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Data Bridge Market Research analyses that the Customer Data Platform Market was valued at USD 4.67 billion in 2022 and is expected to reach the value of USD 47.68 billion by 2030, at a CAGR of 33.70% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
The customer data platform market is developing significantly, generally due to growing expenditure on business strategies to attract more customers. To adopt such strategies, the enterprises invest in advertising and marketing activities to promote their solutions, products and services to the customers and collect necessary information from the targeted market. The “retail segment” is expected to be the -growing industry segment due to the rising need for engaging customers, enhancing shopper experience and increasing customer loyalty.
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Customer Data Platform Market Dynamics:
Drivers
- Increasing awareness regarding features and benefits of customer data platform
The prominence of a customer data platform has increased among industry participants during the forecast period due to the rising awareness regarding features and benefits of such platforms amongst marketers. A customer database was witnessed to be the most important factor among market players for modelling campaigns, mainly depending on target customers. This resulted in the steady transformation of a data platform, from access type to campaign and analytics-based CDPs. Autonomous data collection from first-party, second-party, and third-party sources and the growth of real-time customer profiles have paved the way for the augmented adoption of a customer data platform.
Opportunities
- Increasing multiple developments in customer data platform Market
Numerous developments are taking place in the customer data platform market to meet the customers’ needs and requirements for a comprehensive data platform. For instance, Tealium, the customer data platform (CDP) company has declared the launch of its Tealium for Pharma solution In July 2022. This platform is completely automated an improved customer experience for Pharma audiences although accounting for the industry’s constantly changing security and privacy regulations.
Some Of The Major Players Operating In The Customer Data Platform Market Are:
- Orcale (U.S.)
- Salesforce, Inc. (U.S.)
- SAP (Germany)
- Microsoft (U.S.)
- SAS Institute Inc. (U.S.)
- Adobe (U.S.)
- NICE (Israel)
- Dun & Bradstreet (U.S.)
- Teradata (U.S.)
- Amazon Web Services, Inc. (U.S.)
- BlueConic (U.S.)
- Ascent360 (U.S.)
- Acquia, Inc.(U.S.)
- Optimizely, Inc (U.S.)
- Cloudera Inc. (U.S.)
- TIBCO Software Inc. (U.S.)
- ALTERYX, INC. (U.S.)
- RapidMiner (U.S.)
- Databricks (U.S.)
Recent Development
- In 2022 – Oracle renewed a strategic contract with AT&T to aid the company’s applications and database running in Oracle Cloud gain new capabilities and capacity. AT&T’s will be expanded Oracle Fusion Cloud Enterprise Resource Planning (ERP), Oracle Cloud Infrastructure, Oracle Fusion Cloud Customer Experience (CX) and other Oracle Cloud services under the new five-year agreement.
- In 2022 – Adobe has announced upgrades for its customer data platform. Adobe Real-Time CDP, to help brands in changing from third-party cookies to first-party data. By adopting this upgraded customer data platform by companies from all industries, Adobe provides enriched customer profiles with AI-powered targeting, commerce, additional security and privacy capabilities, and segment match across channels.
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Market Segmentation of Customer Data Platform Market:
Component
- Platform
- Services
Deployment Mode
- On-Premises
- Cloud
Organization Size
- SMEs
- Large Enterprises
Application
- Personalized Recommendations
- Predictive Analysis
- Marketing Data Segmentation
- Customer Retention and Engagement
- Security Management
- Others
Industry
- BFSI
- Retail and E-commerce
- Media and Entertainment
- Travel and Hospitality
- Telecom and IT
- Healthcare
- Others
Capability
- Open Access
- Real-Time Analytics
- Audience Management
- Identity Management
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