Marketing Cloud Platform Market Share, Size, Trends, Industry Analysis Report, By Component (Platform and Services); By Deployment Mode; By Marketing Function; By Vertical; By Region; Segment Forecast, 2023 - 2032
- Published Date:Jan-2024
- Pages: 114
- Format: PDF
- Report ID: PM3436
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global marketing cloud platform market was valued at USD 10.89 billion in 2023 and is expected to grow at a CAGR of 8.60% during the forecast period. There has been a significant rise in the number of entrepreneurs with various new small and medium organizations, which results in increased demand for advanced marketing cloud computing services because of numerous advantages offered by these services, such as cost-cutting and business flexibility, that are the major factors boosting the demand and growth of the global market at a rapid pace.
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Moreover, a surge in the penetration of customer data platform for enhancing the overall marketing experience along with this, many large market players are focusing on developing more innovative and enhanced solutions through investing heavily in their R&D, which is further likely to influence the market growth over the coming years. For instance, in February 2023, Calix Inc. announced the launch of its Calix Marketing Cloud in the United Kingdom, which allows marketers to launch highly effective campaigns for improving their user or subscriber experience. With this launch, marketers can win more and more subscribers and generate higher revenue in the competitive markets.
In recent years, many businesses across the globe have been going through rapid changes because of the changing consumer demands, buying behavior strict regulations, and several economic changes among others, hence to study these changing demands and trends of customers, companies are constantly opting for marketing cloud platforms, which is further providing companies ample growth opportunities.
The outbreak of the COVID-19 pandemic has positively impacted the growth of the Marketing cloud platform market. The pandemic forced many businesses to shift their marketing efforts online, which led to an increased demand for digital marketing tools and platforms, as a result, the marketing cloud platform market saw a surge in demand during the pandemic. The spread of the pandemic has also led to changes in consumer buying behavior, with more people shopping online and spending more time on social media which also boosted the market.
The market report provides a thorough analysis of the marketing cloud platform market, covering all the major aspects stakeholders need to know. It sheds light on the key developments and trends that are anticipated to drive the marketing cloud platform industry demand over the forecast period. Besides, it maps the qualitative impact of various key factors on market segments and geographies. Furthermore, it examines the key steps taken by industry participants to strengthen their presence in the industry.
Industry Dynamics
Growth Drivers
The rapidly growing proliferation of smart mobile devices such as smartphones and tablets, results in a significant increase in the demand among consumers for the engaging and attractive content that could be consumed on these devices are among the key factors propelling the market growth. As, marketing cloud platforms allow marketers to easily create content, which is optimized for consumption of these devices while providing insights regarding how the content is performing across several channels.
Furthermore, virtual reality and augmented reality have been extremely adopted across the gaming industry and these types of cutting-edge technologies are being significantly implemented in digital marketing to boost the business and take it to the next level. Many industry verticals are strategically integrating and investing in VR and AR technologies to provide better customer experiences, which is fueling the growth of the global market.
Report Segmentation
The market is primarily segmented based on component, deployment mode, marketing function, vertical, and region.
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By Component |
By Deployment Mode |
By Marketing Function |
By Vertical |
By Region |
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Platform segment accounted for the largest market share in 2022
The growth of the segment can be mainly attributed to its ability to make various types of integrating services and products quite simple and easy to reach to evolving demand across numerous platforms along with this, it helps in simplifying the upgrades and several bug fixes that result in better customer satisfaction and improved retention rate.
The services segment is expected to grow at the fastest growth rate during the anticipated period, which is mainly driven by the continuously growing need and demand for personalized marketing across the globe, as consumers are expecting more personalized experiences, several companies are turning to cloud platforms services to efficiently deliver tailored messages and offers.
Public cloud segment held a significant market revenue share
The public cloud segment held the majority market revenue share in 2022, which is highly accelerated by its wide range of benefits including cost-effectiveness, public cloud offerings are more cost-effective as compared to other solutions available in the market as it eliminates the need to invest in hardware and software infrastructure and on their regular maintenance for the companies. Public cloud offerings are gaining significant popularity and traction across the world, as they provide a high degree of flexibility and allow companies to choose from a broad range of services and features to build solutions that match their specific needs and requirements coupled with this, they can be easily scaled up or down depending on the needs of business, which in turn, is likely to propel the demand and growth of the segment.
