Increasing expenditure on marketing and advertising activities by organizations is projected to be the key player in spiking the revenue of customer data platform market from US$ 1.5 Billion in 2021 to US$ 1.9 Billion in 2022.
The customer data platform industry is estimated to reach US$ 7.2 Billion while recording a healthy CAGR of 14% during the assessment period from 2022 to 2032.
Established players are augmenting their investments in developing competent customer data platform. Also, customers are demanding real-time services, encouraging companies to implement their strategies. In an occurrence, in April 2021, Fulcrum, a player that provides personalization software, announced its Customer Data Platform.
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Principal Reasons Driving the Global Customer Data Platform Market
Real-time and personalized data analysis provided by CDM is expected to boost the market in the forecast period. The platform gives estimations and observations about the customer and their preferences when the data is stored. This helps organizations to understand their customers in better way.
Owing to such benefits, players in the market adopt various strategies to strengthen the market position. For instance, in May 2021, Salesforce upgraded its customer data platform solution to assist organizations in prioritizing first-party data and offer more personalized interaction with customers.
CDP helps enterprises in collecting important information and data about customers before implementing the marketing strategy. Initially, the data was stored in a decentralized system, which made it difficult and tedious to collect data in a single frame and analyze it.
CDP stores data in single platform from where an absolute analysis is performed. The moment data is stored into CDM, it offers various analysis about the customer and its preferences. This helps in expanding customer engagement and develop a suitable customer experience strategy.
As per an analysis, by 2030, 69% of decisions made during customer engagement will be accomplished by machines. The automation and agility is likely to drive the market in the forecast period. As the need for real-time automated decision making is increasing, CDP solutions with people-based marketing, cross-channel real-time engagement capabilities will evolve.
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Key Segments Profiled in the Global Customer Data Platform Market
Global Customer Data Platform Market by Type :
- Customer Data Platform by Access
- Customer Data Platform by Campaign
- Customer Data Platform by Analytics
Global Customer Data Platform Market by Application :
- Customer Data Platform in Retail
- Customer Data Platform in Banking, Financial Services, and Insurance (BFSI)
- Customer Data Platform in Telecom, Media, and Technology (TMT)
- Customer Data Platform in Travel
- Customer Data Platform in Healthcare
- Customer Data Platform in Discrete Manufacturing
- Customer Data Platform in Others
Global Customer Data Platform Market by Region :
- North America Customer Data Platform Market
- Europe Customer Data Platform Market
- Asia Pacific Customer Data Platform Market
- Middle East & Africa Customer Data Platform Market
- Latin America Customer Data Platform Market
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Key Players in the Global Customer Data Platform Market
- Ascent360, Inc.
- Lytics Inc.
- mParticle Inc.
- NGDATA Inc.
- Oracle Corporation
- SAP SE
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