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Marketing Resource Management is a Unified Solution that Provides help to Organizations in their Overall Marketing Operations.
With the rise in the marketing activities such as marketing campaign and multi-channel campaign, enterprises have started demanding real time based solutions for the creation of interactive marketing programs to promote their product among customers. Marketing Resource Management is a unified solution that provides help to organizations in their overall marketing operations. Moreover, it facilitates multi-channel operations, asset management, project management and real time marketing analytics. The usage of MRM solutions helps to improve speed, accuracy, and productivity of marketing tasks.
The emergence of digital technology and social media has led the foundation for the need of MRM as customer uses social networking sites and other digital tools to search their required products, so companies have started marketing and advertising their product and services through these channels while facing obstacles such as miss management of productís metadata, lack of reporting, loss of database, and improper usage of budget. Due to these complications the companies started demanding a comprehensive solution that can help them in marketing of their offerings along with their asset management. These problems have been solved with the emergence of MRM solutions which assist enterprises in capacity planning, branding, advertising, asset management, and financial management.
Further, the companies want solutions that are cost effective and help them in increasing their profits. The implementation of cloud as a deployment mode for most of the enterprises and SMBs has encouraged MRM solution provider to provide their offering through cloud as it is cost effective deployment model in comparison to on premise solutions. Moreover, the increasing usage of S-a-a-s based solutions has also inspired organizations to implement MRM solutions for their daily marketing activities. However, lack of cost visibility and lack of interest are restraining the adoption trend of MRM. Many times companies do not take interest in implementing MRM solutions because of less familiarity among them regarding MRM usage.
The key drivers that are leading the growth of MRM solutions are the escalating need for agile marketing solutions. The adoption of digital management tools by organizations has generated need for marketing resource management solution that can manage digital tools, and other programs. Furthermore, the rising need for marketing integration with other systems is also driving the market. The organizations are demanding marketing solutions that can be integrated with other ERP and CRM.
Therefore, considering all these pointers, the MRM market is estimated to further grow more significantly in the years to come.
The global MRM market is expected to grow from $4.46 Billion in 2015 to $9.01 Billion by 2020, at a CAGR of 15.1%. North America is expected to have the largest market share in the overall MRM market in 2015.
Marketing Resource Management Market by Solution (Marketing Reporting and Analytics, Capacity Planning Management, Financial Management, Creative Production Management, Project Management, Brand and Advertising Management) - Global Forecast to 2020
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