Press release
Customer Data Platform Market Size by Component (Solution, Services), Deployment Type (On Premise, Cloud), Application, Industry Vertical, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2028
The global customer data platform market is expected to reach USD 20.03 billion by 2028; at a CAGR of 34.64% during the forecast period 2021-2028. Growing trend to provide customized services to the customers is one of the key factors driving the growth of market.
Market Overview:
A customer data platform is a solution that combines and aggregates all the customer data and stitch the data together into the unified customer profiles. Customer data platforms builds the all the data of customers from the first second, and third party sources to use in the marketing efforts. The different sources include emails, websites, social media, and CRM software. The customer data platform helps the organizations to build the data of customers and to know the customer behaviour and changing consumer trends. It helps the organization in every department such as marketing, customer intelligence, and to build the strategies to enhance the business. With using the customer data platform, organizations can gain a complete view of customers, which can be used to drive the customer experience without loop and holes.
Nowadays, customers want the seamless services from the companies, and they expect the personalized service. Thus, to meet the customer's demand, the customer data platform is one of the key solutions which help the organization to offer the personalized services. Many companies are investing their tow-third of their budget in retaining the customers and for customer acquisition. Thus, customer data platform helps the organization to acquire more and more customers and to maintain the existing customers. Customer data platform is now becoming the essential tools for the organizations, and both small and large enterprises are focusing on adoption of customer data platform solution to enhance the overall business. The customer data platform helps the organization to integrate with Facebook and Google ads to gain the insight of customers for acquisition and retention of customers. The customer data platform technology is shafting from nice technology to the necessary technology for the organizations. As per the IBM Corporation, in the U.S., the wrong data costs up to USD 3 trillion every year. Thus, to reduce the incorrect data, the customer data platform is one of the primary technologies for every business.
Market Dynamics:
Drivers:
- Increasing trend to enhance the customer experience
Nowadays, customer experience is one of the key factors to gain a competitive advantage, and many companies form every different industries are focusing on building strong customer experience. Thus, companies are needed to fully understand the customers to offer a personalized and seamless experience at every point. Customer data platform helps the organizations to provide personalization, omnichannel experience, and better customer understanding. Therefore, many companies are adopting the customer data platform solution to enhance the customer experience, driving the growth of the market.
- Increasing investment in the marketing and advertising activities
Increasing investment of organizations in the marketing and advertising activities to gain the significant market share and to acquire the new customers, boosting the growth of the market. Customer data platform helps the organizations to develop the better understanding customers and to improve the targeting. It gives the 360-degree profiling of customers by bringing the already available data within the organization.
Restraints:
- Customer data privacy issue and related Laws
Customer data platform makes use of extensive third-party data, which increases the concern of data privacy for customers and a potential liability for brands. Thus, many governments across the globe have introduced the several laws regarding customer data privacy and security. Some of the laws of customer privacy are GDPR in Europe and CCP in California, regulates the customer data privacy. Thus, increasing concern of data privacy and related regulations may hamper the growth of the market over the forecast period.
Opportunities:
- Increasing investment to adopt the customer data platform
Customer data platform has a very bright future in the upcoming years, with the increasing adoption of this platform across every industry to gain a competitive advantage in the market. In addition to this, customer experience is becoming more dynamic with the rising customer expectations and speed of business. Customer data platforms is expected to provide seamless customer experience to overcome fragmented customer expectations and to give the brand with the ability to meet the customer's demand.
Challenges:
- Longer time required for the marketing campaigns
The customer data platform collects the data from a variety of sources to offer the deeper personalization. Thus, it takes more time to combine the data, which results into the delays in the marketing campaigns. Therefore, the longer time required for the marketing campaigns due to customer data platform may limit the growth of the market over the forecast period.
Segmentation Analysis:
The global customer data platform market has been segmented based on component, deployment, application, industry verticals, and regions.
- The component type segment is divided into solution and services. The solution segment dominated the global customer data platform market and held the largest market share of 79.25% in the year 2020. The adoption of a customer data platform in both small and large enterprises to enhance the customer experience is one of the key factor driving the growth of solution segment.
- The deployment type segment includes cloud and on-premise. The cloud segment is likely to grow at the highest CAGR of 35.25% over the forecast period. The reduce IT and hardware cost is one of the key factor which is likely to drive the growth of could segment over the forecast period. With cloud computing solution, companies can reduce the size of their data centers and employees can access the solution from any remote locations.
- The application segment includes predictive analytics, customer retention and engagement, personalized recommendations, security management, marketing data segmentation, and others. Customer retention and engagement segment is anticipated to grow at the highest CAGR of 35.75% over the forecast period. Increasing adoption of customer data platform by various enterprises including small and large enterprises to retain the customers driving the growth of market.
