“The global customer data platform market to grow at a CAGR of 29.3% during the forecast period”
The global customer data platform market size is expected to grow from USD 903.7 million in 2018 to USD 3,265.4 million by 2023, at a Compound Annual Growth Rate (CAGR) of 29.3% during the forecast period. Major growth drivers for the market include increasing demand for omni-channel experience and actionable insights by marketers, focus on effective tracking of customers to understand their behavior for target marketing activities, and increasing pressure on CMOs to deliver personalized customer experience. However, the lack of tools to integrate online and offline customer data in real-time and requirement of huge infrastructure or scalable solutions for collection and storage of large volumes of customer data may restrain the market growth.
“Customer engagement and retention segment to grow at the highest CAGR during the forecast period”
In the customer data platform market by application, the customer engagement and retention application segment is expected grow at the highest CAGR during the forecast period. Major growth drivers for the segment include the marketers’ preference for customer data plaform for customer treatments, such as personalized messages, real-time interactions, content recommendations, and customer journey orchestration helping to enhance customer loyalty and their organizations’ ROI.
“APAC to grow at the highest CAGR during the forecast period”
Among regions, APAC is expected to grow at the highest CAGR in the global customer data platform market during the forecast period. Many private vendors in the region offer CDP solutions and services for data assembly, analytics, and customer engagements. The analytics applications include customer segmentation, machine learning, predictive modeling, revenue attribution, and customer journey mapping.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the global customer data platform market.
- By Company Type: Tier I: 12%, Tier II: 48%, and Tier III: 40%
- By Designation: C-Level: 26%, Director Level: 42%, and Others: 32%
- By Region: North America: 42%, EMEA: 20%, and APAC: 38%
The report profiles major vendors in the global customer data platform market including Nice (Israel), SAP (Germany), Salesforce (US), Adobe (US), SAS Institute (US), Oracle (US), Agilone (US), Tealium (US), IgnitionONE (US), Blueconic (US), RedPoint Global (US), Ascent360 (US), Segment (US), Lytics (US), Zaius (US), mParticle (US), ActionIQ (US), Amperity (US), Evergage (US), Reltio (US), Signal (US), Ensighten (US), UserMind (US), Fospha (UK), NG Data (Belgium), and SessionM (US). The report includes an in-depth competitive analysis of these key customer data platform market players, along with their company profiles that include business overviews, product offerings, recent developments, and market strategies.
The report segments the global customer data platform market by type, application, component, enterprise size, delivery mode, vertical and region. The market by type includes access, analytics, and engagement. The application segment includes marketing data segmentation, personalized recommendation, predictive analytics, campaign manamgment, customer engagement and retention, security management, and other applications. The component segment covers solution and services. The customer data platform market by enterprise size has Small and Medium-sized Enterprises (SMEs) and large enterprises segments. The market by delivery mode has the cloud and on-premises categories. The vertical segment of the customer data platform includes retail and eCommerce, IT and telecommunications, travel and hospitality, BFSI, media and entertainment, automobile, healthcare and life sciences, and others. The report covers the customer data platform market in 5 major regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
The report would help the market leaders and new entrants in the global customer data platform market in the following ways:
1. The report segments the market into various subsegments, hence it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are further split across various applications and regions.
2. The report helps in understanding the overall growth of the market. It provides information on key market drivers, restraints, challenges, and opportunities.
3. The report helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market. The study also presents the positioning of the key players based on their product offerings and business strategies.