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.
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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 Grand View Research
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, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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