Customer Data Platform Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2027
The customer data platform market size is to grow from USD 4.8 billion in 2022 to USD 19.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 32.4% during the forecast period.
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Predictive analytics segment to hold higher CAGR during forecast period
CDP tools that offer this service will typically apply ML and AI-based techniques. Statistical techniques such as logistic regression, data science concepts, and neural networks can get deployed to model the processes, and then the system suggests or recommends action items. In terms of long-term strategies, predictive analytics can help in discovering the most loyal customers through the customer lifetime value calculation. Hence, CDP provides the backbone for successful predictive analysis, an actual unified view of customers, cross-departmental access to data, and real-time results.
Smartphone data channel to hold largest market size during forecast period
Smartphone devices enable users to communicate with businesses in a more personalized manner. The penetration of smartphones and tablets across end users has been increasing rapidly and generating huge amounts of data. Hence, enterprises are willingly implementing CDP solutions to analyze smartphone data. CDP solutions support businesses in monitoring customer behaviors, trends, and interactions in real time. Companies adopt these solutions for better customer engagement, marketing, branding, reduced costs, and multiple interaction channels.
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CDP is an emerging data management platform, which is used to provide a prepackaged data lake, advanced data integration and management capabilities to build unified customer profiles, and deep analytics for segmentation and reporting. CDP provides an environment where organizations can get a clearer view of their customers in a single and actionable dashboard, helping them make better decisions on how, when, and why to interact with the customer. CDP has abilities to consolidate and integrate data, such as identity data, quantitative and behavioral data, and qualitative data, regardless of the data’s format, into a marketing-controlled platform. CDP also facilitates organizations to improve their customer experience by integrating their customer database with an omnichannel marketing platform.
Unique Features in the Customer Data Platform Market
Customer data from many sources, including as online and physical encounters, is combined by CDPs into unified customer profiles, giving a thorough understanding of the behaviour, preferences, and engagement history of each individual consumer.
Organisations can better understand their customers and target them with relevant and personalised marketing efforts by using CDPs, which combine first-party data with demographic information, third-party data enrichment, and predictive analytics to deliver 360-degree customer insights.
Organisations can construct accurate and focused marketing segments and send customised messages and offers to distinct consumer groups by using CDPs, which provide segmentation and audience targeting based on a variety of customer qualities and behaviours.
By enabling businesses to offer standardised and customised marketing messages and experiences across a variety of channels and touchpoints, such as websites, email, social media, mobile apps, and offline channels, CDPs facilitate cross-channel orchestration.
With built-in tools for data governance, consent management, and data access controls to ensure compliance with regulatory standards and preserve consumer privacy, CDPs prioritise privacy and compliance with data protection regulations like the CCPA and GDPR.
Major Highlights of the Customer Data Platform Market
The industry is expanding quickly because to businesses’ desire for more individualised marketing and customer experiences as they try to use customer data for more precise targeting and interaction.
Utilising CDPs, businesses can create unified customer profiles that offer a thorough understanding of every single client by combining data about them from various sources, such as online and offline dealings.
By merging first-party data with demographic information, third-party data enrichment, and predictive analytics, CDPs offer 360-degree consumer insights, allowing businesses to better understand their clientele and target them with tailored marketing efforts.
By enabling segmentation and targeting based on a range of consumer qualities and behaviours, CDPs let businesses develop accurate marketing segments and target specific client groups with offers and messages that are tailored to their needs.
By enabling businesses to offer standardised and customised marketing messages and experiences across a variety of channels and touchpoints, such as websites, email, social media, mobile apps, and offline channels, CDPs facilitate cross-channel orchestration.
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Top Key Companies in the Customer Data Platform Market
Some of the key players operating in the customer data platform market include Oracle Corporation (US), SAP SE (Germany), Adobe Inc. (US), Salesforce.com, Inc. (US), Microsoft Corporation (US), SAS Institute (US),Twilio Segement (US),Cloudera(US) Teradata (US), Nice Systems Ltd. (Israel), Dun & Bradstreet (US), Leadspace (US), Upland Software (US), CaliberMind (US), Celebrus (UK), Tealium (US), Acquia (US), BlueConic (US), Lytics Inc. (US), IgnitionOne, Inc. (US), Amperity, Inc. (US), Optimove (US), Totango (US), Insider (Singapore), Segment (US), Listrak (US), Simon Data (US), Ometria (UK), Treasure Data (US), Salesmango (US), and ActionIQ (US).These customer data platform vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the customer data platform market.
Salesforce was founded in 1999 and is headquartered in California, US. The company is one of the leading providers of CRM technology that helps companies improve their relationships and interactions with customers. In June 2019, Salesforce acquired Tableau, one of the leading analytical data providers, which would strengthen the Salesforce Customer 360 platform, enabling customers to make smarter decisions. The integrated platform provides a single shared view of every customer across departments, such as marketing, sales, commerce, and service. Salesforce has a community of over 10 million innovators, disruptors, and community shapers who are called Trailblazers. The company offers a wide range of products and services across segments, which include sales, service, marketing, application, analytics, employee experience, trailblazers and reskilling, and enablement and collaboration, most of which operate on a single trusted cloud platform. Its service offerings can be easily deployed through mobile devices and internet browsers and integrated with other platforms and enterprise applications. It offers cross-cloud technology, Salesforce 360, which helps its customers have a single integrated, holistic customer profile for various departments.
Microsoft was founded in 1975 and is headquartered in Washington, US. The company develops and supports software, services, devices, and solutions. Its product offerings include operating systems, cross-device productivity applications, server applications, business solutions, desktop and server management tools, software development tools, and video games. Microsoft caters to various industries, including education, insurance, government, health, hospitality and travel, and retail and consumer goods. The company also designs, manufactures, and sells devices, such as PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. It offers a range of services, which include solution support, consulting services, and cloud-based solutions that provide customers with software, services, platforms, and content. It also offers online advertising.
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