ICT-IOT

Cloud Advertising Market is Expected to Reach USD 5,029.5 Million by 2031

Apr 2024

ICT-IOT

As per the report published by Kings Research, the global Cloud Advertising Market was valued at USD 2,470.0 million in 2023 and is projected to reach USD 5,029.5 million by 2031, growing at a CAGR of 9.44% from 2024 to 2031.

Growing reliance on data-driven decision-making in advertising is prompting increased adoption of cloud-based analytics tools. In today's competitive landscape, advertisers are increasingly turning to data analytics to gain insights into consumer behavior, preferences, and trends. By leveraging advanced analytics tools hosted on cloud platforms, advertisers analyze vast amounts of data in real-time, enabling them to make informed decisions and optimize their advertising strategies for better performance and ROI.

Cloud-based analytics offer scalability, flexibility, and accessibility, allowing advertisers to access insights from anywhere, at any time, using any device. With the proliferation of digital channels and the complexity of consumer journeys, cloud-based analytics tools provide advertisers with the capabilities to track, measure, and attribute the impact of their advertising campaigns across multiple touchpoints. As advertisers seek to remain at the forefront of industry trends and drive innovation in their marketing efforts, the demand for cloud-based analytics solutions is expected to continue to grow. This surge is poised to propel market expansion and foster technological advancements in the field of data-driven advertising.

Key Insights

  • Based on service, the platform as a service (PaaS) segment accounted for the largest market share of 39.52% in 2023
  • Based on application, the passenger car segment is estimated to register a CAGR of 10.60% between 2024 and 2031
  • Based on deployment, the private segment captured the largest market share of 39.29% in 2023
  • Based on enterprise size, the small and medium enterprises segment is likely to grow at a CAGR of 9.78% between 2024 and 2031
  • Based on vertical, the retail segment garnered the highest revenue of USD 658.3 million in 2023
  • On the basis of region, Asia-Pacific led the market in 2023 with a valuation of USD 609.8 million

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Emerging Markets Offer Lucrative Opportunities for Cloud Advertising Providers to Extend Global Reach

Untapped potential in emerging markets presents opportunities for cloud advertising providers to expand their global footprint. Emerging markets, characterized by rapid urbanization, increasing disposable incomes, and growing internet penetration, offer a promising landscape for advertisers looking to reach new audiences and access previously unexplored consumer segments. Cloud advertising providers have the capacity to leverage their expertise and technological infrastructure to offer scalable and cost-effective advertising solutions tailored to the unique needs and preferences of consumers in emerging markets. By establishing a presence in emerging markets, cloud advertising providers are capitalizing on the growing demand for digital advertising services and establishing strategic partnerships with local businesses and advertisers. Furthermore, expanding into emerging markets allows cloud advertising providers to diversify their revenue streams and reduce dependence on mature markets, positioning them for long-term growth and sustainability in the global marketplace.

Ongoing Programmatic Advertising Growth to Support Market Expansion

The continued growth of programmatic advertising presents significant opportunities for automating and optimizing cloud-based ad delivery, thereby fostering the growth of the cloud advertising market. Programmatic advertising, powered by artificial intelligence and machine learning algorithms, enables advertisers to automate the buying, placement, and optimization of digital ads in real-time, Utilizing data-driven insights and predefined criteria. This automation allows advertisers to reach their target audience more efficiently, optimize ad spend, and achieve better campaign performance compared to traditional ad-buying methods. Cloud-based ad delivery platforms play a crucial role in facilitating programmatic advertising by providing the infrastructure and technology needed to execute complex ad campaigns at scale. As advertisers increasingly prioritize efficiency, precision, and transparency in their advertising efforts, the demand for cloud-based programmatic advertising solutions is expected to soar in the forthcoming years. By utilizing automation and optimization, cloud advertising providers are tapping into new revenue streams, attracting new customers, and gaining a competitive edge in the dynamic and rapidly evolving digital advertising landscape.

Asia-Pacific to Grow at a Significant CAGR of 10.15% Over 2024-2031

Based on region, the global cloud advertising market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America. Asia-Pacific is set to record a value of USD 1,320.1 million in 2023 on account of the region's dynamic economies, burgeoning middle-class population, and rapid digital transformation. With a large and diverse population of digital-savvy consumers, Asia-Pacific offers immense opportunities for advertisers to connect with their target audience across various channels and devices.

Moreover, the increasing prevalence of smartphones, rising internet penetration rates, and growing adoption of e-commerce platforms are fueling the demand for digital advertising solutions in the region. As businesses in Asia-Pacific seek to capitalize on the vast potential of digital advertising to drive brand awareness, customer engagement, and sales growth, the market for cloud advertising in the region is projected to experience notable growth in the coming years. Additionally, favorable government policies, infrastructure investments, and a supportive regulatory environment contribute to the conducive business environment for cloud advertising providers in Asia-Pacific.

Market Leaders Undertake Collaborations and Acquisitions for Sustained Growth

The global cloud advertising market reveals a fragmented landscape, featuring prominent companies including Amazon Web Services, Inc., Oracle, Google LLC, Microsoft, IBM Corporation, Adobe, SAP SE, Sprinklr Inc., Viant Technology LLC, Salesforce.com, Inc, Imagine Communications, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their global business footprint and enhance their competitive position.

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