Sales channel segment is expected to witness the fastest growth
The sales channel segment is expected to grow at a high CAGR over the projected period, on account of the extensive rise in the prevalence of digital marketing globally, as companies are increasingly looking for improved marketing cloud platforms that could help them streamline their digital marketing efforts across several sales channels. In addition, the growing adoption of these platforms across multiple channels due to their capabilities to help companies meet the growing consumer expectations for personalized and seamless experiences coupled with the rapid emergence of e-commerce as a major sales channel for numerous businesses, are also likely to have a positive impact on the growth and demand of the market.
Healthcare & life sciences segment expected to hold a substantial market share
The healthcare & life sciences segment is projected to hold the largest market share in terms of revenue over the coming years, mainly due to the continuously rising demand for data-driven decisions from various large healthcare organizations and the surging need to efficiently manage critical patient information securely. Moreover, the exponential growth in the popularity and prevalence of Internet of Things (IoT) across several applications, has created a huge demand for connectivity, that requires huge data processing and will further stimulate the adoption of marketing cloud platforms in the near future.
North America region dominated the global market in 2022
North America region dominated the global market with maximum share in 2022 and is anticipated to maintain its dominance over the projected period. The growth of the regional market can be highly attributable to the growing adoption of advanced cloud-based solutions across numerous enterprises for their business operations and other related activities. In addition, the robust presence of a large number of vendors providing innovative marketing cloud platforms and quick adoption of developed technology in countries like the US and Canada is further expected to boost the growth of the market.
The Asia Pacific region is expected to be the fastest growing region during the forecast period, owing to extensive growth in IT spending, rapid rate of urbanization, and rapid digitalization across various industries especially in the emerging economies including China, India, and Malaysia. Additionally, there has been a drastic increase in the number of favorable government initiatives and programs encouraging private sector investments towards technology developments, which are also likely to fuel market expansion at a significant pace.
Competitive Insight
Some of the major players operating in the global market include Oracle Corporation, Redpoint Global, Cheetah Digital, IBM Corporation, Adobe, Hubspot, Sitecore, Mediamath, Zeta Global, Nielsen, Pegasystems, SAP SE, Selligent, Cision, Optimove, Teradata Corporation, Acquia Inc., Salesforce Inc., CM Group, Maropost, Act-on Software, Salesfusion, Insider, Fico, Braze, SAS, and Acoustic.
Recent Developments
- In September 2022, Salesforce announced the launch of Salesforce Genie, which powers the entire Salesforce Customer 360 platform. With the help of this platform, organizations can turn their data into customer magic, highly personalized experiences across sales, delivering seamlessly, and improving service marketing.
- In September 2022, Avochato announced a new integration with the Salesforce Marketing Cloud, that provides the ability to text consumers to marketers. This product is the complete integration of the customer life-cycle loop, which makes it one of the leading companies to streamline its SMS conversations across several clouds.
Marketing Cloud Platform Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 11.81 billion |
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Revenue Forecast in 2032 |
USD 23.21 billion |
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CAGR |
8.60% from 2024– 2032 |
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Base year |
2023 |
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Historical data |
2019– 2022 |
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Forecast period |
2024– 2032 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Component, By Deployment Mode, By Marketing Function, By Vertical, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
Oracle Corporation, Redpoint Global, Cheetah Digital, IBM Corporation, Adobe, Hubspot, Sitecore, Mediamath, Zeta Global, Nielsen, Pegasystems, SAP SE, Selligent, Cision, Optimove, Teradata Corporation, Acquia Inc., Salesforce Inc., CM Group, Maropost, Act-on Software, Salesfusion, Insider, Fico, Braze, SAS, and Acoustic. |
Delve into the intricacies of marketing cloud platform in 2024 through the meticulously compiled market share, size, and revenue growth rate statistics by Polaris Market Research Industry Reports. Uncover a comprehensive analysis that not only projects market trends up to 2032 but also provides valuable insights into the historical landscape. Immerse yourself in the depth of this industry analysis by acquiring a complimentary PDF download of the sample report.
FAQ's
The global marketing cloud platform market size is expected to reach USD 22.86 billion by 2032.
Top market players in the Marketing Cloud Platform Market are Oracle Corporation, Redpoint Global, Cheetah Digital, IBM Corporation, Adobe, Hubspot, Sitecore, Mediamath, Zeta Global.
North America contribute notably towards the global Marketing Cloud Platform Market.
The global marketing cloud platform market expected to grow at a CAGR of 8.6% during the forecast period.
The Marketing Cloud Platform Market report covering key are component, deployment mode, marketing function, vertical, and region.
