Product ID: SQMIG45D2052
Global Customer Data Platform Market Size, Share, Growth Analysis, By Component(Platform, Service), By Deployment Type(Cloud, On-Premises), By Organization Size(Small, Medium-Sized Enterprises), By Application(Personalized Recommendation, Predictive Analytics) - Industry Forecast 2024-2031
Report ID:
SQMIG45D2052 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
119 |
Figures:
77
Global Customer Data Platform Market Insights
Global Customer Data Platform Market size was valued at USD 3.49 billion in 2019 and is poised to grow from USD 4.71 billion in 2023 to USD 49.8 billion by 2031, growing at a CAGR of 35% in the forecast period (2024-2031).
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 Customer Data Platform Market Report Snapshots
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