Since the dawn of the Internet, the digital marketing industry has consistently grown in value. So have industries directly related to it. For instance, digital marketing teams use a range of tools to achieve their goals. Thus, it may come as no surprise to learn that the digital marketing software market is also quite valuable.
In 2020, the digital marketing software market was valued at $49.43 billion. According to one recent estimate, it may be worth as much as $146.8 billion by 2027.
Image created by Market Business News.
Digital marketing software market and Covid-19
To some degree, it appears the Covid-19 pandemic may have slowed the growth of this market. This is to be expected. Because the pandemic limited economic growth in general, there was never any reason to believe the digital marketing software market would be spared entirely from the pandemic’s impact.
What’s more, as this growth accelerates into the future, not only will software and digital marketing as an industry likely continue to evolve and become more important than ever, but greater opportunities may also come to fruition. Given that keen aspiring digital marketers can now get a degree in digital marketing to help take their skills and careers to new heights, this notion becomes even more solidified.
That said, there’s also evidence to suggest that the digital marketing software market may not have been as harmed by the pandemic as some other markets were. This is likely due to the fact that many brands had been experimenting with other forms of marketing, such as experiential marketing, prior to the pandemic.
As the name implies, experiential marketing involves designing various types of branded experiences for customers to participate in. Often, these experiences are live.
Marketers returned to traditional approaches during pandemic
Naturally, marketers’ ability to organize live events was quite limited during the pandemic. This caused them to return to more traditional approaches to digital marketing. Additionally, because many had to work remotely during the pandemic, marketers may have relied on digital marketing software to an even greater degree than they normally would in order to more effectively coordinate with their fellow team members.
US is the largest market
Countries and brands across the world participate in the digital marketing software market. However, US companies play a particularly dominant role, representing an approximately 31.46% global market share. China, Japan, and Canada are both becoming more significant players in this market, but are unlikely to eclipse the US at any point.
Of course, it’s important to remember that digital marketing is a fairly broad term that encompasses a very wide range of marketing strategies and tactics. Because of this, what does and doesn’t qualify as an example of digital marketing software is a subjective matter. It’s also worth noting that new digital marketing tactics are constantly emerging.
Market will continue growing
Image created by Market Business News.
That said, the general takeaway from the current research is that the growth of the digital marketing software market shows no signs of slowing in the near future. Although the Covid-19 pandemic did impact the market’s growth to some degree, because digital marketing software products are typically versatile, the extent to which this market was affected by the pandemic may have been less than that of other markets and industries.
All that said, it’s also important to understand that this analysis isn’t an “official” determination of where this market will go in the future. Other research firms may arrive at findings that don’t entirely align with those reported on here. However, the overall consensus seems to be that digital marketing and digital marketing software aren’t going anywhere anytime soon. In fact, it’s never been a better time to do a digital marketing degree and get yourself a job in this sector.
Interesting related article: “What is Internet Marketing?”