The global marketing resource management market value was estimated at USD 3.20 billion in 2020 and is projected to expand at a CAGR of 11.5% during the forecast period, 2021–2028. The growth of the market is attributed to the rising demand of businesses for regulatory and brand compliance. The growing requirement of decreasing the cycle time by duplication and distribution of content is also projected to propel the market.
Marketing resource management (MRM) is a type of technology that is used to manage people, operations & required technology, design and planning of marketing techniques. Introduction of MRM has assisted organizations for their budgeting and planning. With the help of functionalities including budgeting and planning, performance management, and knowledge management the marketing departments is able to plan its expense types, budgets, and period closeouts. Moreover, they can tackle potential threats, run strategic program, and forecast & activities.
The MRM solutions allows the businesses to modernize its marketing procedures. These procedures are financial management, workforce management, brand management, as well as content management. With a combination of Machine Learning (ML) and Artificial Intelligence (AI) technologies, the enables the marketers to acquire complete control of marketing tasks and initiatives. Presently, enterprises are concentrating highly on urbane marketing strategies, which is increasing the demand for MRM market.
The marketing resources are anticipated to incline the collaboration of large data sets and Internet of Things (IoT) technologies in the business operations. The Brand managers around the world are accepting the Marketing Technology (MarTech) for the business operations purpose. The MarTech tools contains Customer Relationship Management (CRM), Marketing Automation (MA), Content Management System (CMS), and others. The tools presents great advantages for the enhancements of performance and strength management.
The COVID-19 pandemic has impacted the market in a positive way. As large number of organizations are rapidly using AI and ML technologies in sectors such as marketing analytics, project management, strategic planning budgeting, and media planning execution. This has helped the market to gain significant growth in the pandemic.
Market Trends, Drivers, Restraints, and Opportunities
- The development in organizational technology, along with changes in customer behavior around the world, are projected to boost the MRM solutions market during the forecast period.
- The advancements in the technology and use of advanced technology such as AL and ML for the forecast as well as management which is providing good results is propelling the market.
- The rise in diversity in delivery channels is also a key driver for the market in the near future.
- The reduced of trust on novel marketing technologies is the major restraints for the market growth in the coming time period.
- The lack of cost visibility while executing marketing resource management application has restricted the market growth in the forecast period.
Scope of the Report
The report on the marketing resource management market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Marketing Resource Management Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Solutions (Brand & Advertising Management, Capacity Planning Management, Creative Production Management, Financial Management, Marketing Asset Management, Marketing Reporting & Analytics, Project Management, and Others), Services (Consulting & Implementation and Training, Support, and Maintenance), Deployment (Cloud and On-premise), Enterprise Size (Large and Small & Medium), End-users (BFSI, Consumer Goods & Retail, Healthcare, IT & Telecom, Manufacturing, Media & Entertainment, Travel & Hospitality, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Adobe; Aprimo US LLC; BrandMaker; HCL Technologies Limited; Infor, Inc.; Microsoft; Northplains; SAP SE; SAS Institute, Inc.; and Workfront, Inc.
Market Segment Insights
Marketing asset management segment is expected to grow at a rapid pace
Based on solutions, the global marketing resource management market is divided into brand & advertising management, capacity planning management, creative production management, financial management, marketing asset management, marketing reporting & analytics, project management, and others. The marketing asset management segment is expected to grow at a rapid pace owing to the revenue share of 15% and great in 2020. The segment is assisting the management of marketing assets and brands for the organization which makes it easy for them. Moreover, it also assists the enterprises to maintain digital assets. The marketing assets such as documents, e-mails, and presentations is also assisted by the technology.
The brand and advertisement management segment is projected to grow at significant rate. This is due to the increasing acceptance of the segment by the international companies for their brand and product branding. The solutions allows the organization to build a customer base which increases the organization profits.
