Global Customer Data Platform Market, By Component (Platform and Services), Deployment Mode (On-Premises and Cloud), Organization Size (SMEs and Large Enterprises), Application (Personalized Recommendations, Predictive Analysis, Marketing Data Segmentation, Customer Retention and Engagement, Security Management, and Others), Industry (BFSI, Retail and E-commerce, Media and Entertainment, Travel and Hospitality, Telecom and IT, Healthcare, and Others), Capability (Open Access, Real-Time Analytics, Audience Management, and Identity Management) – Industry Trends and Forecast to 2030.
Customer Data Platform Market Analysis and Size
The customer data platform market is developing significantly, generally due to growing expenditure on business strategies to attract more customers. To adopt such strategies, the enterprises invest in advertising and marketing activities to promote their solutions, products and services to the customers and collect necessary information from the targeted market. The “retail segment” is expected to be the -growing industry segment due to the rising need for engaging customers, enhancing shopper experience and increasing customer loyalty.
Data Bridge Market Research analyses that the customer data platform market was valued at USD 4.67 billion in 2022 and is expected to reach the value of USD 47.68 billion by 2030, at a CAGR of 33.70% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Customer Data Platform Market Scope and Segmentation
Report Metric |
Details |
Forecast Period |
2023 to 2030 |
Base Year |
2022 |
Historic Years |
2021 (Customizable to 2015 - 2020) |
Quantitative Units |
Revenue in USD Billion, Volumes in Units, Pricing in USD |
Segments Covered |
Component (Platform and Services), Deployment Mode (On-Premises and Cloud), Organization Size (SMEs and Large Enterprises), Application (Personalized Recommendations, Predictive Analysis, Marketing Data Segmentation, Customer Retention and Engagement, Security Management, and Others), Industry (BFSI, Retail and E-commerce, Media and Entertainment, Travel and Hospitality, Telecom and IT, Healthcare, and Others), Capability (Open Access, Real-Time Analytics, Audience Management, and Identity Management) |
Countries Covered |
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America |
Market Players Covered |
Orcale (U.S.), Salesforce, Inc. (U.S.), SAP (Germany), Microsoft (U.S.), SAS Institute Inc. (U.S.), Adobe (U.S.), NICE (Israel), Dun & Bradstreet (U.S.), Teradata (U.S.), Amazon Web Services, Inc. (U.S.), BlueConic (U.S.), Ascent360 (U.S.), Acquia, Inc. (U.S.), Optimizely, Inc (U.S.), Cloudera Inc. (U.S.), TIBCO Software Inc. (U.S.), ALTERYX, INC. (U.S.), RapidMiner (U.S.), Databricks (U.S.) |
Market Opportunities |
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Market Definition
Customer data platform (CDP) is a packaged software that generates a persistent, unified customer database, available to other systems. This customer data is created from numerous sources, to generate a particular customer profile. Customer data platform (CDP) provides some functionality of customer behavior and customer engagement.
Customer Data Platform Market
Drivers
- Increasing awareness regarding features and benefits of customer data platform
The prominence of a customer data platform has increased among industry participants during the forecast period due to the rising awareness regarding features and benefits of such platforms amongst marketers. A customer database was witnessed to be the most important factor among market players for modelling campaigns, mainly depending on target customers. This resulted in the steady transformation of a data platform, from access type to campaign and analytics-based CDPs. Autonomous data collection from first-party, second-party, and third-party sources and the growth of real-time customer profiles have paved the way for the augmented adoption of a customer data platform.
- Growing demand for telemedicine
The demand for the telemedicine is growing among consumers globally, due to its numerous advantages, such as consumers from any area gaining access to the required doctor. It is a proficient method because both money and time are being saved. The change in the normal scheduled visits generating huge data due to which increasing the need for customer data platforms and drive the market growth.
Opportunities
- Increasing multiple developments in customer data platform Market
Numerous developments are taking place in the customer data platform market to meet the customers’ needs and requirements for a comprehensive data platform. For instance, Tealium, the customer data platform (CDP) company has declared the launch of its Tealium for Pharma solution In July 2022. This platform is completely automated an improved customer experience for Pharma audiences although accounting for the industry’s constantly changing security and privacy regulations.
- Growing funding and investments by major organizations
Growing investments and funding by major organizations in such platforms are expected to create immense opportunities for the market growth. According to the report of CDP institute, the CDP vendors upraised funds price more than USD 1.5 billion in 2018. Such investments are anticipated to inspire vendors to integrate advanced technologies such as artificial intelligence and machine learning with customer data platform for providing accurate results. A study which has conducted by the CDP Institute showed that around 4,000 enterprises organized customer data platforms in 2018. All these factors are expected to create immense opportunities for the market growth.
