The Marketing Resource Management Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.9 % during the forecast period, to reach USD 5.5 billion by 2026 from USD 3.2 billion in 2021. Increased digitalization during COVID 19, rising demand of SaaS based solutions among small enterprises to enhance marketing operations, increased focus on investing in the latest technologies to improve marketing practices are expected to spur the demand for MRM offerings across the globe.
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Adoption of performance management solutions is noticeably increasing in among large enterprises due to increased need to enhance marketing performance
The planning and budget management solution helps establish marketing objectives and align investments with the strategies. While enabling the management of budgets, marketing spends, and vendors, the solutions also help marketers assess the impact of marketing plans and maximize RoI. Companies are increasingly investing in solutions to scale their marketing with a real-time view of the entire marketing spend. Moreover, MRM solutions enable users to plan and track financial resources and establish a structured approval process. They can prepare and manage budget requests across different levels of the marketing hierarchy, including organization, plan, brands or product line, industry, and geography. It also supports the full life cycle of marketing expenses, including tracking detailed line-item expenses and generating purchase orders and invoices so that users can track forecasted, committed, and actual costs at any budgetary level. Users can ensure that every marketing program and a budget request is reviewed by the appropriate people. Using these solutions, users can circulate, review, and approve important marketing items, including proposed marketing plans and tactics, budget requests, and marketing content. Marketing managers can easily submit items for review, forward items for feedback, and approve or decline requests.
Growing trend of expanding business operations while working within the existing infrastructure to drive the consulting and implementation services
Consulting and implementation are professional services practice for enterprise infrastructure that involves advising customers for managing organization’s IT infrastructure and improving infrastructure performance, including security and workflow processes. They also help them implement a solution. Before implementing a required solution, business needs must be assessed and understood thoroughly to ensure hassle-free and proper deployment and integration of MRM solutions. MRM vendors offer consulting services to users that have limited awareness related to the market and how to adopt the solutions depending upon their business. The implementation service helps users to manage the implementation and site going forward and helps their team to assist via virtual meetings and handling questions, and helps to manage decisions that are best for their teams.
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The major players have implemented various growth strategies to expand their global presence and increase their market shares. Key players such as Oracle, SAP, SAS, Adobe, Aprimo, Brandmaker, Allocadia, and Wedia have majorly adopted many growth strategies, such as new product launches, acquisitions, and partnerships, to expand their product portfolios and grow further in the MRM Market.
Aprimo is consistently focusing on catering to its customers with highly competent technology-enabled and tailored solutions in the marketing resource management market to hold one of the leading positions. The company is equally focused on organic and inorganic business growth strategies to strengthen its footprint in the marketing resource management market. In terms of organic growth strategies, the company introduced a marketing calendar and life sciences solution, and many more, which has strengthened its market. In 2017, Aprimo moved its products to SaaS based systems running on the Microsoft Azure cloud computing service. In inorganic growth strategies, Aprimo chose to adopt partnerships, collaborations, and acquisitions. Aprimo partnered with Delaware, gateB, Spott, inRiver, Episerver, and KPMG LLP, for increasing its digital presence worldwide.
Brandmaker is consistently focusing on catering to its customers with highly competent technology-enabled and tailored solutions in the marketing resource management market to hold one of the leading positions. The company is equally focused on organic and inorganic business growth strategies to strengthen its footprint in the marketing resource management market. The company has primarily built its suite organically and undertaken only one acquisition since its founding in 2008. BrandMaker has many large automotive, retail, and financial service customers that use the solution to drive brand consistency across global headquarters, regional teams, local dealers, or retail locations. BrandMaker takes a very realistic approach to MRM. It understands marketers’ realities of ad-hoc, Excel-based marketing management and has built an intuitive, flexible platform in response to encourage and support more agile methodologies. With help from third-party integration platforms, BrandMaker connects with thousands of tools to fit itself into how marketers work today.
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