The Account-Based Marketing Market is expected to register a CAGR of approximately 12% during the forecast period (2021 - 2026). The increasing need to transform the traditional, short-term marketing goal of generating leads with a holistic marketing strategy aimed at long-term revenue growth drives the market.
- A considerable amount of money is being spent on marketing services across the industries, and companies are adopting technologies to optimize their spending. For instance, according to a study presented by GroupM, the global investments in marketing service amounted to USD 457.62 billion in 2018 as compared to USD 375.19 billion in 2010. Account-based Marketing helps businesses allocate their spending to their highest-value customers to maximize their lead generation in the short-term, and revenues in the long-term.
- Companies are innovating to improvise their ABM solutions to attract marketers from across varied business backgrounds. For instance, in January 2020, Triblio launched “Ask an ABM Expert,” a video series of short, educational videos. These videos aim to answer key questions about ABM and modern B2B marketing. This will stimulate businesses and marketers looking for deploying new ABM solutions in their businesses.
- Due to the global coronavirus outbreak, the effect on businesses has been catastrophic. In this scenario, the major concerns of the businesses are focused on retaining and engaging the existing customers, and provide them customized personal experiences. ABM solutions help the marketers retain these strategic clients and generate leads even during the pandemic, where generating new customers is challenging.
Key Market Trends
BFSI Sector to Exhibit Maximum Adoption
- The BFSI Industry has undergone digital transformation initiatives and is gradually adopting digital marketing techniques in the financial services industry. This helps the marketers automate their marketing processes and widely expand their customer reach. Financial Services marketers majorly use Account-Based Marketing within sectors such as insurance, asset management, investments, and commercial banking, to identify and target the accounts they value the most.
- ABM helps the companies in the BFSI industry to manage their clients and prioritize them based on their creditworthiness, risk management, investment potential, and consistency, amongst many others. Prioritizing their customers helps the financial services marketers generate maximum revenues and leads by providing customized services based on their needs.
- Technology advancements like AI and Cloud Computing are already being adopted in the BFSI industry, which helps the companies with deep marketing insights about their customers. Also, marketers like Tata Capital are experimenting with smarter ads, with account-based marketing solutions. They are also planning to add AI solutions, which help them with customized keyword searches, social profiles, and other online data for human-level outcomes.
North America Expected to Dominate the Market
- North America is expected to dominate the Account-based Marketing Market globally, owing to the presence of several regional-based ABM solution providers, such as Terminus Software, Marketo by Adobe, Uberflip, Engagio, 6sense Insights, Inc., and many others. The market players are making significant advancements in their solutions to enhance their market presence both regionally and globally.
- Companies in the region are integrating technologies like AI, Cloud, and automation, among others, to enhance their offerings and expand their customer reach. It also helps them attract new marketers in the region. For instance, in October 2019, Terminus updated its ABM platform by leveraging the existing Terminus B2B Graph, which contains the largest database of company-level digital identities, and by adding machine learning and predictive analytics, marketers more quickly and easily scale their ABM practices to maximize their revenues.
- The region is also witnessing strategic partnerships and collaborations, which helps the solution providers leverage the technology and expertise of the other companies and enhance their market presence. For instance, in April 2020, a division of NextRoll, Inc., RollWorks, joined LaunchPoint, by Marketo an Adobe company as an Accelerate partner. The certified integration is expected to combine Marketo Engage and RollWorks’ account-based platform to enable customers to identify high-value accounts seamlessly.
The competitive landscape of the Account-based Marketing Market is expected to gradually become fragmented owing to the presence of various solution providers globally and the emergence of new solution providers. The market players in the region are witnessing strategic partnerships and acquisitions to boost their market presence and strengthen its global footprint. Also, the market players are making several innovations and product developments to help marketers better serve their clients and gain maximum market traction.
- April 2020 - Terminus acquired Ramble, an account-based chat solution. The addition of Ramble is expected to enable its users to deploy real-time, account-based conversations across the entire customer journey directly within the Terminus platform.
- January 2020 - Demandbase added a feature to its platform, which allows B2B brands to automate their campaigns. The new offering, Dynamic Audiences, helps users update audiences automatically based on CRM updates, offsite intent activity, website engagement, and other behaviors.
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Table of Contents
1.2 Scope of the Study
4.2 Market Drivers
4.2.1 Optimization of Marketing Spending and Lead Generation
4.2.2 Increased Adoption of Technologies like AI, Big Data, and Cloud Computing in Marketing
4.3 Market Restraints
4.3.1 Skepticism About Shifting from Traditional Marketing Practices
4.3.2 Privacy and Security Issues in Maintaining the Confidentiality of Customer Data
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Assessment of Impact of Covid-19 on the Market
5.2 By Deployment Model
5.3 By End-user Industry
5.3.1 Retail & E-commerce
5.3.3 IT & Telecommunications
5.3.5 Travel & Tourism
5.3.6 Healthcare & Life Sciences
5.3.7 Other End-user Industries
5.4.1 North America
5.4.4 Latin America
5.4.5 Middle-East & Africa
6.1.1 Terminus Software, Inc.
6.1.2 Marketo (Adobe, Inc.)
6.1.4 Triblio Inc.
6.1.5 6sense Insights, Inc.
6.1.6 Engagio Inc.
6.1.7 HubSpot, Inc.
6.1.8 Madison Logic
6.1.9 Demandbase Inc.
6.1.11 Drift.com, Inc.
A selection of companies mentioned in this report includes:
- Terminus Software, Inc.
- Marketo (Adobe, Inc.)
- Triblio Inc.
- 6sense Insights, Inc.
- Engagio Inc.
- HubSpot, Inc.
- Madison Logic
- Demandbase Inc.
- Drift.com, Inc.