The customer data platform market size 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.
CDP is a packaged software that creates a unified, persistent customer database accessible to other systems. This customer data originates across different channels to create a particular customer profile. CDP provides some functionality of customer engagement and customer behavior. Lockdown due to an increase in the spread of Coronavirus (COVID-19) across major regions, such as Europe, Asia, and North America, has a positive impact on the CDP market. Nowadays, individuals are focusing majorly on online activities, such as eCommerce, and OTT platforms, which is expected to increase customer data worldwide. Therefore, this significantly helps organizations work on CDP, which helps them make marketing strategies more efficiently. It increases the demand for an omnichannel experience. An omnichannel experience also improves user experience as it uses a customer-centric approach. This approach significantly drives the CDP market as it provides a broader customer behavior experience for enterprises to implement their marketing strategies more efficiently. An omnichannel methodology is utilized majorly in the retail industry as it facilitates inventory management as well as order management by order allocation. Furthermore, consumers are shifting more toward digital resources that significantly help enterprises adopt an omnichannel methodology.
Technology and service providers have been facing significant disruption to their businesses from COVID-19. Hence, the COVID-19 pandemic has disrupted the global financial markets and has created panic, uncertainty, and distraction in the operations of global corporations.
The cloud segment to have the highest CAGR during the forecast period
By deployment mode, the customer data platform market has been segmented into on-premises and cloud. The CAGR of the cloud deployment mode is estimated to be the largest during the forecast period. The cloud-based deployment helps businesses more efficiently process and report data findings, enhance collaboration, and enable decision-makers to get faster access to business intelligence leading to its higher adoption in the customer data platform market.
The Large Enterprises segment to hold higher CAGR during the forecast period
The customer data platform market has been segmented by organization size into large enterprises and SMEs. The market for large enterprises is expected to register a higher CAGR during the forecast period as cloud-based solutions and services help them improve business performance and enhance productivity. Also, the large enterprises segment is expected to hold a larger market share in the customer data platform market during the forecast period due to the affordability and the acceptance of emerging technologies.
Among regions, APAC to hold highest CAGR during the forecast period
APAC is expected to grow at a good pace during the forecast period. Opportunities for smaller customer data platform vendors to introduce customer data platform solutions for numerous sectors have also increased. All these factors are responsible for the expeditious growth of the customer data platform market in the region. Companies operating in APAC continue to focus on improving customer services to drive market competitiveness and revenue growth. China, Japan, India and Australia have displayed ample growth opportunities in the customer data platform market.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the customer data platform market.
- By Company: Tier I: 35%, Tier II: 45%, and Tier III: 20%
- By Designation: C-Level Executives: 35%, D-Level Executives: 25%, and Managers: 40%
- By Region: APAC: 25%, Europe: 30%, North America: 30%, MEA: 10%, Latin America: 5%
The report includes the study of key players offering customer data platform solutions and services. It profiles major vendors in the global customer data platform market. The major vendors in the global customer data platform market 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 (US), Lytics Inc. (US), 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)
The market study covers the customer data platform market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components, deployment mode, organization size, application, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall customer data platform market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.