Generative AI in Marketing Market Growth
The Business Research Company recently published a comprehensive report on the analysis of global Generative AI in Marketing market size and trends with forecast 2024-2033. This latest market research report offers a wealth of valuable information and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and data critical to success in the industry.
According to The Business Research Company, 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 during the historical period can be attributed to the evolution of AI algorithms, growth in data volume, reduction in costs, growth in digitalization and the rise of e-commerce.
Generative AI in marketing market size is expected to grow exponentially over the next few years. It will reach $12.08 billion in 2028, at a compound annual growth rate (CAGR) of 35.0%. The growth during the forecast period can be attributed to the expansion of content marketing, rise of influencer marketing, personalization of customer journey, AI ethical practices and demand for content generated by AI. Key trends in the forecast period include AI-powered 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 generative AI in the marketing market in the future. 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, thereby improving the overall shopping experience and engaging sales. For example, in February 2024, according to the United States Census Bureau, a government agency based in the United States, total retail e-commerce sales reached $1,831.4 billion in the fourth quarter of 2023, an increase of increase of 0.4% compared to the third quarter of 2023. Therefore, the growth of e-commerce drives the growth of generative AI in the marketing market.
Leading companies operating in the generative AI marketing market are developing new innovative solutions using AI technology to improve the creative process and performance of marketing campaigns. Generative AI in marketing enables marketers to streamline the creative process, improve campaign performance, and deliver more compelling and personalized experiences to their audiences, driving better results and ROI (return on investment) for their marketing efforts. For example, in January 2023, AppsFlyer, a US-based analytics company, launched Creative Optimization, a new AI-powered solution designed to improve 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, enabling 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 effective and successful campaigns.
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Top Key Market Players:
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., Reformulate .AI
Generative AI in Marketing Market 2024 Key Insights:
• Generative AI in the marketing market is expected to grow exponentially in the coming years. It will reach $12.08 billion in 2028, at a compound annual growth rate (CAGR) of 35.0%.
• Growing expansion of e-commerce fuels market growth for generative AI on marketing
• Product innovation to improve 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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