The Customer Data Platforms by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Customer Data Platforms, The customer data platforms market size has grown exponentially in recent years. It will grow from $4.47 billion in 2023 to $5.83 billion in 2024 at a compound annual growth rate (CAGR) of 30.4%. The growth in the historic period can be attributed to growing importance of customer-centric strategies, proliferation of data sources, rise of digital transformation initiatives, increased focus on customer experience (cx), regulatory changes and data privacy concerns..
The customer data platforms market size is expected to see exponential growth in the next few years. It will grow to $17.68 billion in 2028 at a compound annual growth rate (CAGR) of 32.0%. The growth in the forecast period can be attributed to greater demand for real-time personalization, increased importance of unified customer profiles, evolution of subscription-based business models, demand for cross-channel marketing capabilities, enhanced data governance and security measures.. Major trends in the forecast period include evolving cdp vendor landscape, cross-channel personalization, customization and flexibility, increased demand for customer analytics, cloud-native cdps..
Growth in the retail and e-commerce industry is expected to propel the growth of the customer data platform market going forward. Ecommerce is the buying and selling of goods and services over the internet whereas the retail industry consists of all companies that sell goods and services to consumers. A customer data platform (CDP) is helpful for retail and e-commerce marketing as it makes data available to marketers and helps in personalized and targeted marketing campaigns. For instance, according to India Brand Equity Foundation, an Indian government export promotion agency, India’s e-commerce market is expected to reach USD 111 billion by 2024 and USD 200 billion by 2026. The retail industry achieved 96% of pre-COVID-19 sales in September 2021, driven by the rising demand from consumers. Therefore, the growth in the retail and e-commerce industry will drive the customer data platforms market growth.
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The customer data platforms market covered in this report is segmented –
1) By Type: Analytics, Access, Campaign
2) By Component: Solutions, Services
3) By Deployment Mode: Cloud, On-Premises
4) By Organization Size: Large Enterprises, Small And medium-Sized Enterprises (SMEs)
5) By End-User: Banking, Financial Services And Insurance (BFSI), Retail And E-commerce, IT And Telecom, Healthcare, Manufacturing, Media And Entertainment, Other End-Users
The AI-driven customer data platform is a key trend gaining popularity in the customer data platform market. Strong data architectures and robust AI and customer analytics solutions enable better kinds of experiences and deliver brand loyalty and growth. The major players in the market are focusing on AI-driven customer data platforms for market growth. For instance, in July 2021, Adobe Inc., a US-based computer software company providing customer data platform services introduced a new service for adobe commerce called Live Search. Adobe’s official search solution aims to take search to the next level by using AI (Adobe Sensei) and other cutting-edge technology, which will help use data and insights to drive real-time relevance and personalized experiences for the users.
The customer data platforms market report table of contents includes:
- Executive Summary
- Customer Data Platforms Market Characteristics
- Customer Data Platforms Market Trends And Strategies
- Customer Data Platforms Market – Macro Economic Scenario
- Global Customer Data Platforms Market Size and Growth
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- Global Customer Data Platforms Market Competitive Benchmarking
- Global Customer Data Platforms Market Competitive Dashboard
- Key Mergers And Acquisitions In The Customer Data Platforms Market
- Customer Data Platforms Market Future Outlook and Potential Analysis
- Appendix
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