Customer Data Platform Market Size to Reach $14.84Bn, Globally, by 2028 with 28+% CAGR, Says The Insight Partners

The global customer data platform market growth is impelled by increased spending on marketing and advertising activities, changing customer intelligence landscape and proliferation of customer channels.

New York, Nov. 07, 2022 (GLOBE NEWSWIRE) — The Insight Partners has added a new report titled on “Customer Data Platform Market Size, Share, Trends, Industry Growth to 2028 – COVID-19 Impact and Global Analysis by Component (Platform, Services); Deployment (On-premises, Cloud); Organization Size (Large Enterprises, Small and Medium-Sized Enterprises (SMEs)); Application (Personalized Recommendations, Predictive Analytics, Marketing Data Segmentation, Customer Retention and Engagement, Security Management, Others) Geography,” the customer data platform market size is expected to reach USD 14.84Bn by 2028 from USD 2.67Bn in 2021 and registering at a CAGR of 28.2% between 2022 and 2028.

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Global Customer Data Platform Market Valuations, Segmentations, Regional & Country Scope:

Global Customer Data Platform Market: Competitive Landscape

Adobe; BLUEVENN; Dun & Bradstreet, Inc.; Leadspace, Inc.; Microsoft; Oracle; SAP SE; SAS Institute Inc.; Teradata; and ZYLOTECH are the key market players profiled in the study. Several other major companies have also been studied and analyzed in this research study to get a holistic view of the customer data platform market and its ecosystem.

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The global customer data platform market is segmented by component, deployment, organization size, application, and industry vertical. Based on component, the customer data platform market is segmented as platform and service. Based on deployment, the market is segmented as on-premise and cloud. Based on organization size, the customer data platform market is segmented into large enterprises and small- and medium-sized enterprises (SMEs). Based on application, the market is segmented as personalized recommendations, predictive analytics, marketing data segmentation, customer retention and engagement, security management, and others. Based on industry vertical, the customer data platform market is segmented as BFSI, retail & ecommerce, media & entertainment, travel & hospitality, telecom & information technology (IT), healthcare, and others.

Many brands have begun to see diminishing returns as digital marketing become more mature and more businesses invest in it. To fully utilize email marketing, paid advertising, and other addressable channels, a customer data platform can aid in overcoming technique fatigue and advancing initiatives. Despite all the organizational and technological complexities, customer data platforms offer feed personalization algorithm capabilities to create highly personalized experiences that user anticipates. By seamlessly integrating customer data across all analytics, measurement, media channels, and marketing automation tools, according to industry experts, these platforms bring the vision of full-lifecycle customer journey analytics to life. It enables businesses to hold marketing more accountable for product investment decisions.

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Modern technology has significantly altered the way brands and consumers engage. Several new products, services, consumers, and competitors are continuously arriving and evolving, whereas the behavior of consumers, including likes and dislikes, continues to change. Technology will be the key driver behind the reimagined Customer Experience (CX); brands must rethink their customer ecosystems to keep in speed with empowered consumers and develop consumer technologies. As per SAS Institute, 67% of engagement between a brand and consumer using digital devices such as online, mobile, etc., will be completed by smart machines rather than humans by 2030. By the same year, 69% of decisions made during customer engagement will be done by smart machines. Further, the quickness and extreme automation will drive the CX. Hence, CDP solutions with data unification, people-based marketing, identity resolution, and cross-channel real-time engagement capabilities will alter with the rising need for real-time automated decision-making that directly or indirectly influences customer experiences over the forthcoming years.

The Global Customer Data Platform segmented:

By Component

• Platform
• Services

By Deployment

• On-premises
• Cloud

By Organization Size

• Large Enterprises
• Small and Medium-Sized Enterprises (SMEs))

By Application

• Personalized Recommendations
• Predictive Analytics
• Marketing Data Segmentation
• Customer Retention and Engagement
• Security Management
• Others

Customer Data Platform Market: Regional Segmentation

• North America
• South America
• Asia & Pacific
• Europe
• MEA (Middle East and Africa)

The key countries in each region are taken into consideration as well, such as United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.

IMPACT OF COVID-19 PANDEMIC on Global Customer Data Platform Market:

With the outbreak of COVID-19, many businesses faced trouble ensuring that their employees had proper access to reliable data. Organizations have been investing in infrastructure that enables access to the data the company has gathered to maintain business inflow. Depending on the product and services, several industries adopted remote working solutions. The organization that caters to consumers largely relies on customer data to attract new clients and keep hold of current ones to keep the business stable. The demand for data solutions has also significantly increased during the outbreak of novel coronavirus. Several sectors, from the government to retail, have switched toward digitization to maintain seamless and effective organizational operations during the pandemic. A single, reliable source allows advertisers and marketers to target customers precisely. The customer data platform’s real-time data will ensure ROI through campaigns planned by product managers and engineers from a remote location. The platform offers individualized, real-time solutions in having information related to customers and their demands. As a result, the demand for customer data platforms is anticipated to increase during the pandemic.

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