Pune, India, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The global customer data platform market size was valued at USD 1.16 billion in 2021. The market is projected to grow from USD 1.42 billion in 2022 to USD 6.94 billion by 2029, exhibiting a CAGR of 25.4% during the forecast period. North America dominates the global market at USD 732.6 million in 2021. Fortune Business Insights™ published this information in its recent report, titled “Customer Data Platform Market Forecast, 2023-2029.”
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Key Industry Development
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.
Tealium, Inc. and Invoca Inc. announced a strategic partnership to help organizations with customer data and real-time analytics.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 25.4% |
| 2029 Value Projection | USD 6.94 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 1.16 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments covered | Component, Deployment, Type, Industry and Geography |
Key Takeaways:
- Customer Data Platform Market Size in North America was 732.6 million in 2021
- Major driving factors include growing Adoption of AI and Machine Learning
- By Deployment, cloud-based segment has the largest share in the global market.
- Global demand is driven by retail and e-commerce industry
- BFSI end-users will drive the market in the forecast period, 2023-2029
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Drivers & Restraints-
Growing Adoption of AI and ML to Fuel Market Growth
- The global customer data platform (CDP) market is expected to experience significant growth due to the increasing use of real-time personalized data analysis to devise effective marketing strategies.
- The BFSI sector is also contributing to the growth of the market by using digital platforms to communicate with customers, highlighting the importance of customer relationship management and satisfaction.
- Furthermore, the adoption of machine learning (ML) and artificial intelligence (AI) is projected to further enhance market growth.
- CDPs powered by AI can analyze consumer behavior to suggest the best products, indicating that advanced intelligence and data analysis will be key drivers of the market's growth in the future.
Expanding Penetration of Personalization & Demand from BFSI Sector to Bolster Business Outlook
- The global trend towards personalization is expected to be driven by the demand for real-time engagement, particularly from the younger generations such as Millennials and Gen Z, who seek customized data solutions and services.
- The BFSI sector is expected to drive the growth of the customer data platform market, with stakeholders expected to invest in the industry due to the increasing demand for online client services, especially since the COVID-19 pandemic.
- However, privacy concerns could pose a threat to the industry's growth during the forecast period.
Segments
Component, Deployment, Type, Industry, and Region are Studied
In terms of component, the market is segregated into services and platform.
Based on deployment, the industry is segmented into on-premises and cloud.
With respect to type, the market is fragmented into campaign, analytics, and access.
On the basis of industry, the market is segmented into travel hospitality, banking, financial services and insurance (BFSI), information technology (IT) and telecom, retail and e-commerce, healthcare, travel and hospitality, media and entertainment, and others.
With regards to region, the industry is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
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Regional Insights
North America to Further Investments in Data Platform with Rising Demand from End-Users
The U.S. and Canada are expected to witness an influx of funds into data platform analytics and access solutions during the assessment period. The presence of leading companies will solidify the position of the North America market. Prominently, the growing footfall of retailers, healthcare, and BFSI sectors will bode well for the business outlook.
Industry participants expect the Europe customer data platform market growth to witness notable traction due to the presence of leading vendors across the U.K., France, and Germany. Moreover, the implementation of GDPR has accentuated regional growth. Stakeholders expect cloud and on-premise deployment models to gain traction in the ensuing period.
The Asia Pacific industry forecast will be strong following the burgeoning internet penetration across China, India, and Australia. Furthermore, BSFI, healthcare, and e-commerce sectors have shown profound traction for customer data platform services, boding well for the business outlook. Stakeholders expect data analytics, Big Data, and digitization to encourage investments across the region.
Competitive Landscape
Stakeholders to Invest in Partnerships to Tap Markets
Major players are poised to infuse funds into product launches, mergers & acquisitions, technological advancements, and R&D activities. Prevailing trends suggest leading companies are slated to focus on geographical expansion during the forecast period.
List of Key Players in customer data platform market:
- Salesforce.com, Inc. (California)
- Exponea s.r.o. (Bratislava)
- Segment.io, Inc. (California)
- Optimove Inc. (New York)
- Oracle Inc. (Texas)
- Leadspace, Inc. (California)
- Ignitionone.com (New York)
- Kabbage Inc. (Radius Intelligence) (Georgia)
- Tealium Inc. (California)
- CaliberMind (Colorado)
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Major Table of Contents:
- Global Customer Data Platform Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Platform
- Services
- By Deployment (USD)
- On-Premises
- Cloud
- By Type (USD)
- Access
- Analytics
- Campaigns
- By Industry (USD)
- Banking, Financial Services and Insurance (BFSI)
- Retail and E-commerce
- Information Technology (IT) and Telecom
- Media and Entertainment
- Travel and Hospitality
- Healthcare
- Others (Government and Education)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Customer Data Platform Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Platform
- Services
- By Deployment (USD)
- On-Premises
- Cloud
- By Type (USD)
- Access
- Analytics
- Campaigns
- By Industry (USD)
- Banking, Financial Services and Insurance (BFSI)
- Retail and E-commerce
- Information Technology (IT) and Telecom
- Media and Entertainment
- Travel and Hospitality
- Healthcare
- Others (Government and Education)
- By Country (USD)
- United States
- Canada
TOC Continued…!
FAQs
How big is the customer data platform market?
Customer data platform market size was USD 1.16 billion in 2021.
How fast is the customer data platform market growing?
The customer data platform market will exhibit a CAGR of 25.4% during the forecast period, 2022-2029
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