CUSTOMER DATA PLATFORM MARKET ANALYSIS

Customer Data Platform MarketSize and Trends

The global customer data platform market size was valued at US$ 1.2 Billion in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 27.9% from 2022 to 2030. The customer data platform market is expected to grow at a significant pace. This is due to the growing demand for cloud-based solutions. The rising need for omnichannel experience is expected to drive the market. Also, the growth of e-commerce industry is expected to be a major factor driving the growth of the market. Furthermore, the increasing adoption of account-based marketing is also anticipated to provide a significant boost to the market.

Growing adoption of Ai for providing personalized services and solutions to customers is a major trend

The use Ai-enabled tools allow the providers to offer personalized services and solutions, which also helps improve customer relationships. For example, the platform analyzes pattern and behavior of customers across all the channels. Artificial intelligence is capable of analyzing and comparing relationships between data points such as purchase history, product or service preferences, further need of customers, and purchase plans. Thus, the adoption of Ai solutions is increasing all over the world, further creating demand for customer data platforms. This trend is likely to continue in the market over the forecast period.

Rise in demand for omnichannel experiences is a growing trend in the market

Omnichannels use a customer-centric approach that can enhance user experience. With this approach businesses get a wider experience of customer behavior in order for them to implement their strategies for marketing more efficiently. Thus, the demand for omnichannel experiences is increasing among several organizations around the globe, which in turn is expected to propel growth of the global customer data platform market over the forecast period.