Press release
Strong Growth Ahead: Customer Data Platforms Market Size To Grow At Arecord 34.2% Cagr By 2029
Customer Data Platforms
How Big Is the Customer Data Platforms Market Size Expected to Be by 2034?
The size of the market for customer data platforms has seen major growth in the past few years. The expectation is for it to rise from $5.72 billion in 2024 to $7.39 billion in 2025, with a 29.2% compound annual growth rate (CAGR). Variables such as increasing significance of customer-focused strategies, growing data source proliferation, the surge in digital transformation efforts, heightened attention on customer experience (CX), and adjustments in regulations and concerns over data privacy can account for the growth experienced during the historical period.
Expectations are that the customer data platforms market will experience substantial expansion in the forthcoming years. The market is projected to reach $23.98 billion by 2029, expanding at a compound annual growth rate (CAGR) of 34.2%. This growth during the forecast period can be credited to the escalating demand for real-time personalization, the rising significance of unified customer profiles, the evolution of subscription-based business models, the necessity for cross-channel marketing capabilities, and improved data governance and security methods. Key trends for the forecast period are the changing CDP vendor landscape, cross-channel personalization, customization and flexibility, growing demand for customer analytics, and cloud-native CDPS.
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What Are the Emerging Segments Within the Customer Data Platforms Market?
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
Subsegments:
1) By Analytics: Predictive Analytics, Descriptive Analytics, Prescriptive Analytics
2) By Access: Data Integration Tools, Data Management Tools, Data Security Tools
3) By Campaign: Campaign Management Tools, Customer Journey Mapping Tools, A Or B Testing Tools
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What Long-Term Drivers Are Shaping Customer Data Platforms Market Trends?
The progression in the retail and e-commerce sector is predicted to accelerate the advancement of the customer data platform market. Ecommerce involves internet-based transactions of goods and services, while the retail sector comprises entities that deliver goods and services directly to customers. A customer data platform (CDP) facilitates marketing in both retail and e-commerce sectors by making data accessible for personalized, targeted marketing initiatives. For example, India Brand Equity Foundation, a government-based export promotion agency in India, expects India's e-commerce market to grow to USD 111 billion by 2024 and surge to USD 200 billion by 2026. The retail sector was able to regain 96% of its pre-COVID-19 sales by September 2021, buoyed by increasing consumer demand. Consequently, the expansion in the retail and e-commerce sector is set to stimulate the growth of the customer data platform market.
Who Are the Top Competitors in Key Customer Data Platforms Market Segments?
Major companies operating in the customer data platforms market include 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
What Customer Data Platforms Market Trends Are Gaining Traction Across Different Segments?
The popularity of the AI-powered customer data platform is steadily rising in the customer data platform market, a trend worth noting. Advanced data architectures combined with powerful AI and customer analytics tools are promoting more sophisticated experiences, fostering brand loyalty and expansion. Key market players are currently turning their attention towards AI-powered customer data platforms to spur market growth. For instance, Salesforce, an American provider of customer relationship management software, introduced AI Cloud in June 2023. This comprehensive suite, devised to bolster customer experiences via artificial intelligence, incorporates multiple AI functionalities throughout Salesforce's product lineup, allowing businesses to analyze data and offer tailored interactions on a grand scale.
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Which Regions Are Becoming Hubs for Customer Data Platforms Market Innovation?
North America was the largest region in the customer data platform market in 2024.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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Customer Data Platforms Market?
2. What is the CAGR expected in the Customer Data Platforms Market?
3. What Are the Key Innovations Transforming the Customer Data Platforms Industry?
4. Which Region Is Leading the Customer Data Platforms Market?
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