Pune, India, Oct. 11, 2021 (GLOBE NEWSWIRE) -- The global customer data platform market size is predicted to reach USD 4,364.7 million by 2027, exhibiting a CAGR of 24.5% during the forecast period. The increasing adoption of Artificial Intelligence (AI) and Machine Learning (ML) technologies to enhance workflow and productivity will encourage the healthy growth of the market during the forecast period. Additionally, the implementation of AI in cloud data platform (CDP) for predictive analysis and enhancement of customer experience will bolster healthy growth of the market, sates Fortune Business Insights in a report, “Customer Data Platform Market Size, Share & COVID-19 Impact Analysis, By Component (Platform and Services), By Deployment (Cloud, On-premises), By Type (Access, Analytics, and Campaign) By Industry (Banking, Financial Services and Insurance (BFSI), Retail and ecommerce, Information Technology (IT) and Telecom, Media and Entertainment, Travel and Hospitality, Healthcare, and Others (Government and Education)), and Regional Forecast, 2020-2027” the market size stood at USD 772.1 million in 2019.
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List of key players in Customer Data Platform Market:
- Microsoft Corporation (US)
- Segment.io, Inc.(US)
- SAP SE (Germany)
- Oracle Inc. (US)
- Salesforce.com, Inc. (US)
- Leadspace, Inc. (US)
- SAS Institute Inc. (US)
- Ignitionone.com (US)
- Kabbage Inc. (Radius Intelligence) (US)
- Tealium Inc. (US)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR | 24.5% |
| 2027 Value Projection | USD 4364.7 Million |
| Base Year | 2019 |
| Market Size in 2019 | USD 772.1 Million |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 150 |
| Segments covered | Component, Deployment, Type, Industry and Geography |
| Growth Drivers | Transmutation in Online Engagement to Back Business Openings |
| Outbreak of COVID-19 to Opportune Occasions for the Market | |
| Rising Adoption of CDP to Propel Market in North America |
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Market Driver:
Transmutation in Online Engagement to Back Business Openings
The increasing digitalization has led to a surge in online engagement, thus necessitating the need for cloud data platforms. The implementation of CPD helps to recognize the prospective customer through their historical data searches and queries. Banking, financial services and insurance (BFSI) are employing CPD to analyze the centralized data of customers. Hence the increasing use of customer data platform to connect with potential customers and enhance experience will subsequently foster the growth of the market in the forthcoming years. For instance, CDP tracks the search history of customers and analyzing where the customer spent more time. Thus, when the customer visits the website again, the offers related to its last search are shown effectively. The platform offers indications to BFSI marketers to generate customer-centric results.
Market Trend:
Outbreak of COVID-19 to Opportune Occasions for the Market
Covid-19 has brought the entire world to complete stop. The economy of several nations has collapsed drastically because of the pandemic. However, the customer data platform market is expected to witness substantial growth during the outbreak due to several factors. The rising utilization of e-commerce during the pandemic will spur demand for cloud data platform, which in turn, will boost the growth of the market. Also, CDP enables members to access the data remotely and thus, support the business process. Marketers and advertisers are now able to target customers based on their preferences, location, and need, which further aid the growth during the coronavirus crisis. Additionally, real-time data provided by CDP ensures return on investment (ROI) through campaigns organized from remote locations by product managers and developers. These factors together will have a noteworthy effect on the market during the COVID-19 crisis.
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Regional Analysis:
Rising Adoption of CDP to Propel Market in North America
The market in North America generated a revenue of USD 494.0 million and is predicted to grow substantially during the forecast period owing to the growing implementation of CDP in industries such as retail, BFSI, healthcare in the US. Europe is predicted to hold the largest market share during the forecast period owing to the growing number of emerging companies in the UK and France. The GDPR-compliant solutions offered by CDP vendors will influence the healthy growth of the market in the region in the foreseeable future.
Key Development:
January 2020: Tealium, Inc. announced a strategic partnership with Invoca Inc., California based AI-powered call tracking company. The partnership will provide customer data and real-time analytics for organizations. This will ease out tag-based deployment data of cross-channel management.
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Customer Data Platform Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component
- Platform
- Services
- By Deployment
- Cloud
- On-premise
- By Type (Value)
- Access
- Analytics
- Campaigns
- By Industry (Value)
- Banking, Financial Services and Insurance (BFSI)
- Retail and ecommerce
- Information Technology (IT) and Telecom
- Media and Entertainment
- Travel and Hospitality
- Healthcare
- Others (Government, Education, etc.)
- By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- By Component
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