- The industry vertical segment classified into BFSI, retail and ecommerce, media and entertainment, travel and hospitality, it & telecom, healthcare, and others. Retail and e-commerce segment dominated the global customer data platform market and valued at USD 705.98 million in the year 2020. This is mainly due to the rising demand to deliver the personalized experience to the customers.
Regional Segmentation Analysis:
The regions analyzed for the global customer data platform market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. The North America region accounted for the major market share of 45.86% in the year 2020.
The early adoption of technologies and highly developed IT infrastructure are some of the key factor contributing to the growth of the market. In addition to this, the presence of key companies of the market of global customer data platform in the region, further boosting the growth of the market in the North America region.
The Asia Pacific region is projected to grow at the highest CAGR of 35.26% over the forecast period. Countries such as India and China are now becoming the IT hub and many global I companies have established their companies in these countries. In addition to this, an increase in the awareness about the benefits of a customer data platform among the organizations, further boosting the growth of customer data platform market in the Asia Pacific region.
Competitive Analysis:
In September 2019, Oracle Corporation and Deloitte Digital announced the joint collaboration to helps the brands to enhance the customer interaction with the help of enterprise-class Customer Data Platform (CDP) capabilities and demonstrated technology and business expertise.
In November 2019, Adobe announced the launch of its customer data platform into beta, availability of the offering and two other tools to helps the enterprise marketers gain a better understanding of their customers.
List of Key Market Players:
Oracle
Adobe
Salesforce
Microsoft
SAS
Teradata
Dun & Bradstreet
Leadspace
Zylotech
CaliberMind
Tealium
AgilOne
BlueConic
Lytics
IgnitionOne
Amperity
Key Target Audience
Government Bodies
Technology Investors
Investors/Shareholders
IT Enterprises
Cloud Service Providers
Report Description:
Global Customer Data Platform Market, Industry Analysis, Trends, Analysis and Forecast, 2021 to 2028 is a forthcoming/imminent research report which is to be published by The Brainy Insights.
2020 is considered as the base year of the report. 2018 and 2019 are considered as the historic years and 2021 to 2028 are the forecast years. The global customer data platform market is based on revenue (USD Million/Billion). The report incorporates the market study on the basis of revenue. The study covers the market share revenue/market share for each of the segments, regions and countries catering to global customer data platform market. The regions analyzed for the market are Europe, Asia Pacific, North America, South America and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
The report encompasses with the relative data & information, which have been validated by the leading industry professionals and experts all across the globe. The research report also delivers an outline of the attractiveness of customer data platform and regions which are deduced and formulated on the basis of their growth rate (CAGR), market size, and attractiveness by analyzing the present and future prospects to market growth and development in future.
The report illustrates the detailed (both quantitative and qualitative) analysis of historical data, revenues, key developments, along with the crucial strategies adopted by key organizations catering to global customer data platform market. This offers vital and in depth insights in order to depict the overall market scenario.
The report offers the detailed study for the company profiles of key organizations operating in the global customer data platform market and a comparative assessment based on their product offering, business overviews, geographic presence, business strategies, segment market share, product development &innovations, recent developments, joint venture, partnerships, mergers & acquisitions, strategic alliances, SWOT analysis, and key financial information. This helps in evaluating the overall competition present in the market scenario.
The report provides an elaborative assessment of the porter's five forces analysis coupled with SWOT analysis so as to provide business related data and information's. Porter's five forces model is analyzed to understand the overall competitive scenario that is prevailing in the market.
Additionally, the SWOT analysis identifies both the positive and negative attributes of the market development which influences the company growth and development in order to sustain and survive in the long run.
Along with that, the report also focuses on the market related driving factors, growth limitations (restraints), potential industry opportunities, significant trends and development which act as a key potential for the investors.
Potential growth prospects along with the penetration rate analysis of the products (market related i.e., global customer data platform market is covered in order to comprehend the adoption rate and evaluate the market size.
Full Report Can Be Purchased Here: https://www.thebrainyinsights.com/report/customer-data-platform-market-12554
- Looking Lion
- 1700 Northside Drive Suite A7
- media@lookinglion.org
- Malcolm Cesar
Looking Lion was created by Malcolm G. Cesar as a U.S. based media channel that helps businesses scale with marketing funnels and sales automation.
As more B2B marketers are making the switch to an automated, data-driven approach to lead generation, they need help building their own marketing funnels.
Looking Lion teaches you how to do just that. You can soon reach out to the Looking Lion team on Twitter and Facebook where we will be sharing more industry knowledge on business development.
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