Restraints
- Privacy concerns associated with the platform
Customer data platform market is anticipated to be highly hindered by the privacy concerns. This platform is majorly vulnerable to cyberattacks and breaches. For instance, Heroku, the popular cloud platform owned by Salesforce, revealed that it was compelled to change some user passwords in response to a security breach in May 2022, which also invited a wave of criticism.
- Issues associated with customer data platform
Protection of customer data, and stringent government regulations, amongst others are anticipated to obstruct the growth of the customer data platform market Moreover, more time required for generating marketing campaigns which may be challenge the growth of the customer data platform market in the near future.
This customer data platform market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the customer data platform market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Customer Data Platform Market
The COVID-19 pandemic has changed the working patterns of all businesses. Moreover, during the pandemic, there is a surge in the integration and adoption of technologies such as IoT, analytics, blockchain, artificial intelligence, machine learning and cloud. With the increase in adoption and integration of such technologies, businesses across many countries have shifted to a digital platform. This shift towards digitalization has augmented the number of customer data generation from online platforms, which is expected to increase the growth of the market. Moreover, the stringent government rules forced people to stay inside their homes. This has bound the customers to use their maximum time on the internet and led to a rise in sales through online platforms. Many customers have shifted their focus from normal shopping to online shopping, which resulted in a huge volume of data all over the globe. This has forced the companies to adopt this solutions to easily perform tasks. Therefore, customer data platform solutions witnessed an increase in demand during the pandemic, leading to an increase in market growth.
Recent Development
- In 2022 – Oracle renewed a strategic contract with AT&T to aid the company’s applications and database running in Oracle Cloud gain new capabilities and capacity. AT&T’s will be expanded Oracle Fusion Cloud Enterprise Resource Planning (ERP), Oracle Cloud Infrastructure, Oracle Fusion Cloud Customer Experience (CX) and other Oracle Cloud services under the new five-year agreement.
- In 2022 - Adobe has announced upgrades for its customer data platform. Adobe Real-Time CDP, to help brands in changing from third-party cookies to first-party data. By adopting this upgraded customer data platform by companies from all industries, Adobe provides enriched customer profiles with AI-powered targeting, commerce, additional security and privacy capabilities, and segment match across channels.
Global Customer Data Platform Market Scope
The customer data platform market is segmented on the basis component, deployment mode, organization size, application, capability and industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Platform
- Services
Deployment Mode
- On-Premises
- Cloud
Organization Size
- SMEs
- Large Enterprises
Application
- Personalized Recommendations
- Predictive Analysis
- Marketing Data Segmentation
- Customer Retention and Engagement
- Security Management
- Others
Industry
- BFSI
- Retail and E-commerce
- Media and Entertainment
- Travel and Hospitality
- Telecom and IT
- Healthcare
- Others
Capability
- Open Access
- Real-Time Analytics
- Audience Management
- Identity Management
Customer Data Platform Market Regional Analysis/Insights
The customer data platform market is analyzed and market size insights and trends are provided by country, component, deployment mode, organization size, application, capability and industry as referenced above.
The countries covered in the customer data platform market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the customer data platform market in terms of revenue and market share because of the increasing use of the big data technology. Moreover, the increasing amount of data across several industry, and the growing investments by companies in data analytics will further increase the growth of the market in this region during the forecast period.
Asia-Pacific will continue to project the highest compound annual growth rate during the forecast period of 2023-2030 due to growing expenditure on the advertising. Furthermore, the growing expenditures on the marketing activities by enterprises is further expected to propel the market growth in this region in the upcoming years.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Customer Data Platform Market Share Analysis
The customer data platform market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to customer data platform market.
Some of the major players operating in the customer data platform market are:
- Orcale (U.S.)
- Salesforce, Inc. (U.S.)
- SAP (Germany)
- Microsoft (U.S.)
- SAS Institute Inc. (U.S.)
- Adobe (U.S.)
- NICE (Israel)
- Dun & Bradstreet (U.S.)
- Teradata (U.S.)
- Amazon Web Services, Inc. (U.S.)
- BlueConic (U.S.)
- Ascent360 (U.S.)
- Acquia, Inc.(U.S.)
- Optimizely, Inc (U.S.)
- Cloudera Inc. (U.S.)
- TIBCO Software Inc. (U.S.)
- ALTERYX, INC. (U.S.)
- RapidMiner (U.S.)
- Databricks (U.S.)
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