12/9/24, 10:03 AM Artificial Intelligence (AI) in Marketing Market Size | Companies
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Artificial Intelligence (AI) in Marketing Market (By Component; By
Application; By Technology; By End-User Industry) - Global Industry
Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook
and Forecast 2024-2033
Report Description Table of Content
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Artificial Intelligence (AI) in Marketing Market Size and
Growth 2024 to 2033
The global artificial intelligence (AI) in marketing market size was surpassed at
USD 15.79 billion in 2023 and is expected to hit around USD 167.4 billion by
2033, growing at a CAGR of 26.63% from 2024 to 2033. Artificial intelligence
(AI) is revolutionizing the marketing industry, offering unprecedented
opportunities for businesses to engage with customers more effectively. From
personalized recommendations to predictive analytics, AI is enabling marketers
to create more targeted, efficient, and impactful campaigns.
Key Pointers
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North America dominates the AI in marketing market, with a revenue share
of 33% in 2023
Asia Pacific region is expected to grow with the fastest CAGR of 27.97%
from 2024 to 2033.
The content curation segment dominates the market with a revenue share
of 24% in 2023.
The Machine learning (ML) segment dominates the market with a revenue
share of 40% in 2023.
The media & entertainment segment led the market with a revenue share of
25% in 2023.
The IT and telecommunications industries is expected to grow with a CAGR
of 24.94% from 2024 to 2033
What are the Growth Factors of Artificial Intelligence (AI) in
Marketing Market?
The growth of the artificial intelligence (AI) in marketing market is primarily
driven by an increasing demand for personalized customer experiences and
the need for data-driven decision-making. AI technologies enable businesses
to analyze vast amounts of data with remarkable speed and accuracy,
facilitating highly targeted marketing strategies and enhancing customer
engagement. The rise in consumer expectations for personalized interactions
and the need for automation to streamline marketing processes further propel
market growth. Additionally, advancements in machine learning, natural
language processing, and predictive analytics are continuously expanding AI's
capabilities, leading to innovative applications that enhance marketing
effectiveness and efficiency.
What are the Trends is Artificial Intelligence (AI) in Marketing
Market?
Personalization at Scale: AI is increasingly being used to deliver highly
personalized content and recommendations, enhancing user engagement
and satisfaction through tailored experiences based on individual behaviors
and preferences.
Chatbots and Virtual Assistants: The adoption of AI-powered chatbots
and virtual assistants is rising, providing real-time customer support,
answering queries, and assisting in the sales process, thus improving
customer service and operational efficiency.
Predictive Analytics: AI-driven predictive analytics is becoming more
prevalent, helping marketers anticipate future trends, customer behaviors,
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and market shifts, which enables more strategic decision-making and
targeted campaigns.
Content Generation: AI tools are being used to generate content, from
automated social media posts to personalized email marketing messages,
streamlining content creation processes and maintaining consistency
across channels.
Visual and Voice Search: The integration of AI with visual and voice
search technologies is growing, allowing users to search for products and
services through images or voice commands, which is reshaping how
consumers interact with brands.
What are the Challenges Faced by Artificial Intelligence (AI)
in Marketing Market?
Data Privacy and Security: Ensuring the protection of consumer data and
compliance with privacy regulations, such as GDPR and CCPA, is a
significant challenge, as AI systems often rely on large amounts of personal
data for analysis.
Data Quality and Integration: The effectiveness of AI in marketing
depends on the quality and integration of data from various sources.
Inconsistent or incomplete data can lead to inaccurate insights and
ineffective marketing strategies.
High Costs and Complexity: Implementing and maintaining AI
technologies can be expensive and complex, requiring significant
investment in infrastructure, talent, and training, which can be a barrier for
smaller businesses.
Algorithm Bias and Fairness: AI algorithms can inadvertently perpetuate
biases present in the training data, leading to unfair or discriminatory
marketing practices that may negatively impact certain customer groups.
Technology Integration: Integrating AI solutions with existing marketing
systems and workflows can be challenging, requiring seamless compatibility
and often necessitating changes to current processes.
Application Insights
The content curation segment dominates the market, with a revenue
share of 24% in 2023. AI-powered content recommendation engines are
becoming more sophisticated, using machine learning algorithms to analyze
user behavior and preferences to provide personalized content
recommendations. This allows marketers to deliver more relevant and
engaging content to their audience, increasing the demand for AI in marketing.
Moreover, AI is being used to generate content, from blog posts to social
media updates. Using natural language processing and machine learning
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algorithms, AI can create optimized content for specific audiences and
channels, making it easier for marketers to produce content at scale.
