligence (AI) in Marketing Market Segmentation
Artificial Intelligence (AI) in Marketing Type Outlook
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On-Cloud
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On-Premise
Artificial Intelligence (AI) in Marketing Technology Outlook
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Machine Learning
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Adaptive Learning
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Natural Language Processing
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Natural Language Generation
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Speech Recognition
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Advanced Analytics
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Artificial Intelligence (AI) in Marketing Application Outlook
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Sales Forecasting
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Content Curation
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Virtual Assistance
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Predictive Analytics
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Ad Optimization
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Dynamic Pricing
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Others
Artificial Intelligence (AI) in Marketing Industry Vertical Outlook
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BFSI
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Retail & E-Commerce
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Government
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IT & Telecommunication
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Healthcare
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Commercial Organizations
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Others
Artificial Intelligence (AI) in Marketing Regional Outlook
- North America
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- US
- Canada
- Mexico
- Europe
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- Germany
- France
- UK
- Rest of Europe
- Asia-Pacific
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- China
- Japan
- India
- Rest of Asia-Pacific
- Middle East & Africa
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South America
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Intended Audience
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Healthcare Industry
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Technology Investors
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Regulatory Industries
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Government Bodies
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Defense industry
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BFSI Industry
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Retail Industry
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Sales Industry
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