The growth of the market is governed by various factors such as increased usage of mobile phones for personalized marketing
Market Size - USD 9.70 Billion in 2020, Market Growth - CAGR of 7.8%, Market Trends-Emergence of secured and developed form of online marketing
The Marketing Cloud Platform Market is expected to reach USD 17.57 Billion by 2028, according to a new report by Reports and Data. The increase in growth is mainly associated with the adoption of advanced cloud technology services that allow thousands of customers to access similar resources helping companies to cut down their expenses. Based on statistics, the penetration of advanced cloud based platforms that helps to develop new technology is also a significant factor stimulating market demand.
Businesses have quickly moved towards cloud technologies globally in recent times, the primary reason for the large scale acceptance of cloud technologies have been extensive scalability and decreased operational costs offered by cloud services. Tremendous opportunity for growth awaits the market as it is an emerging technology.
Due the presence of advanced economies, like the United States (US) and Canada, North America is estimated to hold the largest market share of 26.3% in 2020. In this region, cloud-based applications are increasing traction among the test teams QA teams. The region's powerful financial position also allows it to invest heavily in advanced testing tools and technologies. These improvements have provided North American organizations a competitive edge in the market.
The Key players in the Marketing Cloud Platform Market include Cision, Global, IBM, Hubspot, Hatchbuck, Agilone, Infusionsoft, Maropost, Mediamath, Nielsen, Optimove, Oracle, Pegasystems, Sailthru, Salesforce, SAP, SAS, Selligent, Sitecore, Adobe, Digital, Emarsys, Episerver, and Fico.
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Further key findings from the report suggest
- The Marketing Cloud Platform Market is estimated to reach USD 17.57 Billion by 2028, at a CAGR of 7.8% during the forecast period.
- The services segment is anticipated to grow at the higher rate of 8.1% during the forecast period. The demand for supporting services is increasing, along with the growing adoption of the marketing of cloud platforms among industries.
- An ever-increasing need for managing customer journey and autonomously increasing marketing campaigns has played a significant role in the enactment of marketing cloud platform and services across various end user industries.
- E-commerce End users are anticipated to witness the highest CAGR of 7.9% during the forecast period.
- By marketing type, the sales channel segment is anticipated to witness the highest CAGR of 8.4% during the forecast period.
- APAC is forecast to be the fastest growing market with the highest rate of 8.3% during the forecast period. The drivers for the growth of this region are the presence of key players, favorable reimbursement policies, and rising use of technology in the emerging countries like India, China and Japan, along with several initiatives initiated by the government.
- Various players are developing strategies to mark their presence in the industry.
- Oracle launched a placement solution in November 2020, named Pre-Bid by Moat.
- Its main aim was to allow the marketers to recognize and use ad inventory that matches their high standards for third-party viewability and Invalid Traffic (IVT).
- These new features will improve the existent brand safety segments that are accessible on the Oracle Data Cloud and build a suite of media spend security offerings.
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For the purpose of this study, Reports and Data have segmented the market on the basis of Deployment, Type, Marketing type, End user and region:
Deployment Outlook (Revenue, USD Million; 2020-2028)
- Public Cloud
- Private Cloud
Type Outlook (Revenue, USD Million; 2020-2028)
Marketing Type Outlook (Revenue, USD Million; 2020-2028)
- Sales Channel
- Customer Support
End user Outlook (Revenue, USD Million; 2020-2028)
- Retail and Ecommerce
- Media, Entertainment, and Gaming
- Travel and Hospitality
- Banking, Financial Services, and Insurance
- IT and Telecom
Regional Outlook (Revenue, USD Billion ; 2020-2028)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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