Driven by the growing need to optimize returns on campaign investments, a new study indicates global marketing automation software revenue is expected to reach $1.9 billion by 2020.

The latest analysis from Frost & Sullivan's Global Marketing Automation Software Market research also pegs the current market at $550.7 million in revenue. It also touts that marketing automation tools are able to provide a full view on how the solutions are driving growth for firms globally.

The study also shows that almost half of the 2013 market was dominated by three competitors: Marketo, Eloqua and Silverpop, with more than 80% of the activity concentrated in the U.S.

Eloqua was purchased in 2012 by Oracle for $810 million, while the other two remain independent.

Hiral Jasani, a digital media industry analyst for Frost & Sullivan, said the market growth is being driven primarily by marketers who want to know as much about their audience as possible, even before a campaign begins.

"Additionally, measuring the ROI on marketing campaigns across multiple channels is an essential function of today's marketers as customer interactions span several devices and media," she said. "Smarter companies that want to take charge of their lead generation and lead-nurturing efforts across all relevant channels are increasingly using [marketing-automation software] for a strong competitive edge in the market."

Ms. Jasani did note that the availability of free solutions such as email marketing tools and Google Analytics has limited the adoption of marketing-automation software, and that many traditional marketers have been overwhelmed by the steep learning curve of the technology as well as the amount of data generated on digital channels, including social media and mobile networks.

"Establishing a repository of successful case studies with vertical specific use cases will help vendors accelerate the deployment of MAS globally," Jasani continued. "There is a huge demand for extremely powerful, yet easy-to-use marketing automation tools with advanced analytics capabilities."