United States, Rockville MD, July 04, 2022 (GLOBE NEWSWIRE) -- The global customer data platform is estimated to reach US$ 7.2 Billion while recording a CAGR of 14% during the forecast period from 2022-to 2032. During the said period of assessment, the market is projected to grow nearly 4x. Growing expenditure on marketing and advertising initiatives by various enterprises is expected to play salient role in driving the market in the forecast period.
The market valued US$ 1.5 billion in 2021, against US$ 1.9 billion in 2022. From 2015- to 2021, the market exhibited a CAGR of 28.1%. The growth of the customer data platform market during the prior mentioned period can be attributed to the rising proliferation of customer channels. Increasing importance of real-time and personalized engagement is projected to augment the market size in the forecast period. Owing to various benefits provided by the platform, the market is set to flourish in the forthcoming time.
For Critical Insights on Customer Data Platform Market, Request a Sample Report
https://www.factmr.com/connectus/sample?flag=S&rep_id=7326
Players in the market are adopting various strategies to enhance the industry size in the assessment tenure. For instance, in May 2021, Salesforce updated its customer data platform solution to help enterprises in targeting first-party data and provide better personalized interaction with customers.
In addition, BFSI is witnessing significant online interaction in the forecast period. The surging internet penetration and affordability of internet across the globe has encouraged users to use online channels to interact with banks, insurance, and other institutions. The banking sector is adopting several initiatives to avail benefits of CDM, for instance, on May 04, 2022, Marble Financial Inc., an AI-based FinTech company, disclosed that it had inked licensing agreement with thirdstream to offer Marble’s innovative financial technology solutions to more than 50 banks, financial services and insurance enterprises on thirdstream’s platform. Thirdstream has more about 50 BFSI clients.
Factors Limiting Growth of the Global Customer Data Platform Market
Privacy Concerns Associated with the Platform to Hamper the Market Growth
Customer data platform market is expected to be majorly hindered by the privacy concerns associated with it. The platform is highly vulnerable to breaches and cyberattacks. For instance, in May 2022, Heroku, the popular cloud platform owned by Salesforce, revealed that it was compelled to reset some user passwords in response to a security breach, which also invited wave of criticism.
Europe’s General Data Protection Regulation was implemented to safeguard the customers’ private data. As per the law, enterprises do not have any rights on their customer’s data. Also, the customer has all rights to know how his personal data is being used. This has acted as a significant counter to the impeding cause, thereby, propelling the market growth.
However, with increasing investments by players and growing number of start-ups are expected to counter the hampering effect and support the market growth in the forecast period. Also, advent of automated smart machinery to enhance customer experience is projected to act as a lucrative opportunity to the market in the forthcoming period.
To learn more about Customer Data Platform Market, you can get in touch with our Analyst at https://www.factmr.com/connectus/sample?flag=AE&rep_id=7326
Key Segments Covered in the Customer Data Platform Industry Survey
- Global Customer Data Platform Market by Type :
- Customer Data Platform by Access
- Customer Data Platform by Campaign
- Customer Data Platform by Analytics
- Customer Data Platform by Access
- Global Customer Data Platform Market by Application :
- Customer Data Platform in Retail
- Customer Data Platform in Banking, Financial Services, and Insurance (BFSI)
- Customer Data Platform in Telecom, Media, and Technology (TMT)
- Customer Data Platform in Travel
- Customer Data Platform in Healthcare
- Customer Data Platform in Discrete Manufacturing
- Customer Data Platform in Others
- Customer Data Platform in Retail
- Global Customer Data Platform Market by Region :
- North America Customer Data Platform Market
- Europe Customer Data Platform Market
- Asia Pacific Customer Data Platform Market
- Middle East & Africa Customer Data Platform Market
- Latin America Customer Data Platform Market
- North America Customer Data Platform Market
Competitive Landscape
Players in the global customer data platform market are focusing to offer enhanced services and provide innovative products which would give them a competitive edge in the market. Key players in the market include ActionIQ, Adobe, AgileOne, Ascent360, Inc., and BlueConic among others. Recent developments in the industry are:
- In May 2021, Salesforce CDP disclosed its new update that aids enterprises’ prioritize first-party data that would make every customer interaction personalized.
