MarketsandMarkets expects the global Account-Based Marketing market size to grow from USD 651.9 million in 2018 to USD 1,196.9 million by 2023, at a Compound Annual Growth Rate (CAGR) of 12.9% during the forecast period. Major growth drivers for the market include an increasing focus on identifying the right audience, growth of social media and social advertising, and increased customer lifetime value.
ABM majorly focuses on quality engagement with single, few, and multiple accounts, based on the customer buying behavior pattern. To execute ABM well, businesses must be data-driven in their account identification process and look for accounts that are of high-value and display similar attributes to the current best customers. Integration of ABM allows tracking of customer accounts through the pipeline and converting them into sales opportunities.
Many organizations across verticals have been integrating ABM practices into their sales and marketing departments to improve the sales conversion rate. However, 2 specific aspects make ABM a perfect fit for them. First, the growing market pressures, such as global rivalry, regulations, slender margins, and quickened design cycles that compel organizations to adopt ABM practices. Secondly, owing to the rapid digitization, proliferation of social media content across channels, the attention span of a customer is dwindling. Identifying right audience and sharing fascinating/compelling content with them helps reduce customer churn. ABM helps marketers and sales professionals identify right audience and enables companies to win sales and improve revenues.
Major account type of the ABM market includes strategic ABM, ABM Lite, and Programmatic ABM. The strategic ABM is expected to grow at the highest CAGR during 2018–2023. Major industry verticals, such as Banking, Financial Services, and Insurance (BFSI); retail and eCommerce; government and public sector; healthcare and life sciences; automotive and manufacturing; media, telecommunications, and IT, and others (education and research, and construction and engineering), adot ABM for various business needs. The government and public sector vertical is expected to grow at the highest CAGR during the forecast period.
The region-specific market analysis includes industry trends, market potentials, and market forecasts by account type, component, deployment model, organization size, and industry vertical. The ABM market is witnessing rapid growth in various emerging regions, such as Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is expected to hold the largest market size during the forecast period, followed by Europe. APAC, on the other hand, is expected to be the fastest-growing region in the global ABM market during the forecast period. Globally, the adoption of ABM is increasing due to the rampant implementation by various industry verticals. Leading vendors, such as Marketo, HubSpot, and Albacross, offer competitive product portfolios across regions.
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