Chicago, March 27, 2024 (GLOBE NEWSWIRE) -- The global Customer Data Platform Market size is projected to grow from USD 5.1 billion in 2023 and USD 7.4 billion in 2024 to USD 28.2 billion by 2028, at a compound annual growth rate (CAGR) of 39.9% during the forecast period (2024-2028), according to new report by MarketsandMarkets.
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Customer Data Platform Market Growth Dynamics:
Drivers:
- Growing data volume and complexity
- Increasing demand for omnichannel experience
- Need to comply with privacy regulations
- Shift toward data-driven marketing
- Changing landscape of customer intelligence
- Proliferation of multiple customer channels
Opportunities:
- Expansion of AI and ML
- Automation of smart machines
- Rising investments and fundings by enterprises
Restraints:
- Criticality of maintaining data privacy laws
- Lack of flexibility
List of key Players in Customer Data Platform Market:
- Oracle Corporation (US),
- SAP SE (Germany),
- Adobe Inc. (US),
- Salesforce.com, Inc. (US),
- Microsoft Corporation (US),
- SAS Institute (US),
- Twilio (US),
- Cloudera (US),
- Teradata (US),
- Nice Systems Ltd. (Israel),
- Dun & Bradstreet (US)
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Due to various business drivers, the Customer Data Platform (CDP) market is expected to grow significantly during the forecast period. The market is experiencing significant growth due to increasing data volume and complexity, growing regulatory compliance requirements, shift toward data-driven marketing and advertising. The need to deliver omnichannel experience, changing landscape of customer intelligence, and proliferation of customer channels is also responsible for driving the market’s growth.
A CDP is a customer data personalization management system that creates a persistent, unified customer database accessible to other systems. It provides an environment that can ensure the most up-to-date, precise, and complete view of customers. This will help organizations make better decisions on how, when, and why to interact with customers. It consolidates and integrates data from multiple heterogeneous sources with a single, trusted repository that supplies accurate customer data to analytical and operational systems throughout the marketing and technology stack.
Based on the offering, the Customer Data Platform (CDP) market is segmented into platform and services. The platform segment is expected to garner a higher revenue during the forecast period. Most CDP solution providers offer a software package or a platform that integrates customer data from different channels, including eCommerce, point of sale, email sign-up, and product registration, into a single database to provide a 360° customer view. To design omnichannel marketing strategies, they use customer analytics and predictive models, such as recency, sales pipeline, forecasting, frequency, monetary analysis, lifetime spend, and customer/prospect ratio.
Based on solutions by deployment mode, the segment has been bifurcated in cloud and on-premises. The on-premises segment is expected to garner a higher revenue during the forecast period. On-premises solutions provide organizations with full control over all platforms and systems, which can be handled and managed by their IT staff. The on-premises deployment mode remains the most flexible option concerning customization and data analytics. Compared with the cloud delivery mode, the on-premises deployment mode is more expensive and requires specialized software, hardware, and skilled employees to implement and manage CDP solutions. However, many marketing organizations are still cautious about cloud-based deployments' data security and privacy issues. Therefore, they prefer the on-premises mode over the cloud.
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Based on data channel, the segment has been bifurcated into Email, social media, SMS, web, push messaging, and other data channels (direct mail, ad network). The Email segment is expected to garner a higher revenue during the forecast period. The Email data channel segment within the Customer Data Platform (CDP) market has experienced significant growth driven by several key factors. The increasing importance of personalized marketing strategies has propelled the demand for CDPs that can effectively integrate and utilize email data. Businesses recognize the value of leveraging email data to tailor their communications and enhance customer engagement. The rising adoption of automation and AI technologies has further fueled growth in this segment.
The Customer Data Platform (CDP) market has been segmented into five regions: North America, Europe, the Middle East & Africa, the Asia Pacific, and Latin America. The increasing technological advancements favor the growth of the Customer Data Platform (CDP) market in North America. The growing number of CDP players across regions is expected to further drive the market growth. The adoption of CDPs is increasing rapidly, owing to their data management benefits. The Customer Data Platform (CDP) market is expected to witness fast growth in the coming years due to the improved application functionality of CDPs and enhanced technologies. Europe is expected to hold the second-largest market size during the forecast period due to the awareness of regulations related to CDP among businesses.
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