Marketing Cloud Platform Market Trend 2023: A Comprehensive Analysis with Forecast | CAGR 13.7%

According to the report, the market generated $10.0 billion in 2021, and is projected to reach $34.9 billion by 2031, growing at a CAGR of 13.7% from 2022 to 2031.

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Increase in the adoption of marketing cloud platforms across small and medium organizations, rise in the number of entrepreneurs and companies around the world, increase in the use of multi-cloud environments such as SaaS, IaaS, PaaS so as to achieve various organizational objectives drive the growth of the global marketing cloud platform market. On the other hand, issues associated with vendor lock-in are expected to hinder the growth to some extent. However, marketing cloud platform does not require any physical infrastructure which presents new opportunities for the growth of the market.

COVID-19 Scenario:

• The outbreak of COVID-19 had a positive impact on the growth of the global marketing cloud platform market, owing to the presence of lockdowns as imposed by the governments of various countries around the world.

• Lockdowns resulted in significant boost in demand for marketing cloud platforms to support several crucial digital solutions such as e-commerce and remote work, as well as entertainment platforms such as online gaming and video streaming during the pandemic.

• Due to the prevalence of stringent social distancing restrictions from the government, people were required to stay indoors ultimately resulted in remote working and increased internet consumption.

• Thus, the market is expected to grow exponentially in the coming years.

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Based on type of cloud, the public segment held the dominating market share in 2021, holding nearly three-fifths of the global marketing cloud platform market, and is expected to retain the dominant status during the forecast period, owing to its easy access and affordable costs. The hybrid segment, on the other hand, is expected to cite the fastest CAGR of 18.1% during the forecast period, owing to its rapid adoption by the various sectors such as government utilities, manufacturing and health care.

Based on component, the platform segment held the dominating market share in 2021, holding nearly three-fourths of the global marketing cloud platform market, and is expected to retain the dominant status during the forecast period, owing to various benefits it offers such as streamlined business process, elimination of manual process, and reduced time & costs. The services segment, on the other hand, is expected to cite the fastest CAGR of 18.1% during the forecast period. The growth of this segment is mainly because it enhances software implementation, maximize the value of existing installation by optimizing it, and minimize the deployment cost & risks.

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Based on region, the market across North America held the dominating market share in 2021, holding more than one-thirds of the global marketing cloud platform market, owing to increase in usage of marketing cloud platform in BFSI, retail, healthcare and other sectors to improve businesses and the customer experience. The Asia-Pacific region, on the other hand, is likely to retain the dominant status during the forecast period and is expected to cite the fastest CAGR of 18.0% during the forecast period, due to increase in penetration of advanced technology and higher adoption of cloud-based solution and services in the region.

Prominent Players of the Market:

• Salesforce, Inc.
• Oracle Corporation
• SAP SE
• IBM Corporation
• Adobe
• Acquia, Inc.
• Maropost
• CM Group
• The Nielsen Company (US), LLC
• Teradata Corporation

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KEY BENEFITS FOR STAKEHOLDERS:

• The study provides an in-depth marketing cloud platform market analysis along with the current trends and future estimations to elucidate the imminent investment pockets.

• Information about key drivers, restrains, and opportunities and their impact analysis on the marketing cloud platform market size is provided in the report.

• The Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the marketing cloud platform industry.

• The quantitative analysis of the global marketing cloud platform market for the period 2021-2031 is provided to determine the marketing cloud platform market potential.

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