Global Marketing Cloud Platform Market Size 2024, Forecast To 2033
6 Mar, 2024
The marketing cloud platform market size has grown strongly in recent years. It will grow from $12.29 billion in 2023 to $13.45 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to digital transformation initiatives, data-driven marketing strategies, multi-channel marketing campaigns, customer experience enhancement, demand for marketing automation. The marketing cloud platform market size is expected to see strong growth in the next few years. It will grow to $19.53 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to integration of artificial intelligence (AI), emphasis on account-based marketing, privacy and compliance concerns, rise of conversational marketing, shift towards outcome-based marketing. Major trends in the forecast period include focus on account-based marketing (ABM), enhanced customer journey mapping, integration of voice search optimization, augmented reality (AR) and virtual reality (VR) experiences, strategic partnerships, and ecosystem expansion.
Global Marketing Cloud Platform Market Key Driver
The increasing usage of social media advertising is expected to propel the growth of the marketing cloud platform market going forward. Social media advertising refers to the practice of promoting products or services through social media platforms such as Facebook, Instagram, Twitter, LinkedIn, and others. The marketing cloud platform provides several benefits to enhance social media marketing such as increasing email marketing goals, enabling keeping track of total customer interaction on social media, and providing automation to the marketing process. For instance, in February 2023, according to the DataReportal, a Singapore-based online reference library, Linkedin's ad reach increased by 19.3% in 2022 and 2023 respectively. Apart from this ad reach on Twitter increased by 15.5% and Snapchat ad reach increased by 36.9% in 2022 and 2023. Therefore, the increasing usage of social media advertising is driving the growth of the marketing cloud platform market going forward. The market size for marketing cloud platform in 2023 stood at $XX million and is expected to reach $XX million by 2024, with a projected growth rate of XX%. Additionally, by 2028, the market is forecasted to grow to $XX million.
Get A Free Sample Of The Global Marketing Cloud Platform Market ReportGlobal Marketing Cloud Platform Market Segments
The marketing cloud platform market covered in this report is segmented –
1) By Component: Platforms, Services
2) By Solution: Digital Marketing Solution, Integrated Solution
3) By Deployment Mode: Public Cloud, Private Cloud
4) By Marketing Function: Advertising, Designing, Sales Channel, Branding, Communications, Customer Support
5) By Industry Vertical: Retail And E-Commerce, IT And Telecommunication, Banking, Financial Services And Insurance (BFSI), Media And Entertainment, Healthcare, Travel And Hospitality, Other Industry Verticals
By Geography:The regions covered in the marketing cloud platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the marketing cloud platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global marketing cloud platform market during the forecast period. The regions covered in the marketing cloud platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Marketing Cloud Platform Industry Players
Salesforce Inc., Adobe Inc., Oracle Corporation, Pegasystems Inc., HubSpot Inc., International Business Machines Corporation, Statistical Analysis Software Inc., Cision Ltd., Redpoint Global Inc., Fair Isaac Corporation, Infusion Software Inc., Zen Cloud Technologies, Insider Pte. Ltd., Etrigue Corp., Optimizely Inc., WebEngage Technologies Private Limited, MoEngage Inc., CleverTap Inc., Braze Inc., Leanplum Inc., Airship Inc., Iterable Inc., Sailthru Inc., Bluecore Inc., Listrak Inc., Segment Inc., Tealium Inc., mParticle Inc., Treasure Data Inc., BlueConic Inc., SmarterHQ Inc.
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Marketing Cloud Platform Market Overview
A marketing cloud platform is a type of marketing tool that includes creating, managing, and executing digital marketing processes across multiple channels such as email, social media, search engines, and mobile. It typically includes features for customer data management, segmentation, targeting, content creation, automation, analytics, and reporting.
Marketing Cloud Platform Global Market Report 2023 provides data on the global marketing cloud platform market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The marketing cloud platform market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.