Chicago, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The global Cloud Advertising Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 19.6% during the forecast period, to reach USD 6.7 billion by 2026 from USD 2.7 billion in 2021, according to a new report by MarketsandMarkets™.
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245 - Pages
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Cloud Advertising Market Dynamics:
Drivers:
- Increasing adoption of cloud services
- Growing need for targeted marketing and consumer analytics
- Better return on investment (RoI) and cost optimization
Restraints:
- Data security concerns and stringent cloud regulations
Opportunities:
- Shift from traditional advertising to online advertising
- Growing impact of internet users and consumption of digital media
List of Key Players in Cloud Advertising Market:
- Adobe (US)
- Oracle (US)
- Salesforce (US)
- Google (US)
- IBM (US)
- SAP (Germany)
- Acquia (US)
- Demandbase (US)
- Experian (US)
- Kubient (US)
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The cloud advertising market is diversified and competitive with many players and is expected to grow in the coming years as the demand for customer management segment is increasing across several verticals, including education, government and public sector, travel and hospitality, and media and entertainment. Developing countries across APAC and MEA are expected to offer more opportunities for vendors in the market. In current times, the cloud advertising market is profitable for vendors as several companies from diverse verticals are progressively adopting it. This market is expected to grow further in North America and Europe, whereas it is expected to hold a significant growth rate in APAC, Latin America, and MEA. Factors such as shift from traditional advertising to online advertising is expected to drive the market growth.
The cloud advertising market by application covers applications such as campaign management, customer management, real-time engagement, analytics and insights, and experience management. The applications of cloud advertising solutions are expected to grow as enterprises are planning to leverage data and gain a competitive advantage and improve operational excellence. The campaign management application is expected to hold the largest market share in 2021, while the market for real-time engagement is projected to grow at the highest rate during the forecast period.
The rising need for managing the customer journey and autonomously optimizing marketing campaigns has played a major role in the adoption of cloud advertising across verticals, such as retail and eCommerce, IT and telecom, travel and hospitality, education, BFSI, and others. Moreover, the increasing adoption of cloud advertising by SMEs has led to a growth in demand for content management, customer data management, and analytics. The cloud advertising market has been segmented into platforms and services. The services segment has been sub segmented into professional services and managed services. The professional services segment has been further sub segmented into consulting, system integration and deployment, and support and maintenance.
The cloud advertising market, by region, is segmented into North America, Europe, APAC, MEA, and Latin America. The growth level of the cloud advertising market differs from region to region. In some regions, cloud marketing is widely accepted and practiced, whereas, in others, it is yet to be accepted. A difference also lies in spending, awareness, and other macro and micro-regional factors, such as economic growth, political stability, government spending, supporting infrastructure, and awareness.
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The overall analysis shows that spending on cloud marketing technology is increasing due to technological advancements and the maturity of cloud-hosted services. Cloud advertising streamlines internal marketing functions by automation, which further reduces errors and re-work. The growing need for well-marketed product strategies and increasing cloud adoption across regions are expected to drive the market globally. North America is expected to contribute the maximum revenue to the overall cloud advertising market. North America and Europe are early adopters of cloud computing technology, owing to the presence of many technologically advanced players and increased expenditure on IT infrastructure. APAC, Latin America, and MEA are also witnessing significant growth, as many large players are willing to expand their market reach by unlocking the immense potential in these regions.
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