We’re living in an age of unprecedented change. We experience with Oculus Rift, invest with Acorns, consume video through Hyper, tune into Pandora and navigate with Waze.
The growing Marketing Resource Management (MRM) market will hit US$4.46 billion this year and be worth more than $9 billion by 2020, new research claims.
According to the report Marketing Resource Management Market by Solution - Global Forecast to 2020, published by MarketsandMarkets, the MRM space will grow 15 per cent annually between now and 2020 thanks to the enhancement and innovation of technology in this space.
MRM covers the processes that improve and enhance marketing operations management. Gartner defines these as strategic planning and financial management, creative production management, knowledge management, digital asset management, marketing fulfilment and marketing performance management.
Key drivers for MRM uptake include the desire for agile marketing solutions, along with need to integrate marketing with other systems, MarketsandMarkets said.
While the US is expected to become the largest market for MRM investment, Asia-Pacific and Europe should also see growing market traction over the next five years, MarketsandMarkets said.
“With the high adoption of innovative technologies in organisations, the need for MRM has been strengthened among various enterprises and SMEs,” the report stated.
“Moreover, the substantial rise in the demand of digital marketing solutions has influenced solution vendors to provide various marketing automation solutions such as marketing asset management, and marketing analytics and reporting. Furthermore, the up surging need of marketing integration with other systems has encouraged solution vendors to provide marketing resource management solutions in integration with capacity planning and project management.”
The emergence of SaaS-based solutions and demand for integrated marketing management solutions is also fuelling demand and helping bring MRM down from the enterprise space into mid-market and SME organisations, MarketsandMarkets stated.
However, lack of cost visibility while implementing MRM solutions, along with insufficient interest in the top tiers of management for MRM, remain major hurdles to overcome.
According to Gartner’s annual Magic Quadrant study on MRM released in February, leading vendors in this space include SAS, Teradata, Info, SAP and Brandmaker.
In April, Adobe partnered with Microsoft Dynamics to integrate its Marketing Cloud with the software giant’s CRM platform including Microsoft's MRM capabilities.
Follow CMO on Twitter: @CMOAustralia, take part in the CMO Australia conversation on LinkedIn: CMO Australia, join us on Facebook: https://www.facebook.com/CMOAustralia, or check us out on Google+: google.com/+CmoAu