- In June 2021, Adobe introduced an AI-based live search for Adobe Commerce. Adobe Commerce merchants can provide their shoppers with personalized search results as per their requirement.
Get Customization on Customer Data Platform Market Report for Specific Research Solutions
https://www.factmr.com/connectus/sample?flag=RC&rep_id=7326
Key players in the Customer Data Platform Market
- ActionIQ
- Adobe
- AgileOne
- Ascent360, Inc.
- BlueConic
- Lytics Inc.
- mParticle Inc.
- NGDATA Inc.
Key Takeaways from Customer Data Platform Market Study
- The campaign segment to expand at a CAGR of 13.9% during the forecast period
- The U.S market to hold a value of US$ 2.6 Billion by 2032
- The market in U.K to garner US$ 299.1 Million during the forecast period
- Chinese market to exhibit a CAGR of 13.4% during the assessment period
- Market in South Korea to flourish at a growth rate of 11.5% during the forecast period
About the Technology Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned technology team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the technology industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
Explore Fact.MR's Coverage on the Technology Domain-
Automated Storage and Retrieval Systems Market- The global automated storage and retrieval systems (ASRS) market is expected to reach US$ 24 billion by 2032 from 10.2 billion in 2022. A growth rate of over 9.1% on annual basis is projected for the demand of ASRS, predominantly driven by is usage across retail warehouses during the forecast period of 2022-32.
GaN RF Devices Market- GaN RF devices market value is forecast to surpass US$ 5,159 million by 2032. A growth rate of 21.3% is projected for the demand of these high power amplifiers during the forecast period of 2022-32.
Blue Prism Technology Services Market- The global blue prism technology services market is estimated at USD 362 Million in 2022 and is projected to reach USD 7,688 Million by 2032, growing at an exciting CAGR of 35.7% from 2022-2032.
Contactless Biometrics Market- The global contactless biometrics market is estimated at USD 17.1 Billion in 2022 and is forecast to reach USD 78.6 Billion by 2032, growing at a CAGR of 16.4% during 2022-2032.
Data Protection Software Market- The global data protection software market is estimated at USD 1,195 Million in 2022 and is projected to reach USD 18,500 Million by 2032, growing at an exciting CAGR of 31.5% during 2022-2032.
Data Center Market- The global data center market is expected to be valued at around US$ 77 Bn in 2022. Revenue generation from data centers is likely to accelerate at a high CAGR of 13.8% to top US$ 279 Bn by 2032.
E-commerce Software and Platform Market- The e-commerce software and platform market has garnered a market value of US$ 3.81 Bn in 2022, anticipated to register a positive CAGR of 12.5% in the forecast period 2022-2032 and reach a value of US$ 12.37 Bn.
Airport Retailing Consumer Electronics Market- The global airport retailing consumer electronics market is estimated at USD 1,880 Million in 2022 and is forecast to surpass USD 3,780 Million by 2032 end, growing at a CAGR of 7.2% during 2022-2032.
G Suite Technology Services Market- The global G Suite technology services market is estimated at USD 449 Million in 2022 and is forecast to surpass USD 2,723 Million by 2032, growing at a CAGR of 19.7% during 2022-2032.
Identity Theft Protection Services Market- The global identity theft protection services market is estimated at USD 10 Billion in 2022 and is forecast to surpass USD 24 Billion by 2032, growing at a CAGR of 9.4% during 2022-2032.
About Us:
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.
Contact:
Mahendra Singh
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
Email: sales@factmr.com
Tel: +1 (628) 251-1583
Follow Us: LinkedIn | Twitter
