Marketing Cloud Platform Market

According to Stratistics MRC, the Global Marketing Cloud Platform Market is accounted for $11.57 billion in 2022 and is expected to reach $27.75 billion by 2028 growing at a CAGR of 15.7% during the forecast period. Marketing Cloud provides a complete digital marketing platform that includes a wide range of capabilities and solutions. Social media, content development, web personalization, data analysis, content management, and advertising are examples. It also helps many small and medium organizations to reach out to the customers by respectable channels by providing security.

According to International Data Corporation (IDC), global spending on cloud computing services has reached $706 billion and expected to reach $1.3 trillion by 2025.



Market Dynamics:

Driver:

Increased consumer data platform to better marketing experience

Marketers can deliver consistent user experiences across websites, social media, email, advertising, mobile, and offline channels using the customer data platform (CDP). By creating a consistent, tailored Omni-channel experience, marketers can keep customers interested and moving forward in their journeys. A mobile-first approach includes a mobile app, a flexible interface, and mobile marketing strategies. The mobile environment is constant and never-ending. Users carry their mobile devices with them at all times, allowing marketers to stay in touch with customers.

Restraint:

Increased vendor retention

Customers that commit to a single service provider make switching nearly impossible, which is known as vendor lock-in. As a result, the client is more dependent on the service provider. Lock-in is a challenge when it comes to marketing cloud systems. This dependence arises as a result of the effort required to switch providers, which may make it an unappealing option or appear impossible. However, relying too much on a single vendor boosts subscription costs and limits the use of third-party plug-in and tools.

Opportunity:

Adoption of digital interaction via virtual reality (VR) and augmented reality (AR)

Virtual reality (VR) and augmented reality (AR) have been widely adopted in the gaming sector, and these cutting-edge technologies are now being used to improve business through digital marketing. Vertical industries such as media, entertainment, gaming, retail, and education are strategically investing in and integrating VR and AR technologies to provide better customer experiences. Campaigns produced with AR and VR technologies give the audience a greater feel for items and services, resulting in a lasting influence.

Threat:

Compliance with data-sharing and privacy regulations

Even if data privacy rules change, customer expectations are any combination of behaviors or activities that individuals anticipate when interacting with a company. Customers have typically expected the fundamentals, such as decent service and affordable costs, but current consumers have significantly higher expectations, such as proactive service, personalized interactions, and integrated digital experiences. Advertisers are responsible for ensuring that their first-party data and inventory sources comply with privacy and data-sharing regulations.

Covid-19 Impact:

The COVID-19 pandemic has had a tremendous influence on the global economy and health. Businesses and the working world were affected by the financial crisis since daily operations could not continue as usual. During the lockdown, industry and industrial operations were suspended, resulting in financial losses and a slowing of global economic growth to lower levels. The client is the key focus for firms in all markets. As a result, businesses will profit from the ties marketers built with their clients over time during the COVID-19 pandemic. Because of the marketing cloud platform, organizations may evaluate customer interactions throughout the lifecycle of a product or consumer.

The Retail & eCommerce segment is expected to be the largest during the forecast period

The retail and eCommerce industries are highly competitive and customer-centric, making marketing cloud platforms crucial for driving customer engagement, optimizing marketing campaigns, and delivering personalized experiences. These industries require robust tools to target specific customer segments, manage omnichannel marketing efforts, analyze data, and enhance customer loyaltys, ensuring relevant and personalized experiences that will propel the segment's market expansion over the anticipated period.

The Advertising segment is expected to have the highest CAGR during the forecast period

The advertising segment has the highest CAGR in the market over the forecast period. Advertising is a crucial aspect of marketing, and marketing cloud platforms play a significant role in helping businesses streamline and optimize their advertising efforts. These platforms provide tools and capabilities that enable businesses to manage, target, and measure their advertising campaigns across multiple channels. Marketing cloud platforms offer comprehensive campaign management tools that allow businesses to plan, execute, and monitor their advertising campaigns, which will propel the segment's growth.

Region with highest share:

North America dominated the market over the forecast period. North America is a significant market for marketing cloud platforms, with several prominent players operating in the region. These platforms offer a wide range of tools and services to help businesses automate, optimize, and personalize their marketing campaigns across multiple channels. Additionally, The North American market for marketing cloud platforms is highly competitive, with ongoing innovations and advancements in technology. Organizations across various industries, including retail, e-commerce, healthcare, finance, and technology, leverage these platforms to enhance their marketing efforts and drive customer engagement and revenue growth.

Region with highest CAGR:

During the forecast period, the Asia Pacific market is anticipated to grow at the fastest rate. The Asia-Pacific region is a rapidly growing market for marketing cloud platforms, driven by the increasing adoption of digital marketing strategies and the growing e-commerce landscape in countries. These marketing cloud platforms assist businesses in the Asia-Pacific region in streamlining their marketing efforts, optimizing campaign performance, and delivering targeted and personalized experiences to their diverse customer base. They address the specific needs of the market, including language support, localization, regional social media platforms, and cultural nuances, and achieve their marketing objectives in the dynamic Asia-Pacific market.



Key players in the market

Some of the key players in Marketing Cloud Platform Market include Acquia, Adobe Systems Incorporated, Algonomy, Bluecore, Campaign Monitor, Cheetah Digital, Cision AB, CleverTap, ConvertLab, Eloqua, Etrigue Corporation, Fico Issac Corporation, Hatchbuck, HubSpot, Inc., IBM Corporation, Infusionsoft, Leadsquared, Oracle Corporation, Pardot, Pegasystems, Inc., RedPoint Global, SAP SE, SAS Institute Inc., Selligent Marketing Cloud, Silverpop, Sitecore, SocialPilot, The Nielson Company and Zeta Global.

Key Developments:

In June 2022, Global CRM giant Salesforce has announced that UK big four retailer Asda is starting a top-tier retail IT transformation project.

In April 2022, Kyndryl recently announced an expanded strategic partnership with SAP aimed at creating innovative solutions to assist clients in overcoming their most difficult digital business transformation issues.

In February 2021, Fusion Marketing, the first fully automated solution for lead generation and qualification, is announced by Oracle.

Types Covered:
• Platforms
• Services

Type of Clouds Covered:
• Public Cloud
• Private Cloud
• Hybrid Cloud

Solutions Covered:
• Digital Marketing Solutions
• Integrated Solutions

Organization Sizes Covered:
• Large Enterprises
• Small & Medium Enterprises (SMEs)

Applications Covered:
• Retail & eCommerce
• Banking, Financial Services, & Insurance (BFSI)
• IT & Telecom
• Education
• Travel & Hospitality
• Media, Entertainment, & Gaming
• Healthcare & Life Sciences
• Other Applications

End Users Covered:
• Advertising
• Designing
• Sales Channel
• Branding
• Communications
• Customer Support

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances