Marketing Cloud Platform Market Development Strategy, Future Plans, Competitive Landscape And Regional Forecast To 2027
Market Research Future (MRFR) projects bright prospects for the marketing cloud platform market 2020 between 2017 and 2023 (which is the evaluation period). We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
Market Drivers and Key Challenges
Since the COVID-19 outbreak, businesses have become even more dependent on cloud-based services, especially for marketing. Basically, the adoption of marketing cloud platform can be the deciding aspect in whether a company survives the uncertain times following the novel coronavirus. The unprecedented cancellation of conferences and live events and the issues with regard to face-to-face communication has been another challenge posed by the pandemic. However, with the surge in social marketing, content marketing, SEO and influencer-led campaigns, the marketing cloud platform has been the clear winner. Another factor that is working in favor of the market is that since the worldwide lockdown, more and more individuals are at home and are spending higher amount of time on screen. This has changed the overall cloud marketing landscape as well as how companies advertise their products and services.
The work from home model following the lockdown was quickly adopted by companies, backed by cloud platforms. This is a great time for the marketing cloud platform market, with more and more organizations using various marketing builders across mobile, email, advertising, web and social. The prime focus of businesses on enhanced customer experience across sales, service and marketing and the rising uptake of PPC/Pay per Click Advertising have also benefitted the marketing cloud platform industry. The demand for PPC among firms has been notable post SARS-CoV-2, since they are still able to achieve high leads and traffic despite being not able to offer any physical product.
Furthermore, the market growth is also induced by the high consumption of analytics in the marketing cloud platform, innovations in mobile marketing platform and rising traction of location based marketing. The escalating use of big data analytics as well as artificial intelligence in digital marketing along with the high deployment of virtual reality/VR and augmented reality/AR can also bolster the market growth. The growing popularity of AI is being leveraged by leading firms and facilities that are launching new products and platforms to cater to more consumers.
To illustrate the above, in July 2020, Marketing Artificial Intelligence Institute launched AI Academy for Marketers. It is a cloud education platform for marketers to study scale and pilot artificial intelligence. AI Academy for Marketers caters primarily to marketing professionals as well as students.
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The marketing cloud platform market can be segmented on the basis of platform, solution and end-user.
The marketing cloud platform market has been segmented on the basis of platform, it includes business to business cloud platform, CRM, Cloud-Based and SaaS-Based.
Solution-wise market segmentation comprises integration solution as well as digital marketing solution.
The prime end-users listed in the market study are Media & Entertainment, Retail, Travel, Life Sciences, Technology, Financial Services, and more.
Region-wise, the marketing cloud platform industry can be broken down into Europe, North America, APAC/Asia Pacific and RoW/Rest of World.
With the biggest share in the global market, North America is currently the world leader, as the demand for marketing cloud platform has surged exponentially across Canada and the United States in recent years. The escalation of the BYOD policy, the increasing complexity of the IT infrastructure along with the strong financial status that enables high deploying of the latest technologies and applications can also ensure that North America retains its supremacy on the global market.
As a result of the fast adoption of the latest technologies, increasing spending on digital solutions and the continuous surge in the GDP, APAC is slated to be another strong contender in the global market. Organizations across India, China, South Korea and Japan are investing considerably in various digital marketing programs with the key focus on better consumer experience, which has led to the high revenue generation in the region. The market expansion here is also warranted by the growth in technological innovations in various IT technologies, the increasing commercial applications of the marketing cloud platform and the substantial boom in the number of internet users.
Renowned Industry Players
The renowned industry players are Hatchbuck (U.S.), Etrigue Corporation (U.S.), CisionAb (Sweden), Adobe Systems Incorporated (U.S.), Hubspot (U.S.), International Business Machines Corporation (U.S.), Leadsquared (India), Infusionsoft (U.S.), Oracle Corporation (U.S.), Salesforce.Com (U.S.), to name a few.
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Marketing Cloud Platform Market, By Platform (Cloud Based, SaaS Based, B2B Cloud), By Solution (Integrated Solution), By End-User (Life Science, Financial Services, Media & Entertainment) - Forecast 2023
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