Cloud Advertising to Reach $6.7 Billion by 2026
MarketsandMarkets has projected the global cloud advertising market to expand at a compound annual growth rate (CAGR) of 19.6 percent through 2026, when the market is expectecd to reach a value of $6.7 billion, up from $2.7 billion in 2021. The firm cites a surge in digital media consumption for creating new opportunities for companies to generate more revenue via cloud advertising.
Cloud-based advertising services assist at various stages of the marketing cycle, from selecting an advertisement to determining the price when the advertisement is about to reach the end user, the research firm said in its report.
In recent years, cloud advertising has found a place in various applications, such as dynamic ad insertion, targeted marketing, content management, campaign management, customer data management, real-time engagement, analytics, and experience management, it said further.
The rising need for companies to manage customer journeys and autonomously optimize marketing campaigns has played a major role in the adoption of cloud advertising and services across verticals, such as retail and e-commerce, IT and telecom, travel and hospitality, education, and financial services, according to MarketsandMarkets, which also found increasing adoption of cloud advertising by smaller firms.
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.
Some of the prominent players are Adobe, Oracle, Salesforce, Google, IBM, SAP, and Acquia, according to the report, which found that the cloud advertising market is highly competitive due to the presence of many market players, including a majority of top-tier and mid-tier companies.
Cloud advertising vendors provide products and services that can help companies large and small target the most suitable audiences according to their tastes and preferences. By targeting the most suitable audiences, companies can improve their RoI compared to traditional advertising and optimize their costs, MarketsandMarkets concluded.