Marketing resource management market is projected to rise at a CAGR of nearly 10% during the forecast period, 2018-2028. Marketing reporting and analytics & creative production management to account for 50% of the global marketing resource management market revenue.
Tier 3 Players Accounting for Nearly 80% Revenue Share in Marketing Resource Management (MRM) Space
The marketing resource management (MRM) market is highly fragmented as vendors focus on domestic players. Tier 3 players in the marketing resource management (MRM) market continue to remain focused on small and medium businesses due to cost advantage.
The market fragmentation can be gauged from the fact that these tier 3 players account for nearly 80% revenue share of the global marketing resource management (MRM) market. Tier 3 companies are looking to scale up through partnerships with large players.
For instance, Allocadia and Percolate initiated a strategic collaboration that was focused on using the expertise of both the companies in terms of content marketing platforms and marketing performance management to deliver a marketing process with better visibility.
M&A Activities: A Prominent Strategy among Marketing Resource Management (MRM) Vendors to Address Data Silos
Consistently challenged by data silos, businesses are focused on enhancing customer experience. Against this backdrop, marketing resource management (MRM) companies are focusing on strategic acquisitions to gain technological know-how to deliver high-quality data-driven business decisions.
- In 2017, Aprimo LLC, one of the leaders in the marketing resource management (MRM) market acquired ADAM software which delivers a digital asset management software solution. The acquisition will allow Aprimo to offer efficient and integrated marketing operations in terms of production and publication content.
- Recently, Broadridge Financial Solutions, Inc., a leading provider of marketing resource management (MRM) solutions acquired ActivePath, an Israeli-based digital technology company to strengthen Broadridge’s governance and communications businesses.
- Bynder, a prominent leader in the marketing resource management (MRM) market has recently announced the acquisition of Webdam, a Shutterstock digital asset management business. The acquisition is targeted to deliver scalable and cloud-based digital marketing solutions.
GDPR Compliance Regulates Marketing Resource Management (MRM) Marketplace
Digital marketing has taken a center stage among marketers for brand promotion and maintenance of brand consistency. In the post-GDPR era, the way businesses invest in brand promotion has dramatically changed, particularly the marketing activities that are allocated to the EU.
Rather than a burden, GDPR compliance is focused on assisting businesses to establish a customer-centric legal marketing approach. Apart from maintaining the status quo through data transparency, a complex marketing approach is involved in establishing a successful customer-centricity.
The post-GDPR period is marked by businesses vying to get a hold of their data-driven marketing strategies and vendors in the marketing resource management (MRM) market can leverage this opportunity to deliver efficient and legal marketing automation.
Marketing Resource Management (MRM) Vendors Focus on Developing Cloud-based Solutions with Emphasis on Big Data
Business organizations, in particular, small enterprises are actively adopting could-based solutions to capture rapid return on investment (ROI). In addition, the emergence of cloud-based solutions has significantly reduced the time required in managing marketing resources.
While small-scale businesses are actively adopting cloud-based marketing resource management (MRM) solutions for less amount of investment involved, larger enterprises are utilizing cloud-based marketing resource management (MRM) solutions to achieve greater control over their digital marketing assets.
To accommodate this increasing demand, prominent market vendors in the marketing resource management (MRM) market are focusing on offering cloud-based MRM solutions.
- In 2017, Aprimo, a prominent leader in the marketing resource management (MRM) market launched a cloud-based, full SaaS (Software as a Service) version of a digital asset management solution to provide marketers with faster implementation, scalability and lower cost of ownership
- SAP, another leader in the marketing resource management (MRM) market has acquired Callidus Software Inc., a leader in cloud-based lead-to-money solutions. The acquisition will enable SAP to acquire leadership in sales performance management and configure-price-quote solutions
- In 2016, SAP acquired Abakus. The acquisition was aimed at enhancing its SAP Hybris Marketing solution portfolio by including customer profiling and responsive journey management in it
- In 2018, IBM has introduced marketing operations managed hosted solution that delivers marketing operations on private cloud deployment
Demand for Personalized Brand Image to Boost Marketing Resource Management (MRM) Software Adoption
Modern marketers are vying for a personalized brand image where marketing is focused on delivering customer-centric content. In delivering a customized branded experience, marketing resource management (MRM) solutions play an important role in enabling organizations to address customer preferences rapidly.
