Customer Data Platform Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

The customer data platform market was valued at US$ 2,672.5 Mn in 2021 and it is expected to grow at a CAGR of 28.2% between 2022 and 2031.

Customer Data is the term for the behavioral, statistical, and demographic information gathered for greater consumer interaction, better service, and a better knowledge of customer behavior. Businesses can develop profitable business strategies to enhance customer experience with the aid of customer data. Platforms for processing consumer data assist businesses in combining and integrating data to maintain a one-point database. The data platform provides safety and security to prevent a breach of data. Over the projection period, the importance of a consumer data platform among industry participants increased due to marketers' growing understanding of the benefits & features of the consumer data platform. Based on target consumers, a consumer database was shown to be the most crucial factor for marketers for modelling campaigns.

MARKET DYNAMICS

The customer data platform market is growing significantly due to rising expenditures on business strategies to attract more customers/clients. Businesses spend on marketing and advertising activities to promote their solution and service. To customers and collect necessary information from the targeted market to adopt such strategies. Thus, rising marketing and advertising activities would drive the customer data platform demand during the forecast period. The proliferation of customer channels, automated smart machines to drive consumer experience, and increased investments and funding in customer data platform (CDP) start-ups are expected to provide opportunities for increased uptake of customer data platforms. A customer data platform allows businesses to create an integrated, persistent customer database that other systems can access. The customer data is gathered from various sources to create a unique customer profile. The customer data platform (CDP) offers some customer engagement and behavior functionality. However, protection of customer data, stringent government regulations, and data privacy,  among others, can restrain the adoption of the customer data platform in the global market.

MARKET SCOPE

The "Global Customer Data Platform Market Analysis to 2031" is a specialized and in-depth study of the market with a special focus on the global market trend analysis. The report aims to provide an overview of the customer data platform market with detailed market segmentation by component, deployment, organization size, application, and industry vertical. The global market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading market player and offers key trends and opportunities in the market.

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Customer Data Platform Market: Strategic Insights

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MARKET SEGMENTATION

The global customer data platform market is segmented by component, deployment, organization size, application, and industry vertical. Based on component, the market is segmented as platform and service. Based on deployment, the market is segmented as on-premise and cloud. Based on organization size, the 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 market is segmented as BFSI, retail & eCommerce, media & entertainment, travel & hospitality, telecom & information technology (IT), healthcare, and others.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry, including qualitative and quantitative information. It provides an overview and forecast of the global customer data platform market based on various segments. It also provides market size and forecast estimates from 2021 to 2031 for 5 major regions: North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America. Each regional market is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in the region.

The below figure showcases the revenue growth trend in the North America customer data platform market:

Source: The Insight Partners Analysis

The report analyzes factors influencing the customer data platform market from both the demand and supply side and further evaluates market dynamics during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive Porter's five forces analysis, highlighting the factors impacting the customer data platform market in these regions.

IMPACT OF COVID-19 PANDEMIC

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.

MARKET PLAYERS

The reports cover key developments in the customer data platform market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies, such as product launches, product approvals, and others, including patents and events. Inorganic growth strategies activities witnessed in the market were mergers, acquisitions, partnerships, and collaborations. These activities have paved the way for business expansion and market players' customer base. Companies in the customer data platform market are anticipated to witness lucrative growth opportunities in the near future with the rising demand for customer data platforms.

The report also includes key companies' profiles, SWOT analysis, and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information for the last 3 years, and key development in the past 5 years.

• Adobe
•  BLUEVENN
•  Dun & Bradstreet, Inc.
•  Leadspace, Inc.
•  Microsoft
•  Oracle
•  SAP SE
•  SAS Institute Inc
•  Teradata
•  ZYLOTECH

The Insight Partner's dedicated research and analysis team comprises experienced professionals with advanced statistical expertise and offers various customization options in the current study.

Report Scope

Customer Data Platform Market Regional Insights

The regional trends and factors influencing the Customer Data Platform Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Customer Data Platform Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Customer Data Platform Market Report Scope

Customer Data Platform Market Players Density: Understanding Its Impact on Business Dynamics

The Customer Data Platform Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Customer Data Platform Market are:

1. Adobe
2. BLUEVENN
3. Dun and Bradstreet, Inc.
4. Leadspace, Inc.
5. Microsoft

Disclaimer: The companies listed above are not ranked in any particular order.