Revenues for B2B marketing automation systems will grow 60% to reach $1.2 billion in 2014, according to Raab Associates’ latest B2B Marketing Automation Vendor Selection Tool (VEST) report. The 60% rate is higher than the 2013 rate of 50%.
“Revenues for B2B marketing automation vendors continue to grow as adoption increases and existing customers expand their systems,” said VEST author David M. Raab. “We also see continued extension into new industries, new features, and new vendor services.”
According to Raab, trends uncovered by the report include:
- Expansion beyond email and Web channels to social, direct mail, search engine optimization, and paid search advertising;
- Greater integration with external systems through Application Program Interfaces (APIs) and pre-built integrations sold on vendor marketplaces;
- Marketing services to help users, offered directly by the vendors and through agency partners; and
- Support for marketing through channel partners by distributing leads, inserting partner information into corporate marketing materials, and providing partners with marketing automation capabilities.
“The continued growth of the industry has uncovered pockets of opportunity where specialized vendors can compete successfully with established general-purpose systems,” said Raab. “We’re seeing a whole new generation of products emerge to claim these niches.”
Systems covered in the VEST report are used by all sizes of companies. The report defines four market sectors, each with different needs. Some B2B marketing automation systems are used across all sectors but most vendors specialize in a particular type of client.