According to a research report "Marketing Cloud Platform Market by Component (Platforms and Services), Deployment Mode (Public Cloud and Private Cloud), Marketing Functions, Organization Size, Vertical and Region - Global Forecast to 2027" published by MarketsandMarkets, the global marketing cloud platform market size is expected to grow from USD 11.7 billion in 2022 to USD 17.8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period. A marketing cloud platform is essentially software that aids a business in keeping track of all the information regarding prospects and clients. Since the customer experience is a feature of the marketing cloud platform, contacts and accounts are at the center of the data collection procedure. In addition to phone numbers and email addresses, the marketing cloud platform offers contact management features that track every interaction a company has with contact as well as perform on the contact’s behalf.
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As per verticals, the media, entertainment, and gaming segment to grow at the highest CAGR during the forecast period
The marketing cloud platform market is segmented into Banking, Financial Services, and Insurance (BFSI), IT & telecom, retail & eCommerce, healthcare & life sciences, education, travel & hospitality, media, entertainment, & gaming, and others. As per verticals, media, entertainment, and games segment is expected to grow at the highest CAGR of 10.7% during the forecast period. The media, entertainment, and gaming vertical has undergone a transformation to adapt its business processes and the way content is created, managed, and distributed with the development of the digital era. The emergence of digital marketing channels built on a search engine, social media, and video technology has enabled marketing cloud platform vendors in this vertical to discover new ways to engage and attract customers by sending personalized content.
Sales channel, marketing function is expected to grow at highest CAGR during the forecast period
The marketing cloud platform market by marketing function is segmented into advertising, branding, designing, sales channel, communications, and customer support. During the forecast period, the sales channel marketing function tends to grow at the highest CAGR of 11.3% as customers are increasingly using several channels to obtain their desired goods, such as customer portals, channel partner portals, guest checkout, marketplaces, and native mobile apps. Choosing the right sales channels is essential for a company since it significantly impacts the success or failure of the product and the enterprise. A marketing team may continuously communicate with potential customers over lengthy sales cycles to assist prospects ‘warm up’ for the sales team.
A higher rate of technology adoption helped North America to capture the highest market share
North American countries such as the US and Canada have a strong economic landscape, huge IT budgets, high technology assimilation, and the early adoption of advanced technologies, such as AI, ML, cybersecurity, big data, data analytics, and blockchain, which are expected to boost the demand for marketing cloud platforms across North American enterprises. The COVID-19 pandemic has also increased marketing cloud adoption across all industries for US businesses. The pandemic has enhanced the importance of marketing cloud platform adoption due to the rising number of investments made to improve the platform to stay competitive, offer a better customer experience, enhance customer engagement, build the best customer journey, and boost sales and revenues.
Some of the major marketing cloud platform market vendors are Adobe (US), Salesforce (US), Oracle (US), Pegasystems (US), HubSpot (US), SAP (Germany), SAS (US), Redpoint Global (US), Cheetah Digital (US), Acoustic (US), Braze (US), Acquia (US), Cision (US), Insider (US), Sitecore (US), Resulticks (US), Fico (US), Selligent (Belgium), Zeta Global (US), and Algonomy (US).
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