Marketing Cloud Platform Market Comprehensive Research Study and Strong Growth in Future 2027
(I-BusinessNews.Com, November 22, 2022 ) the global Marketing Cloud Platform Market size is expected to grow from USD 11.7 billion in 2022 to USD 17.8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period. A marketing cloud platform is essentially software that aids a business in keeping track of all the information regarding prospects and clients. Since the customer experience is a feature of the marketing cloud platform, contacts and accounts are at the center of the data collection procedure. In addition to phone numbers and email addresses, the marketing cloud platform offers contact management features that track every interaction a company has with contact as well as perform on the contact’s behalf.
Some of the major marketing cloud platform market vendors are Adobe (US), Salesforce (US), Oracle (US), Pegasystems (US), HubSpot (US), SAP (Germany), SAS (US), Redpoint Global (US), Cheetah Digital (US), Acoustic (US), Braze (US), Acquia (US), Cision (US), Insider (US), Sitecore (US), Resulticks (US), Fico (US), Selligent (Belgium), Zeta Global (US), and Algonomy (US)
As per verticals, the media, entertainment, and gaming segment to grow at the highest CAGR during the forecast period
The marketing cloud platform market is segmented into Banking, Financial Services, and Insurance (BFSI), IT & telecom, retail & eCommerce, healthcare & life sciences, education, travel & hospitality, media, entertainment, & gaming, and others. As per verticals, media, entertainment, and games segment is expected to grow at the highest CAGR of 10.7% during the forecast period. The media, entertainment, and gaming vertical has undergone a transformation to adapt its business processes and the way content is created, managed, and distributed with the development of the digital era. The emergence of digital marketing channels built on a search engine, social media, and video technology has enabled marketing cloud platform vendors in this vertical to discover new ways to engage and attract customers by sending personalized content.
Sales channel, marketing function is expected to grow at highest CAGR during the forecast period
The marketing cloud platform market by marketing function is segmented into advertising, branding, designing, sales channel, communications, and customer support. During the forecast period, the sales channel marketing function tends to grow at the highest CAGR of 11.3% as customers are increasingly using several channels to obtain their desired goods, such as customer portals, channel partner portals, guest checkout, marketplaces, and native mobile apps. Choosing the right sales channels is essential for a company since it significantly impacts the success or failure of the product and the enterprise. A marketing team may continuously communicate with potential customers over lengthy sales cycles to assist prospects ‘warm up’ for the sales team.
A higher rate of technology adoption helped North America to capture the highest market share
North American countries such as the US and Canada have a strong economic landscape, huge IT budgets, high technology assimilation, and the early adoption of advanced technologies, such as AI, ML, cybersecurity, big data, data analytics, and blockchain, which are expected to boost the demand for marketing cloud platforms across North American enterprises. The COVID-19 pandemic has also increased marketing cloud adoption across all industries for US businesses. The pandemic has enhanced the importance of marketing cloud platform adoption due to the rising number of investments made to improve the platform to stay competitive, offer a better customer experience, enhance customer engagement, build the best customer journey, and boost sales and revenues.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Industry resource center today to browse our selection of 600+ complimentary Industry magazines, white papers, webinars, podcasts, and more. Get popular titles including: