Future Market Insights has announced the addition of the “Data Management Platforms Market: Global Industry Analysis and Opportunity Assessment 2016-2026" report to their offering.
Valley Cottage, NY -- (SBWIRE) -- 06/08/2017 -- Data Management Platform is a data warehouse that collects large amount of data, sorts it according to various verticals and stores it and finally releases information in a way which is useful for marketers, publishers and other businesses. They harbor and manage any form of information. For a marketer, DMP's usually manage cookie IDs which are used to generate various audience segments, which are in turn used to target online ads to specific set of users.
Due to the rise of ad technology, advertisers now buy media across a vast array of sites and through various middlemen. The advantage of a Data Management Platform is that it can link all the advertiser's activity with audience data and resulting campaign into one consolidated location and use that data to optimize future media buys and ad creative. Hence Data Management Platform is the most beneficial to marketers, agencies and publishers. But one of the drawback of a DMP is without being linked to another technology, it single-handedly cannot do much. Therefore usually the information of a DMP is fed into a Demand Side Platform (DSP) which helps to inform ad buying decisions.
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The work of a DMP can be divided into a three step process:
Import data: Collects data through various sources and organizes it at customer level
Find segments/cluster: Consumers whom to target the messages. The segments can be manually made by the user or the DMP can make it automatically make it for you.
Send instructions: Whom to send it, through which channel/medium and what message to send
There are various channels through which data can be integrated in a DMP, they are:
1st party data integration: integrated with ad servers, demand side platforms and supply side platform
2nd party data integration: combines data from 1st party users with data of strategic partners
3rd party integration: standard integration with 3rd party data providers like social media platforms
Offline data integration: integrate data from offline sources
Mobile data integration: integrate data from mobile devices
Data export tools: can extract data from a DMP in bulk
Marketers can make use of Data Management Platform for the following:
Match customer IDs
Collect new data
Help define groups
Provide access to data vendors
Estimate price and reach
Suggest new groups of people to target
Use above information to buy advertising
Data Management Platforms Market: Drivers and Challenges
The presence of digital marketing plays a vital role in the growth of data management platforms market. The marketing and advertising agencies have grown more competitive over the past few years, also personalization of ads to various target markets has increased which has led to many agencies adopting DMPs. DMPs can easily unify data from multiple sources and also segment the users to different categories based on their behavior pattern. This intuitiveness has driven many marketers to shift to DMPs.
Also, there are new sources of first party data which are emerging such as TV set-top boxes, data collected from automobile and wearable technology. Hence, Internet of Things is one of the major driving factors of marketers adopting DMPs.
The challenges that are being faced are that sometimes based on the information available from a DMP, a marketer may come up with some strategy, but it becomes counterproductive if the user has already purchased that item from somewhere else. Also, many a times it happens that users just browse through websites to check out a certain product, but never end up purchasing it. In that case the time and resource invested in formulating a strategy for such kind of users will go to vain.
Personalization is one more method by which marketers target their audience, but this can again act in a negative way because it might happen that multiple users will be making use of same device, in that case the marketer is unsure whether the advertisement was displayed to the correct end user.
One more challenge is that the mobile platform behaves differently than other technologies. Quite frequently there are no cookies available in a mobile device. Hence, picking up data by default will not work on such devices. Therefore data management platforms have to function beyond cookies to be really effective.
Data Management Platforms Market: Segmentation
Segmentation On The Basis Of Type:
Open Data Management Platforms: The access to data is more open for third party agencies. The data which is collected via Open DMPs is related to demographic and audience data, website information and other advertising related data.
Private Data Management Platforms: They can be either used along with open DMPs or can be used as a standalone platform. This data includes information on user profiles and client purchases.
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Segmentation On The Basis Of End-User:
Advertisers: Can segment their customers and also target new customers
Publishers: Can sell their specific solutions for target audience to advertisers
Key Market Players
The major players present in the Data Management Platforms Market are Adobe Systems, Inc., Oracle BlueKai, IgnitionOne, Inc., Rocket Fuel, Inc., NeuStar, Inc., MediaMath Inc., V12 Group Inc. and Lotame Solutions Inc.