Account-Based Marketing Market estimated to be worth 1,196.9 million by 2023

(IT-NEWSWIRE.COM, August 04, 2021 ) Major growth factors for the market include the growing focus on identifying the right audience, growth of social media and social advertising, and increased customer lifetime value. Various opportunities present in this market include increasing adoption of cloud-based solutions and growing impact of AI and big data analytics on account-based marketing.

As per report "Account Based Marketing Market by Account Type (Strategic Account-Based Marketing, Account-Based Marketing Lite, Programmatic Account-Based Marketing), Component, Deployment Model, Organization Size, Industry Vertical, and Region– Global Forecast to 2023" the global account-based marketing market size is expected to grow from USD 651.9 million in 2018 to USD 1,196.9 million by 2023, at a Compound Annual Growth Rate (CAGR) of 12.9% during the forecast period.

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• 74 market data Tables

• 38 Figures

• 149 Pages

Strategic account-based marketing account types to grow at the highest CAGR during the forecast period

The global account-based marketing market’s 3 major types are strategic account-based marketing, account-based marketing Lite, and programmatic account-based marketing. The strategic account-based marketing account type is expected to grow at the highest CAGR during the forecast period, due to an increasing need to focus largely on bigger accounts and target individuals directly in the company. With customer loyalties shrinking, strategic account-based marketing would help marketers expand business loyalties and increase the net basket of the customer.

Government and public sector industry vertical to grow at the highest rate during the forecast period

Industry verticals, including media, telecommunications and IT, BFSI, retail, and eCommerce, healthcare and life sciences, automotive and manufacturing, government and public sector, and others (education, construction and engineering) adopt account-based marketing tools and services. Government and civil service agencies adopt account-based marketing tools and services to understand customer behaviour from the managed big data. Government and public sector organization focus on customer-centric strategies to enhance customer satisfaction. They adopt account-based marketing services to leverage new data capabilities for clients in the public sector which shows increased interest in targeting specific job functions.

North America to dominate the global account-based marketing market during the forecast period

North America is expected to hold the largest market size in the global account-based marketing market by region, as account-based marketing solutions have already penetrated the region. High spend on new technologies drive the market growth in North America. In the region, the percentage of social media users, smartphone users, and ad spending is exceptionally high. Mobile device penetration in the US is more than 90%, followed by Canada, which has given the eMarketers a stronger channel to target the potential customers. All the industry verticals, such as BFSI and media and telecom are expected to adopt account-based marketing practices significantly in their processes.

The report also covers various growth strategies, such as acquisitions, partnerships, new product launches, and product upgradations, adopted by the major players to increase their market shares. Major technology vendors include Demandbase (US), InsideView (US), 6Sense (US), Act-On Software (US), AdDaptive Intelligence (US), Albacross (Sweden), Celsius GKK International (France), Drift (US), Engagio (US), Evergage (US), HubSpot (US), Integrate (US), Iterable (US), Jabmo (France), Kwanzoo (US), Lattice Engines (US), Madison Logic (US), Marketo (US), MRP (US), Radius Intelligence (US), TechTarget (US), Terminus (US), Triblio (US), Uberflip (Canada), and Vendemore (Sweden).

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Account-Based Marketing Market estimated to be worth 1,196.9 million by 2023