According to a research report “Cloud Advertising Market with COVID-19 Impact, by Component, Application (Customer Management, Campaign Management), Organization Size, Deployment Model, Vertical (Retail & Consumer Goods, Travel & Hospitality), and Region – Global Forecast to 2026″ published by MarketsandMarkets, the global cloud advertising 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.
Cloud-based advertising services that assist at various stages of an advertisement, from selecting an advertisement to determining the price when the advertisement is about to reach the end user, can be referred to as cloud advertising. Cloud advertising facilitates cloud-based advertising for different regions during different stages of online advertising. It provides different tools and services pertaining to different segments, such as business-to-business and business-to-consumer. The cloud advertising market offers integrated solutions and services for digital advertising. The increasing awareness and adoption of the cloud and the rapid increase in the number of internet users fuel the demand for cloud advertising.
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The market is expected to be driven by increasing adoption of cloud services
With the onset of the COVID-19 pandemic, lockdowns were imposed in different regions of the world, and people were forced to stay at home. This led to an increase in demand for cloud services as people were working from home. This scenario also acted as a catalyst for the growth of cloud advertising as the industry faced new changes in terms of digital advertising. Digital advertising has gained a lot of traction in the past few years as the demand for digital media surged constantly. This surge in digital media consumption created new opportunities for end users to generate more revenue via cloud advertising. This advancement in the digital advertising space creates new opportunities for cloud advertising.
Better Return on Investment (RoI) and cost optimization
Cloud advertising vendors provide products and services that can help SMEs and large enterprises to target the most suitable audience according to their tastes and preferences. By targeting the most suitable audience, end users can improve their RoI compared to traditional advertising and can optimize their costs in the same budget. Targeting the exact audience looking for their products and services can also help SMEs to increase their revenue as there would be better chances of conversion. Cloud advertising products and services are gaining more traction from SMEs as they help generate more revenue with a better return on investment. This is further expected to drive the demand for cloud advertising.
North America to dominate the global cloud advertising market in 2021
North America is expected to hold the largest market size, as cloud marketing technology has already penetrated in the region. It constitutes developed economies: the US and Canada. The early adoption of digital marketing, the presence of top players, and globalization of cloud services in North America are expected to drive the cloud advertising market. Enterprises in the region are investing heavily in digital marketing initiatives and improving customer experience. In North America, the percentage of social media users, smartphone users, and ad spending is exceptionally high compared to other regions. The 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. Verticals, including consumer goods and retail, and media and entertainment, are expected to invest in cloud marketing technology. The growing demand for personalized content and experience would further drive the adoption in North America.
The rising adoption of big data-related technologies and private cloud adoption is said to have historically driven the overall growth of the cloud advertising market in this region. Factors such as the emergence of AI technology and ML, the rapid adoption of cloud-based solutions, and the increasing number of business applications further fuel the growth of the cloud advertising market in North America. The US and Canada are the major countries that contribute to the growth of the cloud advertising market in North America. The US has witnessed rapid adoption of digitalization technologies and high levels of consumer usage compared to other developed regions.
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The cloud advertising market is dominated by companies such as Adobe (US), Oracle (US), Salesforce (US), Google (US), IBM (US), SAP (Germany), Acquia (US), Demandbase (US), Experian (US), Kubient (US), FICO (US), HubSpot (US), Imagine Communications (US), InMobi (India), Marin Software (US), Sitecore (US), MediaMath (US), Nielsen (US), PEGA (US), and Sailthru (US). These vendors have a large customer base and strong geographic footprint along with organized distribution channels, which helps them to increase revenues.
