Global Customer Data Platform Market By Component (Platform, and Services), By Application (Personalized Recommendations, Predictive Analytics, Marketing Data Segmentation, Customer Retention & Engagement, and Security Management and Others), By Deployment (On-premises and Cloud-based), By Organization Size (Large Enterprises & Small and Medium Enterprises), By Vertical (Healthcare, BFSI, Retail, Government, IT & Telecommunication, Media and Entertainment & Others) and by Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022-2030
Industry Prospective
Customer Data Platform Market size was worth around USD 1.73 Billion in 2021 and is predicted to grow around USD 7.66 Billion by 2030 with a compound annual growth rate of roughly 17.9% between 2022 and 2030. The report analyzes the global customer data platform market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the customer data platform market.
Market Overview
Customer data platform organizes and aggregates customer data. It checks client interest in the product by location, geography, tradition, and use. Other systems, software, and the marketing team will use this data. Customer data platform organizes and accumulates real-time data into customer profiles. Marketing and company operations employ customer data platforms. Customer data is the information customers leave behind online and offline via blogs, websites, in-store encounters, and e-commerce platforms.
The increasing investment in marketing and advertising activities by businesses, the shifting landscape of customer intelligence, and the proliferation of customer channels are anticipated to be the major drivers driving the growth of the customer data platform market throughout the forecast period.
As per the analysis shared by our analyst team, the global customer data platform market share is estimated to grow annually at a CAGR of around 17.9% over the forecast period (2022-2030).
In terms of revenue, the global customer data platform market size was valued at around USD 1.73 Billion in 2021 and is projected to reach USD 7.66 Billion, by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
Based on the component, the platform was predicted to show maximum market share in the year 2021.
Based on application, the personalized recommendations segment was the leading revenue-generating type in 2021.
Based on the deployment mode, the cloud-based was projected to show largest share in 2021.
On the basis of organization size, the large enterprises segment was dominating the market share in 2021.
On the basis of vertical, the retail segment was projected to show largest share in 2021.
On the basis of region, North America were the leading revenue generator in 2021.
COVID-19 Impact
The COVID-19 has a positive effect on the development of the market's growth. Despite the fact that the COVID-19 outbreaks have illuminated weaknesses in business models across industries, they have provided numerous opportunities to digitize and expand their businesses across geographies. The adoption and integration of technologies such as IoT, cloud, analytics, AI, and blockchain have increased during the lockdown period. However, with the availability of vaccines and the significant control obtained over the pandemic, it is anticipated that investments in these sectors will increase throughout the forecast period as customer data platform solutions gain significance across corporate activities.
Additionally, the coronavirus has significantly contributed to the increase in demand for data solutions. During the pandemic, several industries, ranging from the government to the retail sector, have switched toward digitization in order to maintain their operations efficiently and effectively.
Rising Demand for Omni channel Experience to Propel Market Growth
Increasing demand for Omni channel experiences, which focuses the consumer and enhances the user experience, will likely drive market expansion. This strategy promotes the market's growth significantly and provides firms with a wider understanding of client behavior so they can implement their marketing strategies more effectively.
Privacy Concerns Hampering Market Growth
Legal difficulties arose for major data providers of customer data when exchanging customer insights within corporations. Internet users today are more worried about the privacy of their personal data. In response to this rising worry, Europe's General Data Protection Regulation (GDPR) was enacted to safeguard the privacy of customers' information.
According to the legislation, businesses have no legal rights to their customers' information. In addition, the consumer has the right to know where, how, and for what purpose their personal information is being used. This has hampered data sharing and is anticipated to impede market expansion.
Increasing Adoption of Advanced Technologies including AI & ML Among Organizations to Aid Market Growth
The next-generation consumer data platform is gaining popularity as the availability of artificial intelligence (AI) and machine learning (ML) technology increases. It utilizes AI, ML, and natural language processing to reduce marketing teams' effort. Additionally, AI-enabled tools enable suppliers to provide clients individualized solutions and services, hence enhancing the customer experience and preserving customer connections. The platform analyses, for example, client trends and behavior across all channels.
