Marketing Cloud Platform Market Overview by Increasing Demands and Sales By 2022-2031
Marketing Cloud Platform Market
WILMINGTON, DE, UNITED STATES, July 18, 2024 /EINPresswire.com/ -- The marketing cloud platform market was valued at $10 billion in 2021, and is estimated to reach $34.9 billion by 2031, growing at a CAGR of 13.7% from 2022 to 2031.
The SMEs segment is expected to experience fastest growth in the coming years, owing to adoption of cloud-based marketing services and rise in number of government initiatives through various digital SME campaigns throughout the world fuel the growth of the market.
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Marketing cloud platform provides elevated business performance due to various benefits such as agile deployment, secured storage management, low total cost ownership; utility-based sharing models, and high-level computing. However, there are some factors that are limiting the growth of the market; data security being the most significant one due to threat of data breaches and misusage by any third party.
Region-wise, North America dominated the market share in 2021 for the marketing cloud platform market. Adoption of marketing cloud platform growing steadily to meet increasing demands from today’s businesses to enhance their business process and improve the customer experience will provide lucrative opportunities for the market in this region. However, Asia-Pacific is expected to exhibit highest growth during the forecast period. This is attributed to increase in penetration of advanced technology such as AI, big data and IoT and higher adoption of cloud-based solution and services are particularly fueling regional market growth.
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The outbreak of COVID-19 will surely provide numerous opportunities for the market to grow in the forecasted period. These opportunities include the rise in digital transformation trend in the enterprises; upsurge in adoption of cloud-based solutions by small businesses; and upsurge in demand for ERP solutions that are hosted or managed in the cloud.
The key players that operate in the marketing cloud platform market analysis are Acquia, Inc., Adobe, CM Group, IBM Corporation, Maropost, Oracle Corporation, Salesforce, Inc., SAP SE, Teradata Corporation and The Nielson Company (US), LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the marketing cloud platform industry.
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