The Market Research Future Report Suggests Explosive Growth for Marketing Cloud Platform Market
According to a report released by Market Research Future (MRFR), the global marketing cloud platform market is predicted to reach a whopping USD 19.8 billion by the end of 2030. This market growth is expected to occur at an impressive Compound Annual Growth Rate of 8.90%.
Key Growth Drivers
The increasing demand from organizations to optimize their customer engagement is one of the primary growth drivers for the marketing cloud platform market.
It is also beneficial to reveal that the rapidly-growing digitalization across the globe is further propelling the growth of the market. According to a Statistica report, the global e-commerce market is estimated to reach USD 6.54 trillion by the end of 2023. This is likely to open up profitable situations for the marketing cloud platform market in the upcoming future.
The leading companies in the market are also anticipated to take advantage of the merger, acquisition and collaboration strategies to increase the profitability of their business and enhance the product portfolio, which is expected to fuel the growth of the marketing cloud platform market.
Key Segmentation Insights
A closer examination of the market suggests that the global marketing cloud platform market is segmented into deployment type, enterprise size, solution, organization size and vertical.
On the basis of deployment type, the reports segments the market into public cloud, private cloud and hybrid cloud. Out of these, the private cloud business is expected to dominate the market due to its capability of providing secure networks for data storage and control over data or internal operations.
As for the enterprise size, the marketing cloud platform market can be segmented into small and medium enterprises and large enterprises.
The global marketing cloud platform market is further segmented into various solutions such as Digital Analytics, Campaign Management, Content Management and Distribution, Social Media Management and others.
The marketing cloud platform market is further divided into three segments on the basis of organization size, namely large Enterprises, Small and Medium Enterprisers and others.
Lastly, on the basis of vertical, the market report segments the global marketing cloud platform market into BFSI, IT & telecom, manufacturing and retail, healthcare, government & education and others.
Recent Developments
In January 2019, Salesforce launched its Marketing Cloud Einstein. This solution is designed to deliver one-to-one experiences with customers by leveraging machine learning and artificial intelligence.
In August 2017, Microsoft acquired Adobe’s Marketing Cloud solution called AdLens. This acquisition will help Microsoft in providing better marketing solutions to its customers.
In July 2018, Oracle Corporation acquired Grapeshot. Grapeshot provides solutions to target customers with contextually relevant advertisements, which will help Oracle Market Cloud in providing better services to its customers.
Key Market Players
The prominent players in the global marketing cloud platform market are:
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Salesforce.com
- Teradata Corporation
- Adobe Inc.
- Episerver
- Experian Plc.
- Hubspot
- Infusionsoft
Conclusion
From the Market Research Future (MRFR) report, it is clear that the global marketing cloud platform market is likely to experience an impressive CAGR of 8.90% amidst the forecast period of 2016-2030. Major contributions in the market growth will come from the rising demand from organizations to optimize customer engagement and experiences, as well as the growing rate of digitalization world over.
The presence of the key players in the market is also likely to bring in remarkable opportunities for the market players in terms of enhancing their business growth by means of collaborations and acquisitions.
Though the market is still a growing one, the arrival of the Covid-19 pandemic is expected to bring in some obstacles in the market growth that are likely to be short-lived.