Advanced marketing resource management (MRM) solutions with machine learning and AI enable brands to create a customer profile and optimize marketing strategy.
Increasing demand for personalized content has led marketers to opt for marketing resource management (MRM) solutions with the aim to enhance their market presence.
Increasing Inclination toward Data-Driven Marketing to Fuel Growth of Marketing Resource Management (MRM) Market
Delivery of a measurable ROI continues to challenge marketers owing to the complexity involved in the marketing process and the ambiguity of the outcome. The emergence of data analytics and advanced marketing resource management (MRM) solutions has enabled marketers to make informed and quick decisions.
As data-driven marketing enhances the efficiency of managing marketing resources, reliance on data to improve market exposure is highly sought after among marketers.
With the growing demand for market automation and customer-centricity, marketing resource management (MRM) solutions are likely to gain traction during the assessment period.
The competitive landscape section offers a dashboard view of leading players in the marketing resource management (MRM) market. Detailed company profiles can be found that deliver product offerings, key business strategies, and market shares.
Few of the key players profiled in the marketing resource management (MRM) market report include
- BrandMuscle Inc.
- IBM Corporation
- Broadridge Financial Solutions Inc.
- Percolate Industries Inc.SAP SE
- Bynder B.V.
Strategic acquisitions and partnerships, global expansion, and product innovations are prominent market strategies adopted by the marketing resource management (MRM) market leaders. For instance, Broadridge Financial Solutions, Inc. has recently acquired Morningstar, Inc.'s 15(c) board consulting services business to strengthen Broadridge’s services in the investment management industry.
BrandMuscle, Inc., is known for its consistent product innovation in local marketing programs with customizable communication tools. In June 2018, Percolate launched a next-generation content marketing platform. This solution will help companies to eliminate the gap between demand for content and the company’s ability to cater to that demand using people, tools, and resources.
Marketing resource management (MRM) refers to a system that assists organizations to manage and enhance marketing efficiencies. Marketing resource management (MRM) systems are delivered in the form of software that manages a range of functions such as marketing budget, resources, IT assets, and product offerings.
About the Report
The report on marketing resource management (MRM) market offers key insights on demand and supply scenario of marketing resource management (MRM) worldwide.
The marketing resource management (MRM) market report delivers a thorough analysis of the historical outlook of the marketing industry, current trends and evolving marketing approaches that hold significant influence in transforming the marketing resource management (MRM) marketplace.
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Additional Questions Answered
Along with the above-mentioned insights of the marketing resource management (MRM) market, this section covers all the vital facets of the marketing resource management (MRM) market and addresses important questions such as-
- What are the strategies of MRM vendors in the marketing resource management (MRM) market to comply with the regulatory framework?
- What are the prominent product innovations in the marketing resource management (MRM) market?
- Considering the evolving standards of IT infrastructure, what are the emerging tactics of vendors in the marketing resource management (MRM) market?
The methodology of research carried out during the course of the marketing resource management (MRM) market study is discussed elaborately in this section.
The research methodology section also discusses the credible sources used to carry out the primary and secondary research approaches during the market analysis of the marketing resource management (MRM) market.
An Adaptive Approach to Modern-day Research Needs
In the segmentation section, the marketing resource management market taxonomy is elaborated.
The marketing resource management (MRM) market is categorized based on application, product type and region.
In the regional analysis, the marketing resource management (MRM) market is analyzed in detail for a total of seven regions and is backed by exhaustive country-wise analysis.
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