Pune, India, Nov. 08, 2021 (GLOBE NEWSWIRE) -- The global customer data platform market size is anticipated to reach USD 5,503.4 million by 2028 and exhibit a CAGR of 25.0% during the forecast period. The increasing importance of CRM and customer satisfaction is likely to be the key growth propellant for the market. Fortune Business Insights™ has presented this information in its report titled, “Customer Data Platform Market, 2021-2028”. The market size stood at USD 942.9 million in 2020.
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Technological advancements and the growing adoption of machine learning (ML) and artificial intelligence (AI) are also anticipated to boost the growth of the market. Customer data platform (CDP) with AI at the core can analyze consumer’s purchasing patterns and suggest the best products according to the consumer’s preference. Advanced intelligence and data analysis are expected to bolster market growth in the coming years.
List of Key Players in Customer Data Platform market:
- Salesforce.com, Inc. (U.S.)
- Exponea s.r.o (Slovakia)
- Segment.io, Inc. (U.S.)
- Optimove Inc. (U.S.)
- Oracle Inc. (U.S.)
- Leadspace, Inc. (U.S.)
- Ignitionone.com (U.S.)
- Kabbage Inc. (Radius Intelligence) (U.S.)
- Tealium Inc. (U.S.)
- CaliberMind (U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 25% |
| 2028 Value Projection | USD 5503.4 Million |
| Base Year | 2020 |
| Market Size in 2020 | USD 942.9 Million |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 150 |
| Segments covered | Component, Deployment, Type, Industry and Geography |
| Growth Drivers | Growing Adoption of AI and ML to Fuel Market Growth |
| Growing Implementation of CDP to Boost Growth in North America | |
| Key Players Expand & Upgrade Product Portfolio to Garner Growth |
COVID-19 Impact-
The sudden emergence of the coronavirus outbreak has drastically affected the growth of several industries and markets and created unprecedented challenges to the global economic structure. However, the market has witnessed a positive impact of the pandemic. The swift digitization observed during the pandemic has accelerated the demand for CDP. Additionally, CDP has allowed businesses to afloat during the pandemic through strategic and effective marketing. Moreover, the accurate customer data provided by CDP has boosted its adoption. The market is anticipated to exhibit skyrocketing growth in the upcoming years.
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Segmentation-
On the basis of components, the market is bifurcated into services and platforms. On the basis of deployment, the market is categorized into on-premises and cloud. On the basis of type, the market is segmented into analytics, access, and campaigns. On the basis of industry, the market is divided into retail and eCommerce, Banking, Financial Services and Insurance (BFSI), travel and hospitality, media and entertainment, information technology (IT) and telecom, healthcare, and others. Geographically, the market is classified into five major regions- Latin America, Europe, Asia Pacific, North America, and the Middle East & Africa.
Report Coverage-
- Provides a holistic assessment of the market.
- Showcases the competitive landscape and recent industry developments.
- Envisages Porters’ Five Forces Analysis for an accurate market prediction.
- Assesses the impact of the COVID-19 pandemic and suggests strategies for future growth.
- Analyzes the growth across different geographical regions: North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
Drivers & Restraints-
Growing Adoption of AI and ML to Fuel Market Growth
CDP store customer data and provide personalized data in real-time. Marketers use the data to devise effective marketing strategies. The real-time personalized analysis of data is anticipated to boost CDP demand and bolster the global customer data platform market growth.
The surging internet penetration and the growing digitization have induced the BFSI sector to communicate with customers via digital platforms. The increasing importance of customer relationship management (CRM) and customer satisfaction in the BFSI sector is expected to be a crucial growth driver for the market.
The growing adoption of ML and AI is projected to augment the market growth in the coming years. CDP with AI at the core can analyze consumers' purchasing patterns and suggest the best products according to the consumer’s preference. Advanced intelligence and data analysis are expected to bolster market growth in the coming years.
However, privacy concerns over customer data may hinder the growth of the market.
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Regional Insights-
Growing Implementation of CDP to Boost Growth in North America
North America is projected to dominate the global customer data platform market share. The key players such as Salesforce.com, Inc., present in the region, are likely to stimulate the growth of the market. Additionally, the increasing implementation of CDP in the U.S. is anticipated to bolster market growth.
Europe is anticipated to gain the second largest market share due to the growing adoption of CDP, and the increasing number of platform vendors in France and the UK.
Asia Pacific is expected to witness swift growth due to the increasing digitization and high internet penetration. India and China are anticipated to lead the growth in Asia Pacific.
The Middle East & Africa, and Latin America are likely to witness considerable growth due to the growing internet penetration and urbanization.
Competitive Landscape-
Key Players Expand & Upgrade Product Portfolio to Garner Growth
The key players in the market are expanding and upgrading their product portfolios to strengthen their market presence. They are incorporating AI and ML to develop advanced customer data platforms. The businesses operating in the market are devising innovative growth strategies such as new product launches, technological developments, mergers, partnerships, acquisitions, and collaborations to gain growth impetus.
Industry Developments-
- May 2021: Amperity entered into a partnership with Persado to augment marketing-led revenues, higher conversion rates on click-throughs and open rates, and lower customer acquisition costs across all marketing channels.
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Customer Data Platform Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Customer Data Platform Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (USD)
- Platform
- Services
- By Deployment (USD)
- Cloud
- On-Premises
- By Type (USD)
- Access
- Analytics
- Campaigns
- By Industry (USD)
- 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 Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- By Component (USD)
- North America Customer Data Platform Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (USD)
- Platform
- Services
- By Deployment (USD)
- Cloud
- On-Premises
- By Type (USD)
- Access
- Analytics
- Campaigns
- By Industry (USD)
- 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 Component (USD)
- Global Customer Data Platform Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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