The global Customer Data Platform Market is estimated to account for US$ 1.2 Bn in terms of value by the end of 2021. Customer data platforms are characterized by their ability to provide real-time data. They allow advertisers to target consumers in a precise manner. Moreover, they offer companies a way to track their customers and provide customized search results. Similarly, they help product managers plan campaigns in real-time. A variety of applications are offered by these systems, which includes insurance, banking, retail, IT, and others.
Global Customer Data Platform Market: Drivers
Rise in demand for telemedicine is projected to boost growth of the global customer data platform market over the forecast period. Telemedicine offers several benefits, such as access for consumers from any region to the needed doctor. This method is proficient due to the fact that it saves both money and time. The change in normal scheduled visits create large amount of data, which in turn creates demand for customer data platforms. Thus, this factor in turn is expected to propel growth of the global customer data platform market over the forecast period.
Global Customer Data Platform Market: Opportunities
Growing adoption of machine learning is expected to create lucrative environment for growth opportunities in the global customer data platform market over the forecast period. The next-generation customer data platform is becoming increasingly popular due to the availability of machine learning and Ai technologies. These platforms use machine learning, Ai, and natural language processing for reducing the workload of marketing team. The marketers can get a deeper and better understanding of their customer base as well as purchasing pattern with the use of machine learning.
Global Customer Data Platform Market: Restraints
Various issues related to customer data platforms are projected to hinder growth of the global customer data platform market over the forecast period. The use of customer data platform can be time taking to generate marketing campaigns. Moreover, safety of customer data, strict regulations regarding use CDP by governments, among other factors are also expected to restrain growth of the global customer data platform market over the forecast period.
Global Customer Data Platform Market- Impact of Coronavirus (Covid-19) Pandemic:
The outbreak of coronavirus spread across more than 200 countries around the globe. Many countries imposed nationwide lockdowns to control the virus spread. During this period, several organization had to take required measures for ensuring safety of their community and employees. The global customer data platform market was positively impacted by the Covid-19 pandemic, as during this period, the significant amount of data was being generated. Moreover, several businesses were adopting data analytics, Ai systems and risk management to make informed decisions for improving their business operations during the pandemic. Thus, the demand for customer data platform continued to increase throughout this period, which positively impacted the growth of the market.
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Key Takeaways:
The global customer data platform market was valued at US$ 1.2 Bn in 2021 and is forecast to reach a value of US$ 8.3 Bn by 2030 at a CAGR of 23.97% between 2022 and 2030.
Cloud segment held dominant position in the global customer data platform market in 2021, accounting for 94.2% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Customer Data Platform Market Trends:
Market players in the European region are focused on collaborations and partnerships for enhancing their businesses and for organizing their data by keeping it in one place. This in turn is expected to propel growth of the global customer data platform market over the forecast period. For instance, in August 2022, a customer data infrastructure company, mParticle entered into partnership with C&A, a fashion retailer in Europe, as its customer data management infrastructure for helping it understand the company’s engagement with customer and bridge e-commerce and in-store retail experiences. Thus, this trend of such strategies partnerships is likely to grow in the market over the forecast period.
Furthermore, growing investments by market players and rise in number of start-ups is another trend in the global customer data platform market. The rise in player investments along with increasing number of start-ups are likely to offset the hindered effect and promote expansion of the market over the forecast period. Moreover, market players are also focusing on enhancement of their customer offerings are trying to reach out the analytics platforms for using the benefits such as ensuring data protection and privacy, leveraging the historical and real-time data of the customer, increasing operational efficiency, building omnichannel customer experiences, and accelerating revenues. Thus, this trend is likely to support the market growth in the coming future.
Global Customer Data Platform Market: Competitive Landscape
Zeta Global Corp, Oracle Corporation, mParticle Inc., Salesforce.com Inc., BlueConic, Adobe Inc., Tealium, SAP SE, Acquia Inc., and Segment.Io Inc. (Twilio)
Global Customer Data Platform Market: Recent Developments
In July 2022, Oracle Corporation upgraded its sales automation application, Oracle Fusion Sales, which identifies high-quality sales opportunities and guides sellers to close deals faster.
In March 2022, Adobe’s customer data platform adopted various prominent companies at the Adobe Summit, which is also called as the digital experience conference.
