Driven in large part by the increased use of social media and smartphones, the global marketing resource management (MRM) market is growing at a steady rate, with an expected compound annual growth rate (CAGR) of 13.8% between 2014 and 2019, according to research firm Technavio.
An increased focus on digital media is one of the major trends in the market, with most marketers investing in digital media such as Web sites, email and social media platforms, Technavio says.
With increased use of the Internet, the number of marketing activities has increased, Technavio says, which forces organizations to use MRM solutions to improve the productivity of product launches and campaigns. Organizations are implementing MRM products to improve the efficiency of daily marketing operations, the firm says.
“The emergence of cloud-based MRM enables organizations to increase their efficiency and reduce the cost of deploying IT infrastructure,” Faisal Ghaus, vice president of Technavio Research, said in a statement.
“Cloud MRM solutions are becoming popular as they enable businesses to store data securely, and access and maintain records, images, text, and data without any location and time constraints,” Ghaus said.
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