The
global Customer
Data Platform Market size is expected to reach USD 5.66 billion by 2025,
registering a CAGR of 27.5% from 2019 to 2025, according to the new study
conducted by Grand View Research, Inc. The growing demand for assimilating and
storing unstructured and structured consumer data, automatically obtained from
various media touchpoints, is driving the adoption of CDP among B2B and B2C
marketers. Furthermore, the need to engage and improve customer lifecycle by
comprehending the collected insights is also contributing to the growth of the
market.
Currently,
brands and marketers accumulate huge volumes of customer data in the form of
demographic, behavioral, and transactional segments. The collected data points
are either stored as databases by a different organization or by departments of
the company. This poses challenges pertaining to data tracking and data
redundancy. Furthermore, information gathering based on cross-platform and
online activities for customer conversion and engagement also remains a
challenge for marketers. These factors are driving the demand for a customer
database platform, which can assimilate and store data points in a unified
behavior.
Unified
customer profiles enable marketers to enhance their marketing strategies and
improve customer experience. Retail and consumer goods were the early adopters
of customer data platforms and the adoption gradually increased among the
financial services, travel, IT and Telecom, and healthcare verticals. The
growing importance of first-party customer data and the rise in adoption of
omnichannel media among marketers are the other factors contributing to the
market growth. The addition of machine learning and AI technologies is expected
to enable enterprises to easily select a list of profiles using predictive
modeling and other tactical applications, further driving the customer data
platform market growth.
The
increasing number of CDP vendors, who are raising higher funds, is driving the
market growth. In 2018, CDP vendors generated funds worth more than USD 1.5
billion and registered a growth by 48% in funding as compared to the previous
year. As per the CDP Institute’s study, the industry witnessed an increase in
the number of CDP vendors from 77 vendors in 2018 to 96 vendors in July 2019.
These factors are expected to lead to considerable growth of the CDP market
over the forecast period.
Related Press
Release@ Customer
Data Platform Market Report
Customer Data Platform Market Report Highlights
- The
analytics segment growth can be attributed to the high demand for
automating segmentation lists and marketing & analysis of products
using predictive modeling & machine learning technology-based models
- The retail
application segment accounted for more than 28% of the market share 2018
owing to use of CDP to engage customers, improve customer loyalty, and
enhance consumer experience
- The North
American regional market accounted for the largest revenue share in 2018
and is anticipated to continue to dominate the CDP market over the
forecast period
- The key
industry participants include ActionIQ; Adobe; AgileOne; ENSIGHTEN;
mParticle, Inc.; NGDATA, Inc.; Salesforce.com, Inc.; Segment.io, Inc.; and
Tealium.
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Customer Data Platform Market Segmentation
Grand
View Research has segmented the global customer data platform market on the
basis of type, application, and region.
Customer Data Platform Type Outlook (Revenue, USD
Million, 2015 - 2025)
- Analytics
- Campaign
- Access
Customer Data Platform Application Outlook (Revenue, USD
Million, 2015 - 2025)
- Retail
- Banking,
Financial Services, and Insurance (BFSI)
- Telecom,
Media, and Technology (TMT)
- Travel
- Healthcare
- Discrete
Manufacturing
- Others
Customer Data Platform Regional Outlook (Revenue, USD
Million, 2015 - 2025)
- North
America
- U.S.
- Canada
- Europe
- U.K.
- France
- Netherlands
- Asia Pacific
- China
- India
- Japan
- Australia
- Latin
America
- Brazil
- Middle East
& Africa
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
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