The market for artificial intelligence in marketing has grown significantly in only one year, rising from $17.48 billion in 2022 to a staggering $22.64 billion in 2023, a significant compound annual growth rate (CAGR) of 29.5%.
With such a spectacular trajectory, the market is anticipated to maintain its upward trend, growing at a CAGR of 29.8% to an astounding $64.31 billion by 2027.
Artificial intelligence has several uses in marketing, including content curation, sales and marketing automation, analytics platforms, dynamic pricing, social media and search advertising, virtual assistants, and more.
Notably, the industry is seeing the rise of cutting-edge technologies as software businesses work to innovate with automated and integrated business models to further develop the marketing capabilities of AI.
IBM intended to deliver its IBM Watson, an AI toolkit for business, to industry titans in October 2020 and make it accessible throughout the advertising ecosystem. Businesses may strengthen their AI skills in language, automation, and trust by changing their current business procedures.
The acquisition of Albert Technologies Ltd. by Israel-based marketing technology business Zoomd Technologies Ltd. for an undisclosed sum was announced in March 2022.
With the help of Albert’s artificial intelligence (AI) skills and the addition of Fortune 500 clients, Zoomd hopes to extend its product offering using a SaaS and self-service business model. A US-based business called Albert Technologies Ltd. provides artificial intelligence marketing solutions.
Artificial intelligence in marketing market was dominated by APAC in 2022. Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa are the regions included in the artificial intelligence in marketing market study.
Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA are the nations covered in the artificial intelligence in marketing market study.
The market for artificial intelligence in marketing is anticipated to be driven by the rising popularity of virtual assistants. Virtual assistants provide services over a dedicated network or the internet that are delivered as needed.
Small and medium-sized businesses are concentrating more on streamlining their business models by implementing virtual assistants because of the epidemic and lockdowns.