Marketing Cloud Platform Market Continues to Grow With $ 34.9 Million Valuation and 13.7% CAGR By 2031

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.

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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.

Based on 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.

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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 marketing function, the marketing content and automation segment held the dominating market share in 2021, holding nearly two-fifths of the global marketing cloud platform market, and is expected to retain the dominant status during the forecast period, as it saves time and money and improve the effectiveness of campaigns. The marketing analytics segment, on the other hand, is expected to cite the fastest CAGR of 17.4% during the forecast period as it enables marketers to gain actionable insights that drive results.

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.

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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.

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.

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