Customer Data Platform Market Outlook 2031
The global customer data platform market size was valued at USD 4.80 Billion in 2022 and is likely reach to USD 60.01 Billion by 2031, expanding at a CAGR of 32.4% during the forecast period, 2023–2031. The growth of the market is attributed to the Increasing demand for decide consumer buying behavior across different organization.
A customer data platform (CDP) is software that unifies first-party customer and collects data from coherent or complete view of each customer. It helps to establish multiple sources to build a single the digital sources such as transactional data, from e-commerce or POS systems, and customer purchases and returns.
The platform offers real-time data collection of consumers, which are further used by companies for various analytical purposes including consumers’ choice and preference about products as well as services.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing acceptance of digital platforms for consumer analysis and other account-based marketing across industries is a key driver of the market growth.
- Increasing expansion of e-commerce channels, wide access to social media, blogs, and webs by consumers due to rising access to Internet of Things (IoT) are key factors boosting the market.
- Extensive applications of customer data platform among several business organizations due to rising awareness about the features & benefits of platforms present a major factor fueling the market expansion.
- Growing concerns regarding the misuse of consumers’ data and violation of users’ privacy are key restraining factors. This is expected to hamper the market expansion in the coming years.
- Growing investments and funding by organizations towards the establishment of innovative platforms are further anticipated to accelerate the growth of the market during the forecast period.
Scope of Customer Data Platform Market Report
The report on the global customer data platform market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Customer Data Platform Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Applications (BFSI, Retail, Travel, TMT, Discrete Manufacturing, Healthcare, and Others) and Types (Campaign, Analytics, and Access)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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SAP SE; Adobe; Salesforce.com, Inc.; Tealium; Oracle.; AgileOne; Segment.io, Inc.; and mParticle, Inc.
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Customer Data Platform Market Segment Insights
BFSI segment is projected to expand at a considerable CAGR
Based on applications, the global customer data platform market is divided into retail, BFSI, TMT, travel, healthcare, discrete manufacturing, and others. The BFSI segment is projected to expand at a considerable CAGR during the forecast period owing to the increasing use of the platforms among BFSI undertaking to understand consumers behavior in certain financial and banking domains.
Using this technology, the banking sector can provide various services and marketing products as per the needs to a specific group of consumers.
However, the retail segment is anticipated to hold a key share of the market in the coming year as the platform is widely adopted to meet the need of increasing customer loyalty, engaging customers, and enhancing shoppers’ experience.
Campaign segment is expected to grow at a rapid pace
On the basis of types, the market is segregated into analytics, campaign, and access. The campaign segment is expected to grow at a rapid pace in the coming years as it provides real-time insights to carry out effective marketing campaign, which is likely to raise the demand for advanced customer data platform.
On the other hand, the analytics segment is anticipated to account for a major market share during the forecast period due to certain advantages it offers to allow real-time analysis of consumer profiles and understand the buyers’ life cycle journey.
Customer Data Platform Market Regional Outlook
North America is anticipated to constitute a key market share
In terms of regions, the global customer data platform market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is expected to constitute a key share of the market during the projected period.
The U.S. accounted for large market share in 2020 owing to the existence of major market participant with higher market shares and rising funding for CDP in the country.
However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to increasing investment in digital platforms influenced by the existence of a larger number of campaign and analytics CDP providers in the region.
Segments
Applications
- Retail
- BFSI
- TMT
- Travel
- Healthcare
- Discrete Manufacturing
- Others
Types
- Analytics
- Campaign
- Access
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- SAP SE
- Adobe
- Salesforce.com, Inc.
- Tealium
- Oracle.
- AgileOne.
- Segment.io, Inc.
- mParticle, Inc.
Competitive Landscape
Key players competing in the global customer data platform market are SAP SE; Adobe; Salesforce.com, Inc.; Tealium; Oracle.; AgileOne; Segment.io, Inc.; and mParticle, Inc.
In 2018, ARM acquired Treasure Data, a supplier of access and investigative platform to strengthen the IoT operations of the former company.
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