Customer Data Platform Market Analysis & Growth Forecast-2025, By Type, Application, Country and key Players
According to a report, “Customer Data Platform Market Size, Share & Trends Analysis Report By Type (Analytics, Campaign, Access), By Application, By Region, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc. The global customer data platform market size is expected to reach USD 5.66 billion by 2025, registering a CAGR of 27.5% from 2019 to 2025, according to the new study conducted by Grand View Research, Inc. The growing demand for assimilating and storing unstructured and structured consumer data, automatically obtained from various media touchpoints, is driving the adoption of CDP among B2B and B2C marketers. Furthermore, the need to engage and improve customer lifecycle by comprehending the collected insights is also contributing to the growth of the market.
In today’s data-savvy world, data holds the key in making the right business decisions, therefore, brands and marketers accumulate huge volumes of customer data in the form of demographic, behavioral, and transactional segments. However, with this high amount of data, challenges arise pertaining to data tracking and data redundancy. Furthermore, information gathering based on cross-platform and online activities for customer conversion and engagement also remains a challenge for marketers. Customer database platforms come to the rescue in these crucial situations as they can assimilate and store data points in a unified behavior, making them highly sought-after products, leading to higher market demands. Unified customer profiles enable marketers to enhance their marketing strategies and improve customer experience.
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The addition of machine learning and AI technologies is expected to enable enterprises to easily select a list of profiles using predictive modeling and other tactical applications, further driving the customer data platform market growth. The increasing number of CDP vendors, who are raising higher funds, is driving the market growth. In 2018, CDP vendors generated funds worth more than USD 1.5 billion and registered a growth by 48% in funding as compared to the previous year. As per the CDP Institute’s study, the industry witnessed an increase in the number of CDP vendors from 77 vendors in 2018 to 96 vendors in July 2019. These factors are expected to lead to considerable growth of the CDP market over the forecast period.
Customer Data Platform Market Report Highlights
- Recently, in September 2020, Oracle added machine learning capabilities to its Customer Data Platform. The platform now started supporting real-time behavioral data collection and personalization capabilities through Infinity, Oracle’s digital streaming technology.
- New product launch is one of the most important part of maintaining company expansion. For instance, SAP SE, launched the SAP Customer Data Platform at the virtual SAP Customer Experience LIVE conference. The new platform enables organizations to create individual but anonymized 360-degree customer profiles using data from multiple sources within and outside of a company, including online sources and social channels.
- On the basis of product type, the analytics segment growth can be attributed to the high demand for automating segmentation lists and marketing & analysis of products using predictive modeling & machine learning technology-based models
- On the basis of application, the retail application segment accounted for more than 28% of the market share 2018 owing to use of CDP to engage customers, improve customer loyalty, and enhance consumer experience
- On the basis of region, the North American regional market accounted for the largest revenue share in 2018 and is anticipated to continue to dominate the CDP market over the forecast period
- The key industry participants include ActionIQ; Adobe; AgileOne; ENSIGHTEN; mParticle, Inc.; NGDATA, Inc.; Salesforce.com, Inc.; Segment.io, Inc.; and Tealium.
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