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Industry Insights, Market Size, CAGR, High-Level Analysis: Customer Data Platform MarketThe global Customer Data Platform market size was valued at USD 730.1 million in 2018 and is expected to register a CAGR of 27.5% from 2019 to 2025. The industry is poised to witness high growth owing to the growing demand for determining consumer buying behavior across different industries. Moreover, various industries are seeking a unified medium for managing data pertaining to their online and offline customers and determining apt marketing strategies for these categories, in addition to reducing redundancies in customer data. The growing adoption of account-based marketing among organizations is also anticipated to drive the market growth for customer data platform. The growing use of social media, e-commerce channels, blogs, and webs by consumers is enabling enterprises to gather insights into consumer behaviors. These insights help them determine the changing preference of customers to cope with competitive environments. Such efforts are primarily being undertaken by organizations to engage with consumers more effectively and provide customized products. The manual collection of information on customer profiles, coupled with the categorization and segmentation of the information, is time-consuming and incurs high operational costs. This is encouraging organizations to invest in a data platform that enables continuous customer engagement and offers unified consumer profiles. The importance of a customer data platform among industry participants has increased over the forecast period owing to the growing awareness about the features & benefits of such platforms amongst marketers. A customer database was observed to be the most critical factor among marketers for modeling campaigns, depending on target customers. This resulted in the gradual transformation of a data platform, from access type to analytics- & campaign-based CDPs. Autonomous data collection from first, second, and third-party sources and the development of real-time customer profiles have paved way for increased adoption of a customer data platform. The advent of stringent regulatory mandates pertaining to consumer data privacy is one of the key factors contributing to the CDP market growth. Vendors are implementing GDPR tools along with a CDP to help providers comply with the necessary mandates. The inclusion of GDPR tools helps providers build trust among their customers. For instance, Piwik.pro, a tag management and enterprise analytics platform-based provider, integrated its GDPR consent manager and customer data platform to create customer profiles from first-party data sources while adhering to the regulations and compliances. Increasing funding and investments by major organizations in such platforms are further contributing to the growth of the market. As per the CDP institute, the CDP vendors raised funds worth more than USD 1.5 billion in 2018. Such investments are expected to encourage vendors to integrate advanced technologies such as machine learning and artificial intelligence with CDP for providing accurate results. A study conducted by the CDP Institute indicated that approximately 4,000 enterprises deployed customer data platforms in 2018. All these factors are anticipated to contribute to the growth of the market.
Type Insights of Customer Data Platform MarketOn the basis of type, the CDP market is segmented into analytics, campaign, and access. The campaign segment accounted for the highest revenue share in 2018. It is expected to grow at a significant CAGR over the forecast period. The ability to collate customer data points from various sources, enable segregation of customers based on different parameters, and provide real-time insights to perform targeted marketing has contributed to the demand for campaign customer data platform. The analytics type segment is anticipated to gain traction over the forecast period. It is expected to register the highest CAGR over the forecast period. The demand for analytics platform can be attributed to benefits such as automation of consumer profiles depending on the customer life cycle journey. Furthermore, this platform also helps automatically generate profiles using personalized modeling and machine learning technology, depending on segregation parameters, for personalized marketing.
Application Insights of Customer Data Platform MarketBased on application, the market for customer data platform has been segmented into retail; banking, financial services, and insurance; telecom, media, and technology; travel; healthcare; discrete manufacturing; and others. The demand for CDP is highest among B2C companies as compared to B2B companies. The retail segment generated the highest revenue in 2018. The need for engaging customers, increasing customer loyalty, and enhancing shoppers experience is driving the retail segment growth. The demand for CDP among B2B companies is growing at a significant rate owing to the benefits offered by CDP, including time-based analysis of consumer engagement and online & offline collection of data from different sources. As per the study of CDP Institute, 34% of the B2B companies planned to deploy CDP in 2019. The deployment of CDP in BFSI industries is anticipated to increase over the forecast period. The growing adoption among BFSI enterprises can be primarily attributed to the increase in dependency on technology for marketing products and services catered to a specific group of consumers.
Regional Insights of Customer Data Platform MarketThe North American region accounted for the highest market share in 2018. The growth of the region can be attributed to the presence of pure play vendors and providers of CDP as a sub-product. The U.S. dominated the market in 2018 owing to the presence of major market players with higher market shares and increased funding for CDP. Furthermore, the marketers and brands in the region have been the early adopters of CDPs. Europe and Asia Pacific regions are anticipated to grow at higher CAGRs as compared to North America. The growths of the regions can be attributed to the presence of a larger number of analytics and campaign CDP providers. The European market is characterized by the concentration of campaign vendors, accounting for more than 50% of the total market vendors. The providers of analytics CDPs operating in the Asia Pacific region held a major market share in 2018, thus, contributing to the regional market growth.
Market Share Insights of Customer Data Platform MarketThe market is fragmented owing to the presence of numerous CDP vendors, who are striving to implement a mix of advanced technologies to gain a competitive edge. Established and key CDP vendors are entering into strategic alliances and partnerships with the technology and service providers to improve and update their existing platform. For instance, in 2019, AgileOne entered into a strategic partnership with Snowflake Inc. to develop a unified solution. The solution increases accessibility of processed customer data, which is enhanced using predictive & behavioral analytics and offline & online identity resolution. The CDP market is characterized by the presence of major vendors such as Tealium; Segment.io, Inc.; NGDATA, Inc.; ENSIGHTEN; Salesforce.com, Inc.; and Adobe. The major vendors are engaged in strategic partnerships, acquisitions, and integration of additional capabilities to strengthen their market presence. For instance, in 2018, ARM acquired Treasure Data, a provider of access platform, and Salesforce.com, Inc. acquired Datorama, a provider of analytics platform. The market also envisages the entry of other marketing automation platform providers such as Oracle and SAP SE, along with other CDP pure play vendors.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Customer Data Platform Market Research ReportThis report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global customer data platform market report on the basis of type, application, and region:
Type Outlook (Revenue, USD Million, 2019 - 2030)
Application Outlook (Revenue, USD Million, 2019 - 2030)
- Banking, Financial Services, and Insurance (BFSI)
- Telecom, Media, and Technology (TMT)
- Discrete Manufacturing
Table of Content Chapter 1. Methodology and Scope 1.1. Market Segmentation and Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased database 1.3.2. GVR’s internal database 1.3.3. Secondary sources and third-party perspectives 1.3.4. Primary research 1.4. Information Analysis 1.4.1. Data analysis models 1.5. Market Formulation and Data Visualization | read more...