What Has Driven the Growth of the Customer Data Platforms Market in Recent Years?
The customer data platforms market has seen considerable growth due to a variety of factors.
• Over the past few years, the customer data platforms market has seen a significant upsurge in size. The projected growth is from $5.72 billion in 2024 to an anticipated $7.39 billion in 2025, representing a compound annual growth rate (CAGR) of 29.2%.
This upswing during the historic period is largely due to factors such as the emerging importance of customer-focused strategies, an expansion in data sources, the advent of digital transformation initiatives, amplified emphasis on customer experience (CX), and alterations in regulatory standards, alongside concerns around data privacy.
What is the Market Size Forecast for the Customer Data Platforms Market?
The customer data platforms market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the customer data platforms market is predicted to witness tremendous growth in the upcoming years. The market size is expected to reach $23.98 billion by 2029, growing at a compound annual growth rate (CAGR) of 34.2%.
This upswing during the forecast period is possibly due to a surge in demand for real-time personalization, the rising significance of consolidated customer profiles, the progression of subscription-based business models, the need for cross-channel marketing skills, and improved data governance and security methods. Dominant trends for the forecast period comprise the changing CDP vendor landscape, cross-channel personalization, increased demand for customization and flexibility, amplified need for customer analytics, plus cloud-native CDPS.
Which Factors Are Boosting Growth In The Customer Data Platforms Market?
The surge in the retail and online commerce sector is anticipated to boost the expansion of the customer data platform market. The concept of eCommerce involves the online transaction of goods and services, while the retail sector encompasses all businesses that provide goods and services to customers. A customer data platform (CDP), which enables marketers to access data for personalized and targeted marketing endeavours, is particularly beneficial for retail and online commerce marketing. For example, as per the India Brand Equity Foundation, a government agency for export promotion in India, it's forecasted that the country's e-commerce market will expand to USD 111 billion by 2024 and USD 200 billion by 2026. By September 2021, the retail industry managed to recover 96% of its sales volume before the advent of COVID-19, thanks to the spiked demand among consumers. Hence, the advances in the retail and online commerce sector will fuel the growth of the customer data platforms market.
What Key Areas Define The Segmentation Of The Global 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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How Are Emerging Trends Reshaping The Dynamics Of The Customer Data Platforms Market?
A trending aspect in the customer data platform market that is gaining significance is the AI-driven customer data platform. Thanks to strong data architectures, alongside robust AI, and customer analytics solutions, more varied experiences can be created that promote brand loyalty and growth. Major market players are putting their focus on these AI-driven customer data platform for their market expansion. For instance, Salesforce, an American company that offers customer relationship management software, unveiled in June 2023 the AI Cloud. This elaborate suite, designed with artificial intelligence, is aimed at improving customer experiences. The platform integrates multiple AI features across all of Salesforce's products, hence empowering businesses with data analysis and the ability to facilitate personalised interactions on a large scale.
Who Are the Key Players in the Customer Data Platforms Market?
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 Is The Most Dominant Region In The Customer Data Platforms Market?
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
