Artificial Intelligence in marketing market to reach $48.91 billion globally by 2026

The marketing market’s global artificial intelligence (AI) is expected to grow from $13.51 billion in 2021 to $17.46 billion in 2022 at a compound annual growth rate (CAGR) of 29.25%. According to ResearchAndMarkets latest report, AI in the marketing market is expected to reach $48.91 billion by 2026 at a CAGR of 29.38%.

Asia-Pacific (APAC) was the largest region in the artificial intelligence marketing market in 2021. The artificial intelligence in marketing market report covers APAC, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The market for AI 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 due to the pandemic and lockdowns.

“The artificial Intelligence in the marketing market consists of the sale of artificial Intelligence solutions in marketing by entities (organizations, sole traders, and partnerships) that refers to obtaining and evaluating consumer data for making marketing decisions on behalf of an algorithm or machine learning engines. Artificial intelligence (AI) marketing helps make automated judgments based on data gathering, analysis, and further observations of the data from the audience or economic patterns that may influence marketing efforts. AI systems learn how to engage with consumers based on data and customer profiles effectively, then give them personalized messages at the perfect moment without marketing staff intervention, guaranteeing optimal productivity,” the ResearchAndMarkets report stated.

New Trend for Artificial Intelligence in Marketing Market

For instance, in April 2022, ThriveMyWay published an article that states that chatbot e-commerce transactions are projected to hit $112 billion by 2023. Conversational technologies such as virtual agents and chatbots can help businesses save up to 30% on customer support costs. Hence, the increasing adoption of virtual assistants will increase the demand for artificial intelligence in the marketing market.

A new trend in the market for AI in marketing is technology development. Software businesses are delivering new, cutting-edge technology for automated and integrated business models. IBM intended to provide its IBM Watson, an AI toolkit for business, to industry titans in October 2020 and make it accessible throughout the advertising ecosystem. Companies may strengthen their AI skills in language, automation, and trust by changing their current business procedures. Companies even have started using generative AI that uses AI and machine learning to generate artificial content like videos, text, images, code, audio, and simulations. Meta has introduced LLaMA AI research tool to compete with GPT-3 and LaMDA.

Zoomd Technologies Ltd., an Israeli marketing technology business, revealed in March 2022 that it had acquired Albert Technologies Ltd. for an undisclosed sum. With the help of Albert’s artificial intelligence (AI) capabilities and the addition of Fortune 500 clients who can now use Zoomd products and services, Zoomd hopes to extend its product line using a SaaS and self-service business model. An artificial intelligence marketing solution is provided by Albert Technologies Ltd., a US-based business.

Satya Nadella, chairman and CEO of Microsoft said the “golden age” of artificial intelligence is “underway” and will fundamentally alter how we think about work and how organizations operate. Microsoft had invested big on AI as he believes AI will help people to do more with less. “Microsoft is opening up access to new AI tools like ChatGPT. I see these technologies as a co-pilot, helping people do more with less,” he said.

Markets Covered:

1. By Technology: Machine Learning; Context-Aware Computing; Natural Language Processing; Computer Vision
2. By Offering: Hardware; Software; Services
3. By Deployment Type: Cloud; On Premises
4. By Application: Social Media Advertising; Search Advertising; Dynamic Pricing; Virtual Assistant; Content Curation; Sales And Marketing Automation; Analytics Platform; Others

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Team Eela

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