Artificial Intelligence in Marketing Market Size & Forecast

The Artificial Intelligence in Marketing Market to reach $112.2 billion by 2031 at a CAGR of 27.9% during 2024–2031. The growth of artificial intelligence in marketing market is driven by the growing demand for customer-driven marketing and advertisement and the rising demand for AI in marketing for content generation. However, the lack of data storage capability and processing infrastructure restrain the growth of this market. Moreover, the increasing adoption of cloud-based applications and services and the growing use of natural language processing (NLP) and machine learning for chatbots are expected to generate market growth opportunities. However, concerns regarding data privacy are major challenges for market stakeholders. Additionally, the growing use of AI algorithms and tools for predictive analytics are prominent trends in this market.

Growing Demand for Customer-driven Marketing and Advertisement                                                

The growing demand for customer-driven marketing and advertising helps businesses recognize the importance of tailoring campaigns to meet specific customer needs and preferences that enhance engagement and build stronger connections. The increasing use of AI in customer-driven marketing and advertising offers several advantages, such as personalized content creation, targeted audience segmentation, real-time data analysis, and predictive insights, leading to more effective campaigns, increased customer engagement, and improved ROI. Several businesses are implementing AI in their marketing strategies that help them to automate marketing, such as:

• Automate time-consuming tasks such as data analysis and reporting.

• Segment and target their audience more effectively based on predictive analytics.
• Create personalized and dynamic content at scale.
• Optimize marketing campaigns through real-time insights and recommendations.

Thus, the growing adoption of AI in marketing in several industries helps to increase the growth of this market during the forecast period. For instance[TK1] , in March 2022, IQVIA (U.S.) launched OCE+, a science customer engagement platform. OCE+ adds IQVIA’s Next Best recommendation engine, a daily workflow tool providing AI-driven recommendations for engaging healthcare professionals (HCP), to its Orchestrated Customer Engagement (OCE) platform that provides enhanced HCP experiences, improved productivity, and increased ROI.

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Key Findings in the Global Artificial Intelligence in Marketing Market Study:

The Solutions Segment to Register the Higher CAGR

Based on offering, the solutions segment is projected to register the highest CAGR during the forecast period. The growing need to increase content and lead generation to analyze customer preferences, interests, and browsing behavior, the growing implementation of AI marketing solutions to automated marketing processes, the rising adoption of AI in marketing solutions in the consumer goods industry, and the growing demand for customer-driven marketing and advertisement are expected to support the growth of this segment.

The Cloud-based Deployment Segment to Register the Higher CAGR

Based on deployment mode, the cloud-based deployment segment is projected to register a higher CAGR during the forecast period. The increasing need to ensure the protection of sensitive customer data, the rising implementation to access real-time data and enhance collaboration with customers, and the growing adoption of cloud-based AI solutions to access customer information and analytics data are expected to support the growth of this segment.

The Small & Medium-sized Enterprise Segment to Register the Higher CAGR

Based on organization size, the small & medium-sized enterprise segment is projected to register the highest CAGR during the forecast period. The rising adoption of automated targeting, lead generation, and social media management, the increasing adoption of chatbots and virtual assistance to enhance customer support and improve customer satisfaction, and the growing need to streamline marketing processes without significant resource investment are expected to support the growth of this segment.

The Content Generation Segment to Register the Higher CAGR

Based on application, the content generation segment is projected to register the highest CAGR during the forecast period. The growing use of AI technology, such as natural language processing to enhance user experience, the rising implementation of AI in content generation to boost brand visibility and credibility, the rising implementation of AI algorithms to understand audience preference, and the growing adoption to automate the creation of high-quality content are expected to support the growth of this segment.

The Media & Entertainment Segment to Register the Higher CAGR

Based on end-use industry, the media & entertainment segment is projected to register the highest CAGR during the forecast period. The rising adoption of AI-driven animation and character modeling to improve the realism of 3D models in films and video games, the increasing use of voice recognition technology to allow consumers to control their entertainment experience hands-free, and the growing adoption to improve their operations, enhance the consumer experience, and create more personalized content are expected to support the growth of this segment.

Asia-Pacific to be the Fastest Growing Market

In 2024, North America is expected to account for the largest share of the market in global artificial intelligence in marketing market, followed by Asia-Pacific, Europe, Latin America, and Middle East & Africa. However, the Asia-Pacific market is projected to register the highest CAGR during the forecast period. The rising implementation of AI in marketing by businesses to gain consumer insights and make data decisions, the growing adoption of AI chatbots to enhance customer service and generate personalized recommendations for increased conversions, the rising demand for AI in marketing for content generation in consumer goods industry, and the growing adoption for traffic management, data management, and content management are expected to support the growth of this market.

Artificial Intelligence in Marketing Market: Key Companies

The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market participants in the last 3–4 years. The key players operating in the artificial intelligence in marketing market are NVIDIA Corporation (U.S.), Salesforce, Inc. (U.S.), Google LLC (U.S.) (A Subsidiary of Alphabet Inc.), Intel Corporation (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Amazon.com, Inc. (U.S.), Oracle Corporation (U.S.), Baidu, Inc. (China), Micron Technology, Inc. (U.S.), Xilinx, Inc. (U.S.) (A Subsidiary of Advanced Micro Devices, Inc.), Albert Technologies Ltd. (Israel), Appier Inc. (A Subsidiary of Appier Group, Inc.), Twitter, Inc. (U.S.), and Persado Holdings Limited (U.S.).

Artificial Intelligence in Marketing Market Report Summary:

Key questions answered in the report: