The global marketing cloud platform market size is expected to grow from USD 8.0 billion in 2018 to USD 11.8 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 8.0% during the forecast period. The marketing cloud platform market is driven by various factors, such as growing adoption of content marketing software for personalized marketing and customer engagement, increased use of social media for advertising, increase in smart mobile devices to drive the development of the mobile marketing platform, and emergence of location-based marketing. However, overdependence on one vendor can hinder the growth of the market.
Among type, the platform segment to hold a larger market size during the forecast period
The marketing cloud platform helps companies create, manage, and execute customer engagement to drive revenue growth across industries.The platform allows organizations to create personalized and automated web-based marketing campaigns across touchpoints, such as email, social media, web, mobile, and websites.
The platform manages repetitive tasks associated with campaign follow-ups and sends one-pagers and emails at regular intervals.
Among marketing functions, the sales channel to grow at the highest CAGR during the forecast period
The marketer needs to find and choose an appropriate sales channel for the effective distribution of its content to its customers.The sales channel should reach the targeted and potential audience for the marketer.
he sales channel should be dynamic, scalable, and should support the integration of different marketing tools. The marketing cloud platform provides access to all possible sales channels at a single interface for all marketing activities.
APAC to record the highest growth rate in the marketing cloud market during the forecast period
The APAC marketing cloud platform market is expected to grow at the highest rate during the forecast period, due to the increasing adoption of innovative technologies, rising investments for digital transformation, and growing Gross Domestic Product (GDP) in the region.APAC is expected to provide significant growth opportunities during the forecast period.
Untapped potential markets, high penetration of advanced technologies, and application development in various verticals are expected to drive the APAC marketing cloud market during the forecast period.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the marketing cloud platform market.
The market study covers the marketing cloud platform market across segments. The report aims at estimating the marketing cloud platform market size and future growth potential across segments, such as type, marketing functions, deployment mode, vertical, and region.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall marketing cloud platform market and its subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.