The global market for a marketing cloud platform is anticipated to grow at a CAGR of 8.8% from 2022 to 2027. As a result, the market size is expected to value at USD 18.4 billion by the end of 2027.
A marketing cloud is a SaaS platform that offers various tools and possibilities to execute and manage marketing activities and campaigns across multiple advertising channels to reach the target audience more effectively. A marketing cloud platform comprises various segments and helps organize, maintain, and track various marketing activities, including customer journey, communication, content management, advertising, and analytics.
Market Drivers
The increasing penetration of social media and growing adoption of technological advancements are propelling the marketing cloud platform market growth. Social media has been playing a crucial role in the daily lives of today’s generation, and a wide range of companies are promoting their products and services on social media to create brand awareness and boost sales of their products and solutions. According to statistics published by statista.com, more than 4.26 billion people are on social media. The fact that marketing cloud platforms are cost-effective is one of the primary reasons behind the rapid adoption of this technology. The marketing data platforms market is anticipated to witness rapid growth from emerging economies. IT adoption is growing considerably in developing countries, which are one of the primary target audiences for marketing data platforms. The adoption of marketing data platforms is also expected to be boosted by the increasing number of SMEs in developing countries.
Market Restraints
Issues associated with vendor lock-in are one of the major factors restricting the growth rate of the marketing cloud platform market. Furthermore, the data security and privacy issues associated with the marketing cloud platforms are inhibiting the market’s growth rate.
Market Opportunities
The growing involvement of artificial intelligence (AI) and big data analytics is expected to provide lucrative growth possibilities to the marketing cloud platforms market. Increasing the usage of content marketing software to make the advertising more personalized further offers market participants opportunities. The increasing adoption of cloud-based solutions to promote products and services of companies via digital channels is anticipated to provide an opportunity.
Segmentation Analysis
The platforms segment dominated the marketing cloud platform market in 2021 and accounted for a share of 59.4% of the global market. Platforms provide an end-to-end solution to manage CRM activities, content management, and client contacts, build accessible communication between the teams, and offer the feasibility of sharing communication with customers through emails. In addition, platforms offer a suite of marketing tools to operate efficiently and in one place.
However, the services segment is anticipated to register the fastest CAGR in the global marketing cloud platform market during the forecast period. Under this segment, the managed services segment is expected to project the highest CAGR over the other segment during the forecast period.
During the forecast period, the large enterprise segment is estimated to occupy the most significant share of the global market. Investing in the market to sustain and gain market share is never a problem for large enterprises. This is because they operate in the global marketplace and maintain operations in possible countries to maximize their revenue and growth.
However, the SME segment is predicted to witness the highest CAGR in the global market during the forecast period. This is because small and medium enterprises are establishing marketing cloud platforms to streamline and automate consumer outreach and communications.
The private cloud segment is projected to register a promising CAGR during the forecast period. The increasing need to protect customers' data from malware and cyberattacks is majorly promoting the segment's growth.
The public cloud segment had the leading share of the global marketing cloud platform market in 2021 and is also estimated to grow at a healthy CAGR during the forecast period owing to the cheaper costs associated with the public cloud. Throughout the globe, the public cloud deployment mode is the widely accepted mode, and more and more companies are moving towards adopting a public cloud as the space in the public cloud can be shared with other clients.
The advertising segment led the marketing cloud platform market in 2021 and had 22.8% of the global market share 2021. Advertising plays a significant role in the success of marketing campaigns and reflects in the company's overall growth. It further helps to create a brand impression in the target audience, often re-engages inactive users, and acquires audiences from precisely defined customer segments.
However, the sales channel is anticipated to showcase the fastest CAGR among all the segments during the forecast period.
The media, entertainment, and gaming segment are projected to witness the highest CAGR during the forecast period in the global marketing cloud platforms market. Therefore, this segment has enormous potential in the market. Marketing cloud platforms in the media, entertainment and gaming segments organize the content and deploy them to attract an audience at a large scale, which is expected to drive growth to this segment.
North America was the biggest regional market worldwide in 2021 and accounted for 27.2% of the global market share. The spike has been noticed in adopting marketing cloud platforms from North American countries such as the United States and Canada. The presence of key market participants in North America further favors this region's market growth. Furthermore, in the recent past, North America had a considerable number of technological innovations in marketing cloud platforms. In North America, the U.S. market had the largest share in 2021. The demand for marketing cloud platforms is growing significantly in the U.S. owing to increasing investments and personalized advertising.
Across the world, the Asia-Pacific region is growing at the highest CAGR. The marketing cloud platforms market in APAC is expected to be driven by the growing adoption of these products by various companies operating in different industries, increasing acceptance of technological advancements, and the presence of a vast number of small and medium-level enterprises.
Global Marketing Cloud Platform Market Key Players:
The key market participants primarily use strategies such as collaborations and partnerships to maintain and strengthen their position in the global marketing cloud platform market.
COVID-19 Impact on the Global Marketing Cloud Platform Market
COVID-19 favorably impacted the marketing cloud platform market and accelerated the market’s growth rate. Using marketing cloud platforms, organizations can measure customer actions throughout the product lifecycle journey during COVID-19. In addition, the pandemic has increased the usage of marketing data platforms among various companies to stay in line with work procedures, client interactions, advertising campaigns, and marketing plans.
Global Marketing Cloud Platform Market Key Developments:
Frequently Asked Questions
The worldwide marketing cloud platform market is estimated to grow at a CAGR of 8.8% from 2022 to 2027.
Increase in customer data management platforms to improve experiences across marketing, the rise of hand-held devices to increase mobile marketing cloud platforms, and Social media platforms to allow higher conversion rates are primarily driving the market.
Based on marketing function, the market is segmented into Advertising, Designing, Sales Channels, Branding, Communications, and Customer Support
The North American region had the leading share of the global market in 2021.
Oracle Corporation (U.S.) Adobe Systems Incorporated (U.S.) Leadsquared (India) Salesforce.Com (U.S.) Hubspot (U.S.) International Business Machines Corporation (U.S.) Infusionsoft (U.S.) Cision Ab (Sweden) Hatchbuck (U.S.) Etrigue Corporation (U.S.) are some of the leading companies in the marketing cloud platform market.
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