Marketing Cloud Platform Market Expected to Reach $34.9 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Marketing Cloud Platform Market," The marketing cloud platform market was valued at $10 billion in 2021, and is estimated to reach $34.9 billion by 2031, growing at a CAGR of 13.7% from 2022 to 2031.

Marketing cloud platform provides elevated business performance due to various benefits such as agile deployment, secured storage management, low total cost ownership; utility-based sharing models, and high-level computing. However, there are some factors that are limiting the growth of the market; data security being the most significant one due to threat of data breaches and misusage by any third party.

On the basis of component, the platform segment dominated the marketing cloud platform market size in 2021 and is expected to continue this trend during the forecast period. The adoption of marketing cloud platform provides numerous benefits to the industry such as, streamline the business process, eliminate the manual process and reduces the time and costs, further fuel the growth of the market. However, services segment highest growth market share in the upcoming year. The adoption of marketing attribution services enhances software implementation, maximize the value of existing installation by optimizing it, and minimize the deployment cost & risks, and others, further fuel the growth of the marketing cloud platform market for this segment.

Region-wise, North America dominated the market share in 2021 for the marketing cloud platform market. Adoption of marketing cloud platform growing steadily to meet increasing demands from today’s businesses to enhance their business process and improve the customer experience will provide lucrative opportunities for the market in this region. However, Asia-Pacific is expected to exhibit highest growth during the forecast period. This is attributed to increase in penetration of advanced technology such as AI, big data and IoT and higher adoption of cloud-based solution and services are particularly fueling regional market growth.

The outbreak of COVID-19 will surely provide numerous opportunities for the market to grow in the forecasted period. These opportunities include the rise in digital transformation trend in the enterprises; upsurge in adoption of cloud-based solutions by small businesses; and upsurge in demand for ERP solutions that are hosted or managed in the cloud.

Moreover, the surge in remote work trend across the enterprises due to COVID-19 is one of the key opportunities for the market growth due to the mobile or remote accessibility capabilities of cloud-based solutions. Furthermore, it is anticipated that, during the post pandemic, the companies will focus more on solutions which will support advanced planning and mitigate the impact of similar events in the future. Hence, the companies will accelerate their investments in marketing cloud platform, creating lucrative growth opportunities for the market.

Moreover, due to COVID-19, marketing cloud platform market trends has bolstered many opportunities for SME players operating in the market. In addition, rise in remote working has proliferated the digital marketing cloud platform industry as the end users were locked down at their homes. Hence, companies are focusing on content services strategies as the marketing cloud platform offer simpler and much informative digital platforms with the comparative prices of the rivals and helps in better decision making. In addition, consumer behaviors have evolved, as a result of greater connectivity via cellphones and social media. This in turn boosts the marketing cloud platform market forecast.

KEY FINDINGS OF THE STUDY

• By component, the platform segment accounted for the largest marketing cloud platform market share in 2021.
• By cloud type, the public segment accounted for the largest marketing cloud platform market share in 2021.
• On the basis of marketing function, the marketing content and automation segment accounted for the largest marketing cloud platform market share in 2021.
• On the basis of organization size, the large enterprise segment accounted for the largest marketing cloud platform market share in 2021.
• depending on industry vertical, the retail and e-commerce sector accounted for the largest marketing cloud platform market share in 2021.
• Region wise, North America generated highest revenue in 2021.

The key players that operate in the marketing cloud platform market analysis are Acquia, Inc., Adobe, CM Group, IBM Corporation, Maropost, Oracle Corporation, Salesforce, Inc., SAP SE, Teradata Corporation and The Nielson Company (US), LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the marketing cloud platform industry.