The global Marketing Resource Management Market size is expected to reach USD 6.89 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 11.7% from 2021 to 2027. Marketing Resource Management (MRM) is a cloud-based software that is widely used by organizations for effectively centralizing and managing their marketing operations. It enables organizations to unify brand compliance and marketing workflows and effectively track their Return on Investment (ROI).
Marketing Resource Management (MRM) is a technology used to efficiently handle workforce and associated technology and operations such as planning, production, and design of marketing processes. The emergence of MRM applications has helped businesses in their planning and budgeting activities. By using functionalities such as budgeting and planning, marketing divisions can effectively plan their budgets, define the expense types, and closeouts, among others.
The increasing need for ensuring brand and regulatory compliance is expected to propel the MRM market growth over the forecast period. Using MRM solutions, the marketing department can tackle potential threats and run a strategic program. Emerging technology solutions driven by machine learning and artificial intelligence to deliver sustainable omnichannel experience are expected to further create growth opportunities for the market players.
The outbreak of the COVID-19 pandemic is anticipated to favorably impact market growth. However, the upfront costs associated with new MRM systems are expected to hamper the growth. Furthermore, the lack of trust in new marketing technologies is also hampering the growth.
Related Press Release @ Marketing Resource Management Market Report
Marketing Resource Management Market Report Highlights
- The brand and advertising management segment is expected to witness significant growth over the forecast period owing to the adoption of these solutions in decentralized companies to maintain brand compliance
- The increased focus of businesses to move from the legacy platform to cloud platform is expected to create growth opportunities for the training, support, and maintenance services segment
- The adoption of on-premise solutions is high owing to benefits associated with configuration, reduced vendor dependency, and numerous customization options
- Factors such as the growing integration of advanced technologies, the presence of a large number of resources, extensive product portfolio, and complex workflows are expected to propel the adoption of MRM solutions in large enterprises
- The increasing need to target customers and market products based on the digital footprint is encouraging consumer goods and retail companies to adopt advanced marketing technologies
- The growth of sectors such as BFSI and IT and telecom in developing countries such as India and China is expected to create the demand for MRM solutions in the Asia Pacific region