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.
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.
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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, autmotive 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 behavior 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.
Account-based marketing complements the lead generation strategy, in which businesses turn their attention to high-value accounts and try to reach stakeholders in a personalized manner with the intent to generate more revenue. Account-based marketing majorly focuses on quality engagement with single, few, and multiple accounts, based on the customer buying behavior pattern.
The global account-based marketing market includes many major vendors, such as 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). They have employed various growth strategies to further expand their presence and market shares. New product launches, product upgradations, agreements, collaborations, business expansions, partnerships, and acquisitions are some of the significant growth strategies adopted by the market players.
Marketo is a leading player in the account-based marketing market. Inorganic and organic growth strategies have helped Marketo to improve its account-based marketing product and service offerings as well as cater to a broader customer base. For instance, in April 2018, Marketo acquired Bizible, a provider of marketing performance management software. With this acquisition, Marketo would create high-class customer engagement programs which can help marketers plan, engage, and measure opportunities for increasing ROI. The company is also on an expansion mode and opening local and global offices. For instance, in January 2018, Marketo expanded its business operations by opening a new office in Colorado, US. The new office would strengthen Marketo’s presence in Colorado. In September 2018, Adobe has signed a definitive agreement to acquire Marketo. Acquisition of Marketo by Adobe would help Marketo augment its growth and expand globally.
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HubSpot sells cloud-based marketing and sales software platforms. The software platform features integrated applications to accelerate businesses, attract visitors to their websites and convert prospects into leads, and close leads into customers and delight customers by providing customized services. The company is headquartered in the US and caters to more than 41,593 customers, operating in more than 90 countries across the Americas, Europe, and APAC. The company has followed both inorganic and organic strategies to expand its market share. For instance, in February 2018, HubSpot partnered with Google by adopting Google Cloud to expand its international cloud infrastructure. With this partnership, HubSpot would be able to provide its customers increased data security, invest more in its current Google Cloud product integrations, and accelerate the growth of its HubSpot CRM.
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