AI and ML collect data sets, assess and compare the links between this data, such as product or service preferences and purchase history, and then provide suggestions based on the customer's upcoming needs and buy intentions. Due to AI and ML, the marketer receives a better and more comprehensive understanding of their consumer base and purchasing trends.
Concerns Pertaining to Inability to Create Marketing Campaigns in Real-Time will be Challenging Factor for Customer Data Platform
Despite a plethora of data and a strong desire to succeed, personalization attempts encounter a number of persistent roadblocks. The inability to conduct campaigns in real-time is cited by a number of manufacturers of CDP solutions as one of the most significant obstacles for companies seeking to adopt fully realized real-time one-to-one personalization. Isolated data makes it harder for marketers to convey consistent messaging across platforms.
This can lead to inefficiencies in communication both within teams and between brands and their customers, extending the overall turnaround time for marketing initiatives. Thus, the capacity for CDP systems to run campaigns in real-time is still a distant possibility. Since consistency between marketing channels, customer service, and on-site experience is becoming increasingly important for client acquisition and retention, it is imperative that intelligent brands undertake real-time engagement efforts.
Segmentation Analysis
Based on component, the platform dominating the customer data platform market share owing to the demand for software is increasing as the demand for customer satisfaction rises. Also, the diverse industries are investing more in marketing and advertising to give customized client solutions, which will fuel market expansion in the forecasted years.
Based on deployment, the global market segments are on-premises and cloud-based. The cloud-based segment is dominating the market share owing to the increasing dependency of the businesses relying on the cloud-based solutions for the streamlined workflow and no extra storage issues.
Based on vertical, the global market segments are healthcare, BFSI, retail, government, IT & telecommunication, media and entertainment & others. The retail segment is dominating the market share owing to the rapidly using marketing automation systems across the globe. Real-time marketing systems established on centralized platforms will enhance the marketing campaigns.
The rising level of competition in the retail and e-commerce marketplaces has led to a rise in the use of platforms to reach the right customers. With the aid of this technology, retailers can boost customer interactions and interactions with customers. In this extremely competitive industry, CDP creates unified brand views and benefits retailers who employ it.
Recent Development
June 2021- Dentsu International revealed that Merkury, its identity resolution and data platform, has been completely integrated into Salesforce's Customer Data Platform. Without depending on third-party cookies, Salesforce users will be able to capture, unify, and activate consumer data across all channels.
January 2021- Bloomreach has acquired Exponea, the Customer Data and Experience Platform, to accelerate the rate at which businesses personalize, create, and optimize excellent commerce experiences, as well as accelerate revenue growth for B2C and B2B brands.
October 2020- SAP SE introduced the SAP CDP, to enable organizations to redefine the customer experience across all interactions ranging from commerce and marketing to sales and service.
North America is Dominating the Market Share
North America is dominating the global customer data platform market owing to the presence of major players and increased technological developments. The expansion of digitization, big data, and data analytics encourages marketers to make market investments. In addition, escalating government rules about the privacy of client data have encouraged the platform's usage by advertisers and marketers.
Competitive Landscape
The key players are in the customer data platform industry includes Salesforce.com, Inc., Bloomreach, Segment.io, Inc., Optimove Inc., Oracle, SAP SE, SAS Institute Inc., Leadspace, Ignitionone.com, Kabbage Inc. (Radius Intelligence), Tealium Inc., Adobe, Teradata, D4t4 Solutions (Celebrus), Dentsu International, amongst others.
The global Customer Data Platform market is segmented as follows:
By Component
- Platform
- Services
By Application
- Personalized Recommendations
- Predictive Analytics
- Marketing Data Segmentation
- Customer Retention & Engagement
- Security Management
- Others
By Deployment
- On-premises
- Cloud-based
By Organization Size
- Large Enterprises
- Small and Medium Enterprises
By Vertical
- Healthcare
- BFSI
- Retail
- Government
- IT & Telecommunication
- Media and Entertainment
- Others
By Region
- North America
- The U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Reunion
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Global Customer Data Platform Market By
- October-2022
- 1 4 8
- Global
- information-technology-communication-iot
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