Customer Data Platform Market Size to Hit USD 15.3 Billion by 2026
Customer Data Platform Market by Component, Application (Customer Retention and Engagement and Personalized Recommendation), Deployment Mode, Organization Size, Vertical, Capability, and Region - Global Forecast to 2026
Northbrook, IL 60062 -- (SBWire) -- 11/24/2022 --The global Customer Data Platform Market size is expected to grow from USD 3.5 billion in 2021 to USD 15.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 34.6% during the forecast period. Various factors such as increasing spending on marketing and advertising activities by enterprises, Changing landscape of customer intelligence to drive market, and Proliferation of customer channels are expected to drive the adoption of customer data platform solutions and services.
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CDP is a customer data personalization management system that creates a persistent, unified customer database accessible to other systems. It consolidates and integrates data from multiple heterogeneous sources with a single, trusted repository that supplies accurate customer data to analytical and operational systems throughout the marketing and technology stack. Owning a CDP helps businesses understand customers and their buying behavior, and real-time insights enables to act faster. With the cloud, customer data can be shared easily across different departments. CDP solutions and services are required by the healthcare and life sciences, IT and telecom, BFSI, retail and eCommerce, travel and hospitality, and media and entertainment sectors to extract data from the unstructured social media platforms, analyzing and enhancing customer experience and overall productivity. AI and ML can enable CDP tools to produce clear, useful insights from the data they analyze. An AI-powered system can clarify the importance of each data point on a granular level, and help human operators understand how that data can translate into real business decisions.
The services segment to hold higher CAGR during the forecast period
Based on components, the customer data platform is segmented into solutions and services. The services segment constitutes an integral part of the CDP market. It involves the support offered by CDP vendors to assist their customers in using and maintaining CDP solutions efficiently. With customer data increasing day by day, organizations are increasingly adopting the CDP services to address marketing requirements in continuously evolving customer demand across the globe. The services segment is further categorized into two major types: consulting services, and support and maintenance services. These services help organizations streamline their marketing operations.
The Predictive Analytics application to hold the largest market size during the forecast period
With the advancements of CDPs, AI-powered predictive analytics are more accessible, more applicable, and more powerful than ever before. AI adds a layer of more accurate datasets, which helps predictive models to foresee the next best action to take. Predictive analytics helps in understanding the customer behavior through clicks and buying preferences and recommends suitable products to a customer across their entire journey. With the help of CDPs, healthcare organizations can build unified patient profiles that capture unlimited attributes for every patient. With the advent of CDPs, healthcare providers are attempting to enrich their data and predict risk patterns or greater costs using an expanded dataset. These new predictive measurements can show a higher degree of relevance with added values. In the long-term strategies, predictive analytics can assist in discovering the most loyal customers through the customer lifetime value calculation. Therefore, CDP provides the backbone to create successful predictive analysis, a unified view of customers, cross-departmental access to data, and real-time results.
On-premises segment to grow at higher CAGR during the forecast period
The on-premises deployment mode is the traditional approach to implement CDP solutions across enterprises. On-premises solutions provide organizations with full control over all platforms and systems, which can be handled and managed by their own IT staff. The on-premises deployment model remains the most flexible option with respect to customization and data analytics. In comparison with the cloud delivery mode, the on-premises delivery mode is more expensive and requires specialized software, hardware, and skilled employees for implementing and managing CDP solutions. However, many marketing organizations are still cautious about data security and privacy issues in cloud-based deployments. Therefore, they prefer the on-premises delivery model over the cloud delivery model.
Consulting services to hold the largest market size during the forecast period
Consulting services help organizations develop, implement, and maintain data-driven marketing operations across enterprises. They involve assessing organizations' capabilities and maturity against the best practices in data-driven marketing, and advocating organizations in creating, maintaining, and improving their marketing strategies. CDP consultants also help plan, design, and build a complete roadmap of marketing requirements as per enterprises' specific needs. They offer strategy experts who thoroughly understand different businesses and help marketing executives deliver personalized customer experiences.
BFSI segment to have the largest market size during the forecast period
The customer data platform market by vertical has been categorized into banking, financial services, and insurance, Retail and eCommerce, media and entertainment, IT and telecom, healthcare, travel and hospitality, and others (automobile, government, and education). The BFSI vertical is expected to have the largest market size during the forecast period as CDPs enable retail banks to share data required by teams, thereby facilitating growth and optimization while upholding customers' privacy. Banks recognize the value of their customer data as they seek to personalize customer engagement, improve fraud detection, and mitigate risks. CDPs enable banks to meet strategic digital banking priorities, such as establishing a real-time 360 customer view, using micro-segmentation to map products and services to appropriate customers, and interacting with them in real time to drive revenue growth.
APAC to hold higher CAGR during the forecast period
APAC has witnessed the advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. The commercialization of big data, AI, and IoT technologies and the need for further advancements to leverage these technologies to the best are expected to drive the adoption of CDPs and services in the region. The verticals such as travel and hospitality, telecom and IT, and media and entertainment are expected to rapidly adopt CDPs and services in the region. The companies operating in APAC would benefit from flexible economic conditions and industrialization and globalization-motivated policies of the governments, as well as digitalization, which would have a huge impact on the business community.
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The major vendors in the customer data platform include Oracle Corporation (US), SAP SE (Germany), Adobe Inc. (US), Salesforce.com, Inc. (US), Microsoft Corporation (US), SAS Institute (US), Teradata(US), Nice Systems ltd. (Israel), Dun & Bradstreet(US), Leadspace(US), Zylotech(US), BlueVenn(US), CaliberMind(US), Celebrus(UK), Tealium(US), AgilOne(US), BlueConic(), Lytics Inc. (Lytics), IgnitionOne, Inc. (US), and Amperity, Inc. (US), Optimove(us), Totango(US), Insider(Singapore), Segment(US), Listrak(US), Simon Data (US), Ometria(UK), Treasure Data(us), Salesmango(US), ActionIQ(US).
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