Virtual assistants can be chatbots, digital avatars, or voice assistants that
understand and respond to user requests using natural language processing,
computer vision, and machine learning algorithms. Virtual assistance can
improve the efficiency and effectiveness of human-computer interactions in
various domains, including customer service, healthcare, finance, and
education, which is responsible for segment growth. Alexa, Siri, and Google
Assistant are examples of virtual assistants. With rising demand for
convenience and personalized experiences, virtual assistance is expected to
play a growing role in developing AI in the marketing Market over the
forecasted period.
Technology Insights
The Machine learning (ML) segment dominates the market, with a
revenue share of 40% in 2023. Computers can use ML technologies to
understand, interpret, and generate human language, allowing them to perform
tasks such as machine translation, sentiment analysis, question answering,
and text generation. These technologies are commonly used in various
applications, including virtual assistants, chatbots, and personalized
recommendation systems. With the increasing volume of unstructured text
data generated each day, ML is expected to grow and play an essential role in
the development of AI.
The computer vision segment is expected to grow at the fastest CAGR during
the forecast period. Computer vision solutions can be adapted to specific
aspects of social media. It can provide marketers with real-time information
directly related to consumer behavior. For example, Meta Platforms, Inc., a
U.S.-based technology company, employs a technology known as a DINO to
train vision transformers (Vit). Moreover, without human intervention, this
model can detect and classify objects in a video and image.
End-User Industry Insights
The media & entertainment segment dominates the market, with a
revenue share of 25% in 2023. The rising AI advertising applications with
significant traction are responsible for this high share. For example, in January
2023, Cadbury, a U.K.-based confectionery company, launched an initiative
that enabled small business owners to create their ads for free using a
celebrity's voice and facial features using AI tools. In BFSI, AI virtual assistants
track transactions, observe customer behavior, and audit and log data to
numerous compliance and regulatory systems, which propels the expansion of
the BFSI segment.
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The IT and telecommunications industries is expected to grow with a
CAGR of 24.94% from 2024 to 2033. The industry has significant players in
the AI in marketing market. The industry's major players are Google LLC,
Facebook, Inc., [Link], Inc., Microsoft Corporation, and IBM. The
industry uses AI technologies to improve its marketing efforts and provides AI-
powered marketing solutions to other companies. The IT &
Telecommunications industry is experiencing significant growth in AI in
Marketing because of the increasing demand for personalized and data-driven
marketing solutions.
Regional Insights
North America dominates the AI in marketing market, with a revenue
share of 33% in 2023. The factor attributed to the region’s growth is the
expansion of retail, BFSI, healthcare, automotive, and other industries. The
region's numerous well-known technology firms are aware of the promising
possibilities presented by AI in marketing. Moreover, small and large
companies are using AI significantly in the region, especially compared to the
rest of the world. North America significantly influences the AI market, and this
region is predicted to continue expanding.
Asia Pacific region is expected to grow with the fastest CAGR of 27.97%
from 2024 to 2033. Rapid technological development and digitalization, the
expansion of the e-commerce and online retail sectors, rising investment in
artificial intelligence, and increasing business awareness and adoption of AI-
powered marketing solutions are key factors influencing growth in this region.
In particular, China's AI industry is expanding quickly, and it is anticipated that
China will soon take the lead in AI technology. With a rising need for
individualized and data-driven marketing solutions, the Asia Pacific region's
retail and e-commerce sectors are a key industry vertical for AI in marketing.
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Who are the Top Manufactures in Artificial Intelligence (AI) in
Marketing Market
[Link], Inc.
Baidu, Inc.
Google LLC
Intel Corporation
International Business Machines Corporation
Microsoft Corporation
NVIDIA Corporation
Oracle Corporation
Salesforce, Inc.
Twitter, Inc.
Artificial Intelligence (AI) in Marketing Market
Segmentations:
By Component
Software
Services
By Application
Social Media Advertising
Search Engine Marketing
Virtual Assistant
Content Curation
Sales & Marketing Automation
Analytics Platform
Others
By Technology
Machine Learning
Natural Language Processing
Computer Vision
Others
By End-User Industry
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BFSI
Retail
Consumer Goods
Media & Entertainment
IT & Telecommunications
Others
By Region
North Americ
Europe
Asia Pacific
Latin America
Middle East and Africa
Frequently Asked Questions
What is the current size of artificial intelligence (AI) in marketing market?
What is the CAGR of artificial intelligence (AI) in marketing market?
Which region has accounted for the largest artificial intelligence (AI) in
marketing market share?
Which are the leading companies in the artificial intelligence (AI) in marketing
market?
Report Details
Report Code: 40512
Category: Technology
No. of Pages: 150+
Format: PDF/PPT/Excel
Published: September 2024
Historical Year: 2021-2022
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Base Year: 2023
Estimated Year: 2024-2033
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