Marketing cloud platform enables the enterprises to optimize its investments in marketing for a better return on investment which will drive the demand generation across the assessment period. One of the key drivers of the marketing cloud platform market is the penetration of digital media around the world. The large-scale adoption of digital media has opened hassle-free avenues for the manufacturers and service providers to reach out to the customers and prospects through marketing cloud platform.
The efficiency of marketing cloud platform market in utilizing journey builder, audience builder, personalization builder, content builder, analytics builder and marketing cloud connect among others for creating a seamless and customized experience for the consumers will propel market growth. The customization of marketing experience for the consumers is likely to catapult the marketing cloud platform market proliferation through the projection period.
The adoption of analytics is also fueling the expansion of marketing cloud platform market as it transforms data procured from sources like sales cloud and service cloud data, web analytics, etc. into marketing campaigns. Furthermore, the adoption of the technology is also likely to expand across different industry verticals during the forecast period.
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Major Key Players
The key players profiled by MRFR in its latest report for drawing an actionable insight into the market include Adobe Systems Incorporated (U.S.), Salesforce.Com (U.S.), International Business Machines Corporation (U.S.), Oracle Corporation (U.S.), Cision Ab (Sweden), Hatchbuck (U.S.), Hubspot (U.S.), Etrigue Corporation (U.S.), Infusionsoft (U.S.), and, Leadsquared (India) among others. The market players focus on technology innovation to keep themselves ahead of the curve. Other strategies devised by the players of the marketing cloud platform market for gaining prominence include acquisitions & mergers, expansion of product portfolios, post-deployment services, etc.
In August 2018, Indian online fashion retail giant Myntra has partnered with WebEngage for employing its marketing cloud platform to power its user engagement strategy.
North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the marketing cloud platform market in North America owing to the presence of a large number of established key players such as Adobe Systems Incorporated, Oracle Corporation, Salesforce.Com and International Business Machines Corporation among others. Also, U.S. is leading the market in North America due to the rising demand for content marketing in the region. Also, due to fall in the use of native applications and considerable shift towards the adoption of marketing automation and content marketing via visual and video content are expected to drive the growth of marketing cloud platform market. Marketing cloud platform market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 due to rise in IT solutions and growing demand small and medium enterprises in China and India in the region. Whereas, the Europe market for marketing cloud platform is expected to grow at a considerable CAGR (2017-2023).
The Marketing Cloud Platform Market appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
By region, the global marketing cloud platform has been segmented into North America, Europe, Asia Pacific, and Rest of the World (ROW). North America is the global leader in marketing cloud platform market and will continue its dominance over the review period. The region is a pioneer in developing as well as adopting technologies. Furthermore, the consolidation of key players in the region will catalyze the market proliferation. Other factors favoring the growth of the North America market include embracement of mobile marketing, innovation in marketing cloud platforms, etc.
Europe will also exhibit growth during the projection period due to accelerated adoption of the technology across different industry verticals. Asia Pacific is an emerging marketing cloud platform market due to the widespread penetration of Smartphone and developing IT infrastructure in the region. The Rest of the World market will demonstrate a sluggish growth owing to the limited technological penetration in most of the regions. However, Middle East market will hold immense potential for growth throughout the projection period.
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