CHICAGO, March 8, 2024 /PRNewswire/ -- Customer data platform (CDP) market growth and use case expansion are expected to continue in the future, with an emphasis on combining AI and ML capabilities to improve customer insights. CDPs are changing to facilitate cross-channel orchestration, real-time data processing, and customer journey optimisation. They are also focusing on data governance, trust, and integration with the MarTech ecosystem to offer more flexibility and customisation.
The Customer Data Platform Market is projected to grow from USD 5.1 billion in 2023 and USD 7.4 billion in 2024 to USD 28.2 billion by 2028, at a compound annual growth rate (CAGR) of 39.9% during the forecast period (2024-2028), according to a new report by MarketsandMarkets. The Customer Data Platform (CDP) market is expected to grow significantly during the forecast period, owing to various business drivers like the increasing data volume and complexity, growing regulatory compliance requirements, shift toward data-driven marketing and advertising, and changing landscape of customer intelligence. The need to deliver omnichannel experience, and proliferation of customer channels is also responsible for driving the market's growth.
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473 - Tables
61 - Figures
362 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2018-2023 |
Base year considered | 2023 |
Forecast period | 2024-2028 |
Forecast units | USD (Billion) |
Segments Covered | Offering, Data Channel, Type, Application, Vertical, and Region |
Geographies covered | North America, Asia Pacific, Europe, Middle East & Africa, and Latin America |
Companies covered | Oracle Corporation (US), SAP SE (Germany), Adobe Inc. (US), Salesforce.com, Inc. (US), Microsoft Corporation (US), SAS Institute (US), Twilio (US), Cloudera (US), Teradata (US), Nice Systems Ltd. (Israel), Dun & Bradstreet (US), Leadspace (US), Upland Software (US), CaliberMind (US), Celebrus (UK), Tealium (US), Acquia (US), BlueConic (US), Lytics Inc. (US), IgnitionOne, Inc. (US), Amperity, Inc. (US), Optimove (Israel), Totango (US), Insider (Singapore), Listrak (US), Simon Data (US), Ometria (UK), Treasure Data (US), Salesmango (US), and ActionIQ (US). |
By platform by deployment mode, the cloud segment to register for the highest CAGR during the forecast period.
By platform by deployment mode, the cloud segment is expected to register the highest CAGR during the forecast period. Cloud-based CDP imparts various advantages, including scalability, adaptability, easy deployment, and cost-effectiveness, promoting cloud deployment adoption across organizations. The low cost and ease of implementation have made the cloud a highly desirable deployment mode among organizations. CDP systems offer web-based management and enterprise-class protection. The market for cloud-based CDPs is growing because SMEs are opting for these services.
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By services, system integration & deployment services to register for the highest CAGR during the forecast period.
The system integration & deployment segment of the Customer Data Platform (CDP) market is growing rapidly. System integration & deployment services ensure seamless integration of each CX solution and system, regardless of the technology. System integration provides facilities and frameworks for integrating various solutions with third-party environments. This integration enables the applications to run with existing legacy solutions and make solutions efficient and quick. CDPs can help streamline marketing efforts by providing a single platform for managing customer data and executing campaigns. The system integration & deployment services include the application-specific assessment of the site and the selection of accurate devices and other IT offerings.
By region, Asia Pacific accounted for the highest growth rate during the forecast period.
Asia Pacific is witnessing significant growth in the Customer Data Platform (CDP) market. Asia Pacific is expected to grow at the highest rate during the forecast period. The region is expected to be the fastest growing in the Customer Data Platform (CDP) market; this growth can be attributed to the increasing adoption of IoT and smart technologies and growing government initiatives, such as smart cities, across Asia Pacific countries, including China and India.
Top Key Companies in Customer Data Platform Market:
Some major players in the Customer Data Platform (CDP) market include Oracle Corporation (US), SAP SE (Germany), Adobe Inc. (US), Salesforce.com, Inc. (US), Microsoft Corporation (US), SAS Institute (US), Twilio (US), Cloudera (US), Teradata (US), Nice Systems Ltd. (Israel), Dun & Bradstreet (US), Leadspace (US), Upland Software (US), CaliberMind (US), Celebrus (UK), Tealium (US), Acquia (US), BlueConic (US), Lytics Inc. (US), IgnitionOne, Inc. (US), Amperity, Inc. (US), Optimove (Israel), Totango (US), Insider (Singapore), Listrak (US), Simon Data (US), Ometria (UK), Treasure Data (US), Salesmango (US), and ActionIQ (US).
Recent Developments:
- In November 2023, The latest version of SAS Viya incorporated SAS visual statistics and visual text analytics. The update includes enhanced ML capabilities, an SAS information catalog, SAS information governance, an SAS model manager, and an SAS Studio.
- In October 2023, In the latest version of SAP S/4HANA Cloud, a private edition released in 2023, a host of innovations is introduced. These include embedded AI, new predefined predictive scenarios, expansions to the predefined event catalog rooted in FI-CA processes and data, and augmentations to the predefined ML feature catalog based on FI-CA processes and data.
- In September 2023, Oracle and Microsoft announced Oracle Database Azure, which gives customers direct access to Oracle database services running on Oracle Cloud Infrastructure (OCI) and deployed in Microsoft Azure data centers.
- In June 2023, Microsoft and Moody's Corporation announced a new strategic partnership to deliver next-generation data, analytics, research, collaboration, and risk solutions for financial services and global knowledge workers.
- In May 2023, SAP and Google Cloud announced an extensive expansion of their partnership, introducing a comprehensive open data offering designed to simplify data landscapes and unleash the power of business data.
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Customer Data Platform Market Advantages:
- Customer relationship platforms (CDPs) offer businesses a comprehensive picture of customer interactions, behaviours, and preferences across channels and touchpoints by combining and unifying customer data from several sources into a single, centralised platform.
- CDPs use machine learning and data analytics to analyse customer data and produce actionable insights. This helps businesses anticipate customer behaviour, identify customer wants, and customise marketing campaigns and customer experiences.
- By segmenting and targeting customers based on their distinct profiles, interests, and behaviours, CDPs offer personalised marketing and customer experiences that boost customer happiness, conversion rates, and engagement.
- By standardising, cleaning, and deduplicating consumer data, CDPs guarantee data quality and governance while also guaranteeing accuracy, consistency, and compliance with data privacy laws like the CCPA and GDPR.
- Through the support of CDPs, businesses are able to integrate and process data in real-time, enabling prompt replies, customised interactions, and dynamic campaign optimisations.
- By integrating with different marketing automation and engagement systems, CDPs make cross-channel orchestration easier and allow businesses to provide coherent and consistent customer experiences across email, social media, the web, mobile, and offline channels.
- By locating touchpoints, interactions, and pain points along the customer journey, CDPs assist businesses in optimising the customer journey. This allows businesses to streamline operations, eliminate bottlenecks, and provide seamless customer experiences.
Report Objectives
- To describe and forecast the global Customer Data Platform (CDP) market by offering (platform and services), application, data channel, type, deployment mode, vertical, and region
- To forecast the market size of the five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
- To analyze the subsegments of the market with respect to individual growth trends, prospects, and contributions to the overall market
- To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape of the major players.
- To comprehensively analyze the core competencies of key market players
- To track and analyze competitive developments in the market, such as mergers and acquisitions, product developments, partnerships and collaborations.
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