Proliferation of Mobile Handsets to Boost the Marketing Cloud Platform Market Growth
New York, US, Jan. 12, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Marketing Cloud Platform Market, By Platform, By Solution, By End-User – Forecast 2030, the market is anticipated to acquire a valuation of approximately USD 19.8 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 8.90% during the assessment timeframe.
Marketing Cloud Platform Market Key Players
Eminent market players profiled in the marketing cloud platform market report include-
Adobe Systems Incorporated (U.S.)
Oracle Corporation (U.S.)
International Business Machines Corporation (U.S.)
Cision Ab (Sweden)
Etrigue Corporation (U.S.)
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Due to the existence of several domestic and international industry players, the marketing cloud platform market is both fragmented and competitive. These players have employed a variety of cutting-edge techniques, such as contracts, partnerships, collaborations, joint ventures, new product launches, geographic expansions, and more, to stay on the cutting edge while also meeting the escalating client demand. They are also funding a lot of research and development projects.
Marketing Cloud Platform Market Report Scope:
Marketing Cloud Platform Market Revenue forecast in 2030
USD 19.8 billion
Marketing Cloud Platform Market Growth Rate
CAGR of 8.90% from 2022 to 2030
Key Market Opportunities
Proliferation of Mobile Handsets to offer Robust Opportunities
Key Market Drivers
Emergence of Digital Marketing to Boost Market Growth
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Marketing Cloud Platform Market Dynamics
Emergence of Digital Marketing to Boost Market Growth
The emergence of digital marketing will boost market growth over the forecast period. The rise of digital marketing has increased the demand for powerful marketing tools and platforms that can assist businesses in successfully connecting with their target audiences. Because they offer a variety of features and capabilities that can help businesses efficiently plan, manage, carry out, evaluate, and optimize their digital marketing campaigns, marketing cloud platforms are well suited for this use.
Proliferation of Mobile Handsets to offer Robust Opportunities
The proliferation of mobile handsets will offer robust opportunities for the market in the assessment period. Consumer demand for interesting material that can be accessed on mobile devices, such as smartphones and tablets, is rising as these devices become more widespread. Marketing cloud platforms enable marketers to produce content that is suitable for mobile consumption while also giving them data into how their material is doing across various channels and devices, allowing them to tweak it as needed.
Dearth of Technical Awareness to act as Market Restraint
The dearth of technical awareness coupled with the shortage of technically proficient workers may act as market restraints over the forecast period.
Increased Lock-in of Vendors to act as Market Challenge
The increased lock-in of vendors may act a market challenge over the forecast period.
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Marketing Cloud Platform Market Segmentation
The global marketing cloud platform market is bifurcated based on solutions, platform, and end-users.
By solutions, the marketing cloud platform market is segmented into integrated solutions and marketing solutions.
By platform, cloud-based platforms will domineer the market over the forecast period.
By end users, media and entertainment will spearhead the market over the forecast period.
COVID-19 Analysis of Marketing Cloud Platform Market
The onset of the COVID19 pandemic has had a significant impact on the worldwide economy and health. Businesses and the working world experienced a financial crisis since daily operations could not run as usual. Industry and industrial operations were halted during the lockdown, resulting in financial loss and a fall in the rate of global economic growth to lower levels. However, the market for marketing cloud platforms was able to endure the challenging circumstances and continue to experience consistent growth. Due to the pandemic, demand for marketing cloud platform increased as both individuals and businesses migrated to automated systems and depended more on cloud-based technologies.
North America to Sway Marketing Cloud Platform Market
In 2021, the North American region grabbed the largest revenue share in the global market for marketing cloud platforms. This is due to the fact that North American countries like the United States and Canada have strong economies, sizable IT budgets, high levels of technology adoption, and early adoption of cutting-edge technologies like artificial intelligence, machine learning, cybersecurity, data analytics, and blockchain, all of which are expected to increase demand for marketing cloud platforms among North American businesses. The market for marketing cloud platforms is believed to be dominated by North America. The region’s market demand is anticipated to increase due to the growing usage of cutting-edge technology.
The majority of the top vendors, including Salesforce (US), Adobe (US), Oracle (US), Pegasystems (US), & HubSpot (US), are located in North America (US). Additionally, the region is seeing substantial technological advancements in areas like artificial intelligence (AI), machine learning (ML), cybersecurity, blockchain, data analytics, and big data for digital transformation, which are all helping the region’s market to expand. The marketing cloud platform market will grow at the highest CAGR in the forecast period in the Asia Pacific region. The region’s rapid development rate can be linked to the spread of cutting-edge technology, rising corporate demands, and an increase in the number of companies utilizing marketing cloud platforms.
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APAC to Have Favorable Growth in Marketing Cloud Platform Market
According to estimates, the market for marketing cloud platforms will grow at the greatest compound annual growth rate (CAGR), 10.5%, in Asia Pacific. Asia Pacific’s biggest economies, including China, Japan, India, and the rest of the area, exhibit a quick adoption of the marketing cloud platform. It is projected that untapped potential markets, increasing adoption of cutting-edge technology, and application development across multiple industries will boost the regional market for marketing cloud platforms. The market for these platforms is growing swiftly in Asia Pacific as companies in the region quickly adopt marketing cloud platforms to provide customers with a better experience. The BFSI, retail & consumer goods, and media and entertainment industries have all utilized marketing cloud platforms to enhance their marketing strategies. As a result, providers of marketing cloud platforms are focusing on the Asia Pacific as having a promising future for the growth of their products.
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