Consulting & implementation segment is projected to expand at a considerable CAGR
On the basis of services, the global market is segmented into consulting & implementation and training, support, and maintenance. The consulting & implementation segment is projected to expand at a considerable CAGR owing to the high revenue share of 55% in year 2020. The factors contributing to the segment development are rising interest of companies for development of streamlining the customer experience, business processing speed, and offering quick results. The marketing managers looking for effective strategies for fast targets as well as effective production line. This contributes to the high revenue share of the segment.
The training, support, and maintenance segment is expected to boost the market. The solutions provides customization options for the organization according to the need of the business. Additionally, the solutions contains custom programming that offers companies to adapt with a dynamic business environment.
On-premise segment is anticipated to propel at a considerable rate
Based on deployment, the global marketing resource management market is bifurcated into cloud and on-premise. The on-premise segment is anticipated to propel at a considerable rate. It demonstrated revenue share of greater than 55% in year 2020. The acceptance of this solution is providing the advantages such as customization and configuration. The deployment of on-premise strengthens organizations by providing complete control of their data. The method also enables the companies to control the system integrations.
The cloud segment is projected to gain significant market share. This is attributed to the rising need for management of data in an efficient, secure, remotely accessible, and consolidated manner. The cloud enables the companies to orchestrate, manage, personalize, and improve cross-channel campaigns in B2B and B2C use cases.
Large enterprises segment is anticipated to boost at a fast pace
Based on enterprises size, the global marketing resource management market is bifurcated into large and small & medium. The large enterprises segment is anticipated to boost at a fast pace. The increased acceptance of MRM in the large enterprises has contributed to the development of the segment considerably. The rising concentration on the consumer experience by the enterprises or businesses is the key factor for market segment growth.
The small & medium enterprises segment is propelling at substantial pace owing to benefits of the enterprises such as ability to track the marketing resources along with managing resources effectively. The solution assists companies to combine digital asset management system with the content management system. This allows them to customize the content as per the users.
Manufacturing segment is projected to contribute at a significant pace
Based on end-users, the global marketing resource management market is divided into BFSI, consumer goods & retail, healthcare, IT & telecom, manufacturing, media & entertainment, travel & hospitality, and others. The manufacturing segment is projected to contribute at a significant pace owing to the great use of the segment at an organization for efficient search, store, and distribute digital assets. The solutions enables the collaboration of asset management with in and out of the business. The increase in digital campaigns has also contributed for the segment growth.
The consumer good and retail segment is projected to grow at good pace. This is attributed to the rising demands of the customers along with introduction of products based on digital footprints. Moreover, the rise in use of internet by the major companies in the segment to connect with the customers and clients has significantly contributed for the market segment growth.
North America is anticipated to constitute a key market share
In terms of regions, the global marketing resource management market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
North America is anticipated to constitute a key market share. The market of the region demonstrated the revenue share of greater than 31% in year 2020. The factors contributing to this fast pace growth are, rising acceptance of technology in the workflow management and decline in manual procedures. The growing demand of organizations for custom-made image brand is driving the growth of the market in the region.
Asia Pacific market is estimated to show lucrative growth in the near future. Due to the introduction of small & medium as well as large enterprises in the region. The growing trend of digitalization along with use of modern techniques are bolstering the market in the region. The high use of Software-as-a-Service in the region coupled with cloud-based solution are the key factors for the market development in the region.
Segments Covered in the Report
The global marketing resource management market has been segmented on the basis of
- Brand & Advertising Management
- Capacity Planning Management
- Creative Production Management
- Financial Management
- Marketing Asset Management
- Marketing Reporting & Analytics
- Project Management
- Consulting & Implementation
- Training, Support, and Maintenance
- Consumer Goods & Retail
- IT & Telecom
- Media & Entertainment
- Travel & Hospitality
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
The key players in the global marketing resource management market are HCL Technologies Limited; Aprimo US LLC; Infor, Inc.; Microsoft; Adobe; BrandMaker; Northplains; SAP SE; SAS Institute, Inc.; and Workfront, Inc. These key players have adopted a series of market strategies including new product launching, entering into partnership, collaboration, and production expansion to enhance their market position and expand their consumer base.