New York, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Marketing Cloud Platform Global Market Report 2023" - https://www.reportlinker.com/p06479804/?utm_source=GNW
, Cision Ltd., Redpoint Global Inc., Fair Isaac Corporation, Keap (Infusion Software Inc.), Zen Cloud Technologies, Insider Pte. Ltd. and Etrigue Corp.
The global marketing cloud platform market is expected to grow from $11.27 billion in 2022 to $12.29 billion in 2023 at a compound annual growth rate (CAGR) of 9.08%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The marketing cloud platform market is expected to reach $17.64 billion in 2027 at a CAGR of 9.46%.
The marketing cloud platform market includes revenues earned by entities by providing services such as the hybrid cloud platform, adobe systems marketing cloud, and Oracle Corporation cx marketing cloud platform.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.The marketing cloud platform market consists of sales of systems applications and products in Data Processing SE marketing cloud, Nielsen marketing cloud, and Agileone predictive marketing cloud platform.
Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
A marketing cloud platform is a type of marketing tool that includes creating, managing, and executing digital marketing processes across multiple channels such as email, social media, search engines, and mobile. It typically includes features for customer data management, segmentation, targeting, content creation, automation, analytics, and reporting.
North America was the largest region in the marketing cloud platform market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of a marketing cloud platform include services and platforms.Services refer to a product or offering that is intangible and non-physical but provides value to customers.
They consist of digital marketing solution, and integration solution that are deployed in public and private that consists of various marketing functions including advertising, designing, sales channel, branding, communications and customer support for use in various industry verticals such as retail and e-commerce, IT and telecommunication, banking, financial services and insurance (BFSI), media and entertainment, healthcare, travel and hospitality and other industry verticals.
The increasing usage of social media advertising is expected to propel the growth of the marketing cloud platform market going forward.Social media advertising refers to the practice of promoting products or services through social media platforms such as Facebook, Instagram, Twitter, LinkedIn, and others.
The marketing cloud platform provides several benefits to enhance social media marketing such as increasing email marketing goals, enabling keeping track of total customer interaction on social media, and providing automation to the marketing process. For instance, in February 2023, according to the DataReportal, a Singapore-based online reference library, Linkedin’s ad reach increased by 19.3% in 2022 and 2023 respectively. Apart from this ad reach on Twitter increased by 15.5% and Snapchat ad reach increased by 36.9% in 2022 and 2023. Therefore, the increasing usage of social media advertising is driving the growth of the marketing cloud platform market going forward.
Technological advancement is a key trend gaining popularity in the marketing cloud platform market.Companies operating in the marketing cloud platform market are adopting new technologies to sustain their position in the market.
For instance, in September 2022, Salesforce Inc., a US-based customer relationship management company, launched a new platform named Salesforce Inc. Genie. This new hyperscale platform is a real-time data platform that offers real-time adjustments to changing client information and requirements that enhances highly personalized experiences across sales and marketing.
In July 2022, OSF Digital, a Canada-based digital transformation leader, acquired Aarin Inc. for an undisclosed amount. With this acquisition, OSF Digital aims to significantly strengthen and expand the salesforce marketing cloud center in North America. This acquisition enables both companies to serve the growing North American customer base with excellent and innovative solutions. Aarin Inc. is a US-based leader in salesforce marketing cloud systems integrator company.
The countries covered in the marketing cloud platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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