Pune, India, March 11, 2022 (GLOBE NEWSWIRE) -- The global customer data platform market size was valued at USD 1.16 billion in 2021. The market is anticipated to rise from USD 1.42 billion in 2022 to USD 6.94 billion by 2029 at 25.4% CAGR during the forecast period 2022-2029. Fortune Business Insights™ has deep-dived into these insights in its latest research report titled, “Customer Data Platform Market, 2022-2029.”
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According to the analysis, leading companies are expected to further their investments in such services following the trend for personalization. Moreover, customers demand real-time services, prompting companies to further their strategies. For instance, in May 2021, Salesforce updated its customer data platform solution to help companies prioritize first-party data and make their conversation with customers more personalized.
Major Players Profiled in the Report:
- 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)
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 |
| Customer Data Platform 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 |
| Customer Data Platform Market Growth Drivers | Customer Data Platform Solutions Become Trendier amidst the Pandemic |
| Expanding Penetration of Personalization & Demand from BFSI Sector to Bolster Business Outlook | |
| North America to Further Investments in Data Platform with Rising Demand from End-Users | |
| Stakeholders to Invest in Partnerships to Tap Markets |
COVID-19 Impact
Customer Data Platform Solutions Become Trendier amidst the Pandemic
Stakeholders have exhibited immense traction towards data platform solutions against the backdrop of the influence of the COVID-19 pandemic. Prominently, governments and other stakeholders augmented their investment in digitization to streamline their business operations. End-users will continue to show an inclination for real-time data to boost RoI amidst the trend for remote work culture.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Report Coverage
The report sheds light on quantitative and qualitative assessments to provide a holistic view of the global market. The secondary sources referred are press releases, SEC filings and websites. Further, a host of primary interviews has been conducted with opinion leaders, suppliers, and other stakeholders. Primary data has been collated through emails, telephonic conversations, and questionnaires. The report highlights bottom-up and top-down approaches to provide a comprehensive view of product mapping.
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.
Drivers and Restraints
Expanding Penetration of Personalization & Demand from BFSI Sector to Bolster Business Outlook
Industry players expect the demand for real-time engagement to usher the personalization trend globally. Millennials and gen Z population are likely to seek customized and personalized data solutions and services. Besides, stakeholders are likely to inject funds into the customer data platform market share, owing to strong demand from the BFSI sector. The COVID-19 pandemic is a testimony that online client services witnessed a dramatic surge across emerging and advanced economies. Banks and financial institutions are likely to increase their investments in data platform solutions.
Meanwhile, escalating privacy concerns could dent the industry outlook during the forecast period.
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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.
Key Industry Development
- January 2020 – Tealium, Inc. and Invoca Inc. announced a strategic partnership to help organizations with customer data and real-time analytics.
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- 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, 2021
- 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
- By Type
- Canada
- By Type
- United States
- Europe 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
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