USD 3.49 billion
Report ID: SQMIG45D2052 | Region: Global | Published Date: December, 2022 | Pages: 165 | Tables: 119 | Figures: 77
Global Customer Data Platform Market size was valued at USD 3.49 billion in 2021 and is poised to grow from USD 4.71 billion in 2022 to USD 49.8 billion by 2030, growing at a CAGR of 35% in the forecast period (2023-2030).
The rise in enterprise marketing and advertising spending, changes to the customer intelligence environment, and the proliferation of customer channels are the main drivers anticipated to fuel the growth of the customer data platform market in the future. But user data protection and data privacy rules pose a threat to the adoption of customer data platforms, which is further expected to restrain the market's expansion throughout the forecast period. The growth of investment and funding in customer data platform start-ups, as well as automated smart machines that will drive customer experience, will offer further growth prospects for the customer data platform market in the next years.
Despite this, the longer time needed to develop marketing campaigns and the uncertainty over what a customer data platform can and should do may hinder the market's expansion soon. As more people focus on online activities like e-commerce and OTT platforms, which are likely to increase the amount of customer data globally, the COVID-19 outbreak has had a beneficial effect on the industry. As a result, this platform may assist businesses in better data collection and marketing strategy development.
US Customer Data Platform Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 3.49 billion
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The Global customer data platform market is segmented based on component, deployment type, organization size, application, and Region. Based on components, the market is segmented into platform and service. Based on deployment type, the market is segmented into cloud and on-premises. Based on the organization size, the market is segmented into small and medium-sized enterprises and large enterprises. Based on application, the market is segmented into personalized recommendation, predictive analytics, marketing data segmentation, security management, customer retention and engagement, and others. Based on region, the customer data platform market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Customer Data Platform Market Analysis by Component
The market is divided into platforms and services based on components. Over the forecasted years, it is predicted that the services segment will experience the highest growth rate. These services are a crucial component of customer data platforms since they support the operation of CDPs and facilitate their quick and seamless adoption, which helps to increase the return on investments for businesses. It is projected that the increase in CDP deployment would accelerate the growth of managed and professional services.
Customer Data Platform Market Analysis by Deployment Type
The market is divided into on-premise and cloud segments based on the type of deployment. Due to the widespread adoption of cloud-based services and solutions that help businesses improve their operational efficiency and boost productivity, the cloud segment is anticipated to experience the quickest growth in the coming years. Additionally, because of the advantages and cost-effectiveness of the newest technology, businesses are adopting them at a rapid rate.
Customer Data Platform Market Analysis by Organization Size
The market is divided into large enterprises and small & medium enterprises based on enterprise size. The market by enterprise size 2021 was dominated by the Large Enterprises market. Large Businesses became a dominant segment primarily as a result of the sharp increase in demand for gathering extensive consumer data for developing possible business strategies. To support highly individualized account-based marketing or promotional activities that grow their client base, large businesses are spending on advertising and promotional activities. A significant growth is anticipated for the small & medium business market over the forecast period (2022 - 2027)
Customer Data Platform Market Analysis by Application
personalized recommendations, predictive analytics, marketing data segmentation, customer retention & engagement, security management, and others are the market segments based on application. Predictive customer analytics lets market participants decide how much money, effort, and value should be put into each customer category. The decision-tree analysis of the client journey is anticipated to help participants consider the procedure. This enables improved processes by providing in-depth and priceless insights into those consumers who are making repeated purchases and who do not wish to make any more
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The global customer data platform market is divided into North America, Europe, Asia Pacific, and the Rest of the World based on the geographical study. Due to the rapid adoption of cutting-edge technology, as well as several additional factors such as the growing demand for CDPs in the North American market, an increase in internet and smartphone usage throughout the region, rising demand from the media and advertising sector, and other factors, North America is the leading region in the global Customer Data Platform Market.
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Customer Data Platform Market Driver
Digital marketing is expanding and steadily getting bigger. The organizations are investing much in this relatively new idea as a result. Customer data systems recognize the potential of paid media, email marketing, and addressable channels and help overcome method weariness while elevating the campaign.
An extensive and ubiquitous strategy for consumer communications across numerous channels without collecting and storing client data is called omnichannel. With this method, customers may communicate consistently and easily across a variety of channels, and the platform saves all of the consumer data necessary for a third party or agent to handle their issues effectively.
Customer Data Platform Market Restraint
Because of the rising expectations of consumers as a result of the rapid advancement of technology, businesses periodically upgrade their customer interaction solutions to meet those expectations. Businesses must spend a significant sum of money quickly to refresh their solutions because technology is always being updated.
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The Global customer data platform market is relatively fragmented, with a high level of competition. Some of the large players in the market are Oracle, SAP, Adobe., Salesforce.com, inc., Microsoft Corporation, SAS Institute Inc., Teradata., NICE, Dun & Bradstreet, Inc., Leadspace, Zylotech, BLUEVENN, CaliberMind, Celebrus Technologies Ltd, Tealium, AgilOne Inc., Blue Conic, Inc., Lytics, Inc., Ignition One. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other enterprises to enhance their market share and profitability.
Customer Data Platform Market Top Players Company Profiles
Customer Data Platform Market Recent Developments
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According to our analysis, the service is essential to the operation of consumer data platforms and guarantees quicker, easier implementation, which maximizes the return on company investments. Predictive analytics enabled by AI is now more available, useful, and potent than ever thanks to CDP developments. It offers the following favorable step toward releasing previously unheard-of growth. As cloud-based solutions and services assist large organizations in enhancing efficiency and enhancing business performance, the market for large enterprises is anticipated to see a higher CAGR in the future. Due to affordability and acceptance of new technologies, large companies are anticipated to hold a larger market share in the consumer data platform. Some of the major players in the Customer Data Platform Market are Oracle Corporation (US), SAP SE (Germany), Adobe Inc. (US), Salesforce.com, Inc. (US), Microsoft Corporation (US), SAS Institute (US), Teradata (US), Nice Systems Ltd. (Israel), Dun & Bradstreet (US), Leadspace (US), Zylotech (US), Blue Venn (US), and others.
|Market size value in 2021||USD 3.49 billion|
|Market size value in 2030||USD 4.71 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Customer Data Platform Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Customer Data Platform Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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