According to the Market Statsville Group (MSG), the global marketing cloud platform market size is expected to grow from USD 12,209.4 million in 2022 to USD 25,964.4 million by 2033, at a CAGR of 7.1% from 2023 to 2033.

Marketing clouds are a collection of marketing solutions that are all delivered via the cloud and allow marketers to manage customer interactions and marketing campaigns more effectively. As part of the larger marketing automation trend, marketing cloud systems aim to make real-time monitoring, planning, and decision-making easier. It provides a comprehensive digital marketing platform that includes a wide range of capabilities and solutions. Social media, content development, data analysis, content management, web personalization, and advertising are all instances. The main aim of the marketing cloud is to make marketing efforts more efficient.

Furthermore, it assists businesses in increasing their market share and improving their ROI. It also helps to preserve consumer-specific data utilized in consumer segmentation, categorizing and targeting people based on similar behaviors and interests, establishing precise marking patterns, and adding marketing channels to provide a better consumer experience. The marketing cloud platform market is being driven by several factors such as increased acceptance of content marketing services for tailored marketing as well as consumer engagement, an increase in smart mobile devices, and increased adoption of social media for the advertisement to propel the advancement of the mobile marketing platform and the development of location-based markets.

COVID-19 Impact on the Global Marketing Cloud Platform Market

With the sudden outbreak of COVID-19, the marketing cloud platform market has had a significant impact. The marketing cloud software has witnessed a positive growth outlook owing to the high penetration of the internet of things along with the huge adoption of cloud computing across various industrial verticals. Further, the immediate shift towards work-from-home and digitalization has created a lucrative growth opportunity for the market to enhance its capabilities in almost every industrial sector to increase its online sales. Moreover, it further accelerated the competitiveness among the key market players to offer efficient marketing cloud platforms in the growing digital era. 

Global Marketing Cloud Platform Market Dynamics

Drivers: Increasing awareness among SMEs about omnichannel and customer satisfaction

Marketers use marketing cloud solutions to manage customer data. Data gathering must be done on time if individualized client experiences are to be created. An increasing number of SMEs adopting marketing software is also propelling the marketing cloud platform industry forward. For instance, as per advocacy.sba.gov, around 29.6 million small businesses were recorded in 2017 in the United States. And is expected to rise to over 33.2 million small businesses in 2022 in the United States. The recent improvement of the US economy has created several chances for entrepreneurs, with the number of small firms in the US on the rise. Moreover, SMEs are looking for omnichannel features that will enable them to meet and service clients across their chosen digital channels, thereby enhancing the demand for the marketing cloud platform market.

Restraints: High dependency on vendor lock-in

Vendor lock-in happens when a single vendor controls the technology, effectively binding the consumer to that company. Reduced complexity, a single data source, a consistent user experience, a single point of contact, and greater efficacy are all benefits of single vendor lock-in. However, heavy reliance on a single vendor boosts subscription prices and limits the use of third-party plugins and tools. Vendors emphasize using their own internal tools, which may not yield the same results as cheaper third-party options. This may further constrain the competitiveness growth in the market.

Opportunities: Evolving need for AI and big data analytics in digital market

The growing digitalization and increasing adoption of smart tools with AI embedded have offered an opportunity for various industries to trade smartly. Further, this smart tool will help different sector businesses to know their customers and can further adapt to changes in their production and designing sectors. The AI-embedded marketing cloud platform assists organizations in humanizing every interaction and can optimize marketing impact with unified analytics. Companies can efficiently deliver highly personalized and relevant messages, enhancing trusted customer relationships and driving growth.

In addition, marketers may benefit from big data by leveraging real-time data in cloud computing environments. Big data's ability to precisely receive, process, and analyze real-time data, enhance the demand for the marketing cloud platform. Further, it can influence the company's pricing decisions based on incentives, completed deals, and performance-based information. Other fundamental data such as product cost, demand, rival price, and product value are also gathered, enhancing the marketers' business.

Scope of the Global Marketing Cloud Platform Market

The study categorizes the marketing cloud platform market based on component, organization size, deployment mode, marketing function and vertical at the regional and global levels.

