The global Account-Based Marketing (ABM) market size is expected to grow from USD 651.9 million in 2018 to USD 1,196.9 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 12.9% during the forecast period.
ABM 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. ABM majorly focuses on quality engagement with single, few, and multiple accounts, based on the customer buying behavior pattern.
North America is expected to hold the largest market size in the global ABM (account based marketing) market by region, as ABM solutions have already penetrated the region. High spend on new technologies drive the market growth in North America. In the region, the percentage of social media users, smartphone users, and ad spending is exceptionally high. Mobile device penetration in the US is more than 90%, followed by Canada, which has given the eMarketers a stronger channel to target the potential customers. All the industry verticals, such as BFSI and media and telecom are expected to adopt ABM practices significantly in their processes.
The global ABM (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 ABM (account based marketing) market. Inorganic and organic growth strategies have helped Marketo to improve its ABM 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.
