Marketing Resource Management Market Is Expected To Expand At A CAGR Of 11.7% From 2021 To 2027

 Marketing Resource Management Industry Overview

The global marketing resource management market size is expected to reach USD 6.89 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 11.7% from 2021 to 2027. Marketing Resource Management (MRM) is a cloud-based software that is widely used by organizations for effectively centralizing and managing their marketing operations. It enables organizations to unify brand compliance and marketing workflows and effectively track their Return on Investment (ROI).

 

Marketing Resource Management (MRM) is a technology used to efficiently handle workforce and associated technology and operations such as planning, production, and design of marketing processes. The emergence of MRM applications has helped businesses in their planning and budgeting activities. By using functionalities such as budgeting and planning, marketing divisions can effectively plan their budgets, define the expense types, and closeouts, among others.

The increasing need for ensuring brand and regulatory compliance is expected to propel the MRM market growth over the forecast period. Using MRM solutions, the marketing department can tackle potential threats and run a strategic program. Emerging technology solutions driven by machine learning and artificial intelligence to deliver sustainable omnichannel experience are expected to further create growth opportunities for the market players.

The outbreak of the COVID-19 pandemic is anticipated to favorably impact market growth. However, the upfront costs associated with new MRM systems are expected to hamper the growth. Furthermore, the lack of trust in new marketing technologies is also hampering the growth.

 

Marketing Resource Management Market Segmentation

Grand View Research has segmented the global marketing resource management market based on solution, services, deployment, enterprise size, end-use, and region:

Based on the Solution Insights, the market is segmented 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 dominated the market in 2020 and accounted for more than 15.0% share of the global revenue. These solutions help enterprises in controlling brand and marketing assets from a centralized location so that they can be easily shared and searched. 

 

• The brand and advertisement management segment is anticipated to register the highest growth over the forecast period. The segment growth can be attributed to the increasing adoption of these solutions by global companies to increase the perceived value of a brand or product line over time. 

 

Based on the Services Insights, the market is segmented into Consulting & Implementation,  Training, Support, and Maintenance.

• The consulting and implementation segment dominated the market in 2020 and accounted for more than 55.0% share of the global revenue. The segment growth can be attributed to the growing integration of MRM solutions in marketing business operations. Marketers are more focused on improving business processing speed, streamlining the customer experience, and offering faster results.

 

• The training, support, and maintenance segment is anticipated to register the highest growth over the forecast period. In the current business scenario, MRM solutions are more flexible. These solutions offer customization options to enterprises as per their business needs.

 

Based on the Deployment Insights, the market is segmented into Cloud, and On-premise.

• The on-premise segment dominated the market in 2020 and accounted for more than 55.0% share of the global revenue. The adoption of on-premise solutions is high owing to various benefits associated with system configuration and customization options. 

 

• The cloud segment is expected to register the highest growth over the forecast period. The growth of the segment can be attributed to the increasing need to manage information in a secure, efficient, consolidated, and remotely accessible manner. The cloud software suites can be easily integrated with the existing systems. 

 

Based on the Enterprise Size Insights, the market is segmented into Large Enterprises, and Small & Medium Enterprises.

• The large enterprise segment dominated the MRM market in 2020 and accounted for more than 56.0% share of the global revenue. The adoption of MRM solutions among large enterprises is significantly high as these solutions help large enterprises in effectively managing their extensive product portfolio and allocating marketing budgets.

 

• The small and medium enterprises segment is anticipated to register the highest growth over the forecast period. Small and medium enterprises are widely adopting MRM solutions as these solutions allow businesses to track and manage the marketing resources involved in the product life cycle. 

 

Based on the End-use Insights, the market is segmented into BFSI, Consumer Goods & Retail, Healthcare, IT & Telecom, Manufacturing, Media & Entertainment, Travel & Hospitality, and Others.

• The manufacturing segment dominated the market in 2020 and accounted for more than 15.0% share of the global revenue. MRM solutions are widely used in the manufacturing industry to effectively store, search, and distribute digital assets. These solutions facilitate asset management and collaboration within and outside the organization.

 

• The consumer goods and retail segment is anticipated to register the highest growth over the forecast period. The increasing need to target customers and market products based on digital footprint is expected to propel the adoption of MRM solutions in the consumer goods and retail industry.

 

Marketing Resource Management Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The market is highly fragmented in nature. The market vendors have adopted different types of inorganic and organic growth strategies, such as partnerships & collaborations, mergers and acquisitions, and new product launches, to expand their offerings in the market. The prominent players in the market are more focused on offering cloud-based and on-premise solutions to large as well as small and medium enterprises. These solutions offer various benefits, such as omnichannel personalization, multivariate testing, and AI-powered automation and scale.

Numerous vendors are focusing on collaborating with other vendors to provide more customer-centric solutions. For instance, in October 2020, Adobe, in collaboration with C3.ai and Microsoft Corporation, launched C3 AI CRM solution powered by Microsoft Dynamics 365. This AI-first CRM solution is purpose-built for various industries and can be integrated with Adobe Experience Cloud. This solution drives customer-related operations with predictive business insights. Some prominent players in the marketing resource management market include:

• Adobe
• Aprimo US LLC
• BrandMaker
• HCL Technologies Limited
• Infor, Inc.
• Microsoft
• Northplains
• SAP SE
• SAS Institute, Inc.
• Workfront, Inc.

 

Order a free sample PDF of the Marketing Resource Management Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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