Allied Market Research has published a report that shows the marketing cloud platform market generated $10 billion in 2021 and is projected to reach $34.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 13.7 percent from 2022 to 2031.
The report shows adoption of marketing cloud platforms surges across small and medium organizations, rises in companies globally and increases with the use of multi-cloud environments such as SaaS, IaaS, PaaS so as to achieve organizational objectives. Issues associated with vendor lock-in are expected to hinder growth to some extent. However, the marketing cloud platform does not require any physical infrastructure which presents opportunities for the growth of the market.
Among findings, the report shows:
- 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 a boost in demand for marketing cloud platforms to support 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 resulting in remote working and increased internet consumption.
Based on components, the study reports 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 the benefits it offers such as streamlined business process, elimination of manual process, and reduced time and costs. On the other hand, the service sector is expected to cite the fastest CAGR of 18.1 percent during the forecast period. The growth in this segment is mainly because it enhances software implementation, maximizes the value of existing installation by optimizing it and minimizes the deployment cost and risks.
When looking at the 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 percent during the forecast period, owing to its rapid adoption by various sectors such as government utilities, manufacturing and health care.
As for 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 improves the effectiveness of campaigns. The marketing analytics segment, on the other hand, is expected to cite the fastest CAGR of 17.4 percent during the forecast period as it enables marketers to gain actionable insights that drive results.
Based on region, the North American market held the dominating share in 2021, holding more than one-third of the global marketing cloud platform market, owing to the increase in usage of marketing cloud platforms in BFSI, retail, health care and other sectors to improve businesses and the customer experience. The Asia-Pacific region is likely to retain the dominant status during the forecast period and is expected to cite the fastest CAGR of 18 percent during the forecast period, due to an increase in penetration of advanced technology and higher adoption of cloud-based solutions and services in the region.
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