Portland, June 10, 2019 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global digital marketing software market garnered $26.61 billion in 2016 and is expected to reach $77.05 billion by 2023, registering a CAGR of 16.6% from 2017 to 2023. The report offers an in-depth analysis of the market, covering aspects such as the key investment pockets, drivers, restraints, & opportunities, major market segments, strategic developments, and competitive landscape.
The boom in social media & advertising and rise in digital marketing budget drive the growth of the global digital marketing software market. On the other hand, the lack of skilled personnel for coding and handling the marketing software hamper the market growth. However, the emergence of SaaS-based solutions is expected to create lucrative opportunities for the digital marketing software market players.
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Based on types, the interaction systems segment held over two-fifths of the market share in 2016 and would dominate the market through 2023. However, the management & administration-oriented apps segment is likely to witness the fastest CAGR of 18.9% from 2017 to 2023. The other types analyzed in the study include data & analytics systems and content production & management.
Based on deployment, the on-premise segment was the largest in 2016, grabbing nearly three-fifths of the market share and is expected to maintain its revenue lead through the study period. However, the cloud segment would grow at the fastest CAGR of 17.1% through 2023.
The market in North America held more than one-third of the market share in 2016. However, Asia-Pacific would grow at the fastest CAGR of 17.4% during the forecast period. The other regions analyzed in the study include Europe and LAMEA (Latin America, Middle East, and Africa).
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The key players analyzed in the market report are Adobe Systems, Oracle Corporation, IBM Corporation, SAP AG, Microsoft Corporation, Salesforce.com, Inc., HubSpot, Inc., Marketo Inc., SAS Institute, Inc., and HP Development Company, L.P. These players have adopted various market strategies such as partnerships, collaboration, mergers & acquisitions, new product launch to strengthen their foothold in the industry.
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