By Component Outlook (Sales, USD Billion, 2019-2033)

• Platforms
  • Customer Relationship Management
  • Software-as-a-Service
  • Business-to-Business
• Services
  • Managed Services
  • Professional Services

By Organization Size Outlook (Sales, USD Billion, 2019-2033)

• Large Enterprises
• SMEs

By Deployment Mode Outlook (Sales, USD Billion, 2019-2033)

• Public Cloud
• Private Cloud

By Marketing Function Outlook (Sales, USD Billion, 2019-2033)

• Advertising
• Designing
• Sales Channel
• Branding
• Communications
• Customer Support

By Vertical Outlook (Sales, USD Billion, 2019-2033)

• Retail & eCommerce
• Banking, Financial Services, & Insurance (BFSI)
• IT & Telecom
• Education
• Travel & Hospitality
• Media, Entertainment, & Gaming
• Healthcare & Life Sciences
• Others

By Region Outlook (Sales, USD Billion, 2019-2033)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Platform segment accounts for the largest market share during the forecast period by Component

Based on the Component, the market is bifurcated into platform and services. The platform segment is further divided into customer relationship management, software-as-a-service, and business-to-business. Also, the service segment is further classified into managed and professional services. The platform segment accounts for a larger revenue share in 2022. A platform with extensibility can grow and change to meet market demands without being completely rebuilt. A flexible platform makes integrating new services and products simple to react to evolving demands across several platforms. It also simplifies upgrades and bug fixes, which promotes client retention and satisfaction. A mobile-first approach includes a mobile app, a flexible interface, and mobile marketing strategies.

North America is projected to account for the highest market share by Region

Based on the regions, the global marketing cloud platform market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. North America is expected to witness the highest market share in 2022, owing to the high adoption of marketing cloud platform in the US and Canada. Further, the region's presence of top market players (Salesforce, Adobe, Pegasystems, Oracle, and HubSpot) is another driving factor that shows a positive outlook for the marketing cloud platform market. Moreover, increased investments in cloud marketing by both small and large enterprises are aiding the growth of the marketing cloud platform market in the region. Improved marketing tactics such as inbound marketing, social media marketing, marketing automation, and content marketing with video and visual content are all elements that increase market potential. The increased use of smartphones is also driving up demand for marketing cloud platforms.

Key Market Players in the Global Marketing Cloud Platform Market

The marketing cloud platform market is extremely cutthroat, and significant competitors in the sector are using tactics including product development, collaborations, acquisitions, agreements, and growth to bolster their market positions. Most sector businesses focus on growing their operations worldwide and cultivating long-lasting partnerships.

Major key players in the global marketing cloud platform market are:

• Adobe
• Salesforce
• Oracle
• Pegasystems
• SAP
• SAS
• Redpoint Global
• Cheetah Digital
• Acoustic
• Braze
• Acquia
• Cision
• Insider
• Sitecore
• Resulticks
• Fico
• Selligent
• Zeta Global

Recent Developments

• In June 2022, Salesforce entered into partnerships with LiveRamp, Annalect, Acxiom, Criteo, MediaMath, The Trade Desk, Metarouter, Neustar, Streamlytics, Yahoo, Nine Digital, and WPP Resolve to expand its Customer Data Platform ecosystem. Further, the company has broadened its Commerce ecosystem via partnerships with Avalara, Amplience, AppFrontier, Forter, Bringg, and Poq. The aforementioned partnerships will enhance Salesforce’s Customer Data Platform and Commerce ecosystems on the Salesforce AppExchange.
• In October 2021, SAP SE acquired Emarsys, an omnichannel customer engagement platform provider. By acquiring the Emarsys customer engagement platform in SAP S/4HANA and Experience Management technology from SAP and Qualtrics has opened up new opportunities for SAP’s customers, which are unique in the market.
• In June 2020, SAS and Microsoft entered into a partnership for an extensive go-to-market strategic technology partnership. As part of the agreement, the businesses will migrate SAS' analytical products and industry solutions to Microsoft Azure as the SAS Cloud's preferred cloud provider. SAS's industry solutions and experience valued Microsoft's customers in health care, finance, and various other industries. This collaboration builds on SAS integrations in Microsoft cloud platforms, including as Azure, Microsoft 365, Dynamics 365, and Power Platform, and it supports the companies' shared objective of further democratizing AI and analytics.

Key Issues Addressed

• What is the market size by various segmentation of the marketing cloud platform by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the marketing cloud platform market?
• What are the key opportunities and trends for manufacturers involved in the marketing cloud platform supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of marketing cloud platform in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.