Account-based Marketing (ABM) Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2985
Account-based Marketing (ABM) Market is expected to exhibit lucrative growth to 2024 as the discipline enables increased marketing Return on Investment (ROI), more efficient & targeted marketing campaigns, and an improved customer experience. The strategy focuses sales and marketing efforts on specific accounts while devising personalized marketing campaigns for each account. ABM is experiencing a rapid resurgence and is gaining significant momentum due to technological innovations that allow enterprises of all sizes to implement their marketing efforts in an automated and scalable manner.
According to the IT Services Marketing Association’s (ITSMA) Account-Based Marketing Survey, in 2014, ABM delivers the highest ROI compared to other B2B marketing strategies. As ABM enables targeted attention toward growing revenue and generating pipeline with strategically-significant customers, it offers more recurring revenue, bigger deal sizes, and longer customer associations. Also, as companies are increasingly demanding and responding to personalized offers and marketing content, ABM enables enhanced audience engagement, leading to higher chances of deal closures compared to the traditional marketing practices.
ABM is a long-term program and is highly resource-intensive. Technological innovations, such as data analytics, are accelerating the process for achieving faster and more accurate customer insights. By leveraging data analytics, marketers can easily determine customer interests & behavior and ensure that the sales personnel are readily equipped with the right marketing strategies at the right time. Disconnected audience behaviors can be seamlessly transformed into account-level insights by combining ABM and data analytics capabilities.
Among the key trends shaping the growing ABM landscape is the increasing popularity of social media and social advertising. A part of migrating to the ABM approach for companies includes reviewing their marketing strategies across social media channels. Social channels allow marketers to know various stakeholders in a company better in terms of their likes & inclination and behavior toward other marketing strategies in the absence of a face-to-face communication. A rightful combination of paid and organic efforts can make social media channels perfect for cross-channel ABM campaigns.
Regulatory policies and a changing technological landscape have majorly facilitated the shift from traditional email-based marketing campaigns to ABM practices. These traditional marketing methods worked well until the emergence of the legally-required unsubscribe option and spam filters. With more companies using internal messaging tools and bypassing emails, the need for modern marketing tools is being increasingly explored by the marketing community. Enterprises that adopt ABM are more competitive and successful than their peers who market solely to individuals. While traditional marketing automation campaigns are targeted at a large pool of people sharing similar interests or characteristics, AMB campaigns are personalized for individual decision makers. According to the ITSMA, nearly 75% of high-level executives in companies read unsolicited marketing emails that might be relevant to their business. AMB allows marketers to engage with key decision makers in a hyper-personalized manner.
North America is expected to hold a significant share of the ABM market over the forecast timeline due to the high penetration of ABM in this region, especially in the U.S. Due to the local presence of major market players such as Demandbase, 6Sense, and InsideView, the ABM ecosystem has evolved rapidly with more Small and Medium Businesses (SMBs) opting for ABM strategies to maximize their marketing ROI. Also, industry associations, such as the ITSMA, are offering novel insights to the B2B marketing community in the region regarding new technological solutions for enhancing the effectiveness of their marketing campaigns in a highly competitive landscape.
The companies operating in the ABM market are engaged in new product developments and strategic commercialization to gain a competitive edge over other players by offering a more comprehensive target-marketing approach to their customers. For instance, in September 2018, Demandbase, one of the leading ABM solution providers, announced the integration with Salesforce Pardot to allow B2B marketers to access Demandbase’s anonymous website engagement and intent data with Sales Cloud and Salesforce Pardot. In January 2018, SourceMedia, a digital media company based in the U.S. launched its ABM product SourceSelect+. It analyzes SourceMedia’s first-party intent data for identifying prospects that are suitable for a client’s product. Some of the companies operating in the ABM market are Demandbase, 6Sense, InsideView, AdDaptive Intelligence, Act-On Software, Celsius GKK International, Albacross, Engagio, Drift, Uberflip, Triblio, Terminus, Radius Intelligence, Marketo, MRP, Lattice Engines, Madison Logic, Kwanzoo, and Iterable.
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