New research shows growing demand for MRM technology platforms, which incorporate marketing performance and financial management, operational analytics and reporting
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
The third and final episode CMO’s 3-part video series on how CMO50 luminaries are achieving greater marketing agility is now live!
I always enjoy those oft-forgotten, in-between moments in any experience. These moments are not necessarily part of any defined experience per se. They likely wouldn’t show up in an organisation’s plans or ideas to help make the customer journey or user flow as simple, easy and seamless as possible.
There’s been a lot of buzz in the advertising industry lately about what’s coined the ‘attention economy’. And it’s fast becoming the new battleground for media channels to prove their wares and to develop and espouse new attention metrics.
Exceptional CMOs do exceptional things for themselves and for those they inspire. At your best you are creative, innovative and inspirational. We have a problem though. We now live in a corporate world that demands sensibility where everything you do is measurable and stakeholders demand predictability – the antithesis of breakthrough and transformation.
I couldn't understand one things why on earth people only talk aboutimpact of digital transformation on banking and finance field instead...
Rajesh Acharya
Digital take-up and experiences help drive Suncorp's solid FY21 performance
Good afternoon,This is a complaint of the process of refunds which does not comply with Australian legislation. Despite a exhaustive req...
shiree Gilroy
Catch Group combines commercial and marketing role
I really appreciate your article. Love your Article. By reading your article, its created an idea in my mind about loyalty strategy to ke...
Jack Reacher
Report: Marketers failing to realise the benefits of customer loyalty programs
One month’s research and we’ve handpicked this generation’s 50 most talented Women CEOs, leading the top multinational companies around t...
Vaishnavi Pillai
Women in leadership the focus on International Women’s Day
Great post!
deen8
What felix Mobile is doing to keep customer support cost-effective