According to the new market research report "Marketing Cloud Platform Market by Type (Platform and Services), Marketing Function (Advertising, Designing, Sales Channel, Branding, and Communications), Deployment Mode (Private Cloud and Public Cloud), Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Marketing Cloud Platform Market 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.
Major factors driving the Marketing Cloud Platform Market include the growing adoption of content marketing software for personalized marketing and customer engagement, increased use of social media for advertising, development of the mobile marketing platform due to an increasing use of smart mobile devices, and the emergence of location-based marketing.
The services segment to grow at a higher CAGR rate during the forecast period
With the increasing adoption of the marketing cloud platform, the demand for supporting services is also growing among industries. A growing need for managing customer journey and autonomously optimizing marketing campaigns has played a major role in the adoption of marketing cloud platform and services across verticals, such as retail and eCommerce, IT and telecom, travel and hospitality, education, BFSI, and others. Increasing adoption of marketing cloud platform by SMEs has led to an increasing demand for content management, customer data management, and analytics.
Public cloud to hold a larger market size during the forecast period
Ease of access and faster deployment are the major reasons for the high adoption of the public cloud among marketing cloud platform providers. The public cloud offers various benefits, such as scalability, reliability, flexibility, and remote location access. The public cloud includes hosted services that are provided in a virtualized environment, developed using pooled shared resources, and accessible over the public network. Public cloud may be offered free of cost or on a pay-per-usage basis, depending upon the requirements of the end-users.
North America to hold the largest market size during the forecast period
North America is estimated to account for the largest market size in 2018, , as the marketing cloud technology has already penetrated in the region. It constitutes developed economies: the US and Canada. The early adoption of digital marketing, presence of top players, and globalization of cloud services in North America are expected to drive the marketing cloud market in the region. Enterprises in the region are investing heavily in the digital marketing initiatives and improving customer experience. In North America, the percentage of social media users, smartphone users, and ad spending is exceptionally high when compared with that of the other regions. Penetration of mobile devices in the US is more than 90%, followed by Canada. It provides marketers with a strong channel to target potential customers.
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