Generative AI In Marketing Market Growth
The Business Research Company recently released a comprehensive report on the Global Generative AI In Marketing Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The generative AI in marketing market size has grown exponentially in recent years. It will grow from $2.70 billion in 2023 to $3.64 billion in 2024 at a compound annual growth rate (CAGR) of 34.6%. The growth in the historic period can be attributed to the evolution of AI algorithms, growth in data volume, cost reduction, growth of digitalization, and the rise of e-commerce.
The generative AI in marketing market size is expected to see exponential growth in the next few years. It will grow to $12.08 billion in 2028 at a compound annual growth rate (CAGR) of 35.0%. The growth in the forecast period can be attributed to the expansion of content marketing, the rise of influencer marketing, customer journey personalization, ethical AI practices, and demand for AI-generated content. Major trends in the forecast period include AI-driven content creation, hyper-personalization, integration of predictive analytics, AI-enhanced creative collaboration, and regulatory compliance solutions.
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Market Drivers and Trends:
The growth of e-commerce is expected to propel the growth of the generative AI in marketing market going forward. E-commerce refers to the buying and selling of goods and services over the Internet or other electronic networks. E-commerce is growing due to several factors, including increasing internet penetration, shifting consumer preferences towards online shopping, convenience, and advancements in logistics and payment systems. Generative AI in marketing is used in e-commerce to personalize product recommendations, create targeted advertising content, and generate engaging product descriptions tailored to individual customer preferences, enhancing the overall shopping experience and driving sales. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, total retail e-commerce sales reached $1,831.4 billion in the fourth quarter of 2023, reflecting a 0.4% increase compared to the third quarter of 2023. Therefore, the growth of e-commerce is driving the growth of the generative AI in marketing market.
Major companies operating in the generative AI in marketing market are developing new innovative solutions using AI technology to enhance the creative process and performance of marketing campaigns. Generative AI in marketing empowers marketers to streamline the creative process, enhance campaign performance, and deliver more compelling and personalized experiences to their audience, ultimately driving better results and ROI (return on investment) for their marketing efforts. For instance, in January 2023, AppsFlyer, a US-based analytics company, launched Creative Optimization, a new AI-powered solution designed to enhance the creative process and performance of marketing campaigns. This product provides marketers with valuable insights and data-driven guidance to maximize the impact of their creative assets. Creative Optimization identifies trends and features that drive optimal audience engagement, empowering marketers to make informed decisions and improve campaign effectiveness. The solution enables collaboration between performance marketing, creative, and BI (business intelligence) teams, resulting in more efficient and successful campaigns.
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Major Key Players of the Market:
Alphabet Inc., Microsoft Corporation, Amazon Web Services, International Business Machines Corporation (IBM), Baidu Inc., Adobe Inc., OpenAI, Zeta Global., Appier Inc., Persado Inc., Benchsci Inc., Bluecore Inc., Bizzabo Ltd., Conversica Inc., Cognitivescale Inc., Acquisio Inc., Brighterion Inc., Clarifai Inc., B12 Inc., AYLIEN Ltd., Synthesis AI, Amplero Inc., Genie Artificial Intelligence Ltd., MOSTLY AI Inc., Rephrase.AI
Generative AI In Marketing Market 2024 Key Insights:
• The generative AI in marketing market size is expected to see exponential growth in the next few years. It will grow to $12.08 billion in 2028 at a compound annual growth rate (CAGR) of 35.0%.
• Surging Expansion Of E-Commerce Fuels Growth In The Generative AI In Marketing Market
• Product Innovation For Enhancing The Creative Process And Performance Of Marketing Campaigns
• North America was the largest region in the generative AI in marketing market in 2023
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