Overview and Scope
Customer data platforms refer to software that gathers and organizes first-party customer data from many sources to provide a single, coherent, and comprehensive view of each customer to generate more personalized marketing campaigns by integrating data from several platforms to produce a single, consolidated customer database with information on all contact points and engagements.
Sizing and Forecast
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..
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Segmentation & Regional Insights
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
North America was the largest region in the customer data platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the customer data platforms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the customer data platforms market report are Oracle Corporation, SAP SE, Adobe Inc., Salesforce Inc., Microsoft Corporation, SAS Institute, Teradata, Nice Systems Ltd., Dun & Bradstreet, Leadspace, BlueVenn, BlueConic Inc., Terminus, Tealium Inc., Agilone LLC, mParticle Inc., Segment. Io Inc., CaliberMind, Celebrus, Ascent360 Inc., Lytics Inc., ActionIQ Inc., Optimove, Exponea Ltd., Ensighten Inc., Twilio Inc., Acquia Inc., Zeta Global Corp, Totango, Insider
The customer data platforms market report table of contents includes:
1. Executive Summary
2. Customer Data Platforms Market Characteristics
3. Customer Data Platforms Market Trends And Strategies
4. Customer Data Platforms Market – Macro Economic Scenario
5. Global Customer Data Platforms Market Size and Growth
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31. Global Customer Data Platforms Market Competitive Benchmarking
32. Global Customer Data Platforms Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Customer Data Platforms Market
34. Customer Data Platforms Market Future Outlook and Potential Analysis
35. Appendix
Top Major Players:
Oracle Corporation
SAP SE
Adobe Inc
Salesforce Inc.
Microsoft Corporation
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