ReportsnReports.com has added Artificial Intelligence in Marketing Market is forecast to reach $40.09 billion by 2025 from $6.46 billion in 2018 at a CAGR of 29.79 percent during (2018-2025).
It will be driven by the growing adoption of customer-centric marketing strategies, increased use of social media for advertising and increase in demand for virtual assistants; while North America is expected to be a major contributor to the growth of the market in 2018.
The APAC AI in marketing market to grow at highest CAGR between 2018 and 2025. China, Japan, South Korea, and India are among the major countries driving the AI in marketing market in APAC. The increasing adoption of deep learning and NLP technologies in finance, agriculture, marketing, and law applications is also driving the market in this region.
Growing e-commerce, online streaming, and increasing internet penetration have resulted in the growth of marketing industries. Marketers are now looking for more sophisticated and state-of-the-art marketing solutions for large and ever-growing consumer base. This has resulted in the adoption of AI-enabled solutions for marketing in this region.
North America is expected to be a major contributor to the growth of the AI in marketing market in 2018. The top countries contributing to the AI in marketing market in North America include the US and Canada. The reason for the dominance of these countries is their well-established economies, which allows investments in new technologies to add more value to AI-based solutions. Considerable growth is expected in the region during the forecast period owing to the growing adoption of AI among physically present retail stores, as well as the ongoing research and pilot projects by North American companies.
The search advertising holds largest share of Artificial Intelligence in Marketing Market in 2018. Search advertising applications are more sophisticated and deliver near-exact results to the search query. Improved algorithms, which now go beyond keyword matching, are fundamentally driving the growth of search advertising in small and medium-sized enterprises. Moreover, improved software to detect misspellings is further supplementing the growth of AI in search advertising. AI-enabled voice search is also among the fastest-growing applications. Improvements in natural language processing techniques are driving the growth of voice search.
The AI in marketing market for machine learning will grow at highest CAGR between 2018 and 2025. Machine learning holds a major share of the AI in marketing market. This is attributed to enormous availability of data, also called big data, and increasing adoption of ML by enterprises and federal agencies to gain useful insights. Machine learning’s ability to collect and handle big data, along with its increased ability to perform previously impossible calculations, is fueling the growth of the market for machine learning.