Customers Data Platform Market is expected to reach a revenue of USD 60.4 Bn by 2033, at 27.5% CAGR: Dimension Market Research
Advancements and Projections in the Customers Data Platform Market: Insights, Trends, Opportunities, and Recent Developments
New York, May 13, 2024 (GLOBE NEWSWIRE) -- *Market Overview*The Global *Customer Data Platform Market* is expected to reach *USD 6.8 billion* by 2024 and is further anticipated to reach *USD 60.4 billion* by 2033 at a *CAGR of 27.5 %* according to Dimension Market Research.
A customer data platform (CDP) is software used for gathering, merging, organizing, and overseeing customer data from different origins. The prime objective is to establish a comprehensive and intricate profile for each customer, often known as a unified customer view. These provide features like data collection, elimination of duplicates, identifying identities, segmenting data, conducting analytics, and enabling data utilization.
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*Important Insights*
· The global *customer data platform market* is expected to grow by *USD 51.9 billion by 2033* from 2024 with a *CAGR of 27.5 %* during the same forecasted period i.e. 2025 to 2033.
· Based on type, the *analytic segment* is expected to lead due to its analytical capabilities provided by these platforms which involve the ability to collect, process, and analyze large volumes of customer data from many sources in real-time.
· *Cloud deployment* is expected to dominate the market with a revenue share in 2024 due to hosting the CDP software on third-party servers managed by cloud service providers like AWS, and Microsoft Azure.
· *Small and medium enterprises* are expected to dominate the CDP market due to rising demand for PaaS, SaaS, and IaaS solutions, which increased customer data platform adoption, driving this segment's growth.
· *North America* is expected to dominate the market with a revenue share of *34.1% in 2024* due to the presence of vendors focused on providing CDP solutions and subsidiary products. Europe region is expected to grow at a high CAGR due to the presence of a large number of providers offering analytics and campaign-based CDP solutions.
*Trends*
· There is a growing trend to integrate AI and ML technologies into CDP platforms which are used to derive actionable insights from large volumes of customer data, predict future behaviors, and automate decision-making processes for improved marketing effectiveness.
· Companies are focused on getting personalized interactions with customers across various online and offline channels with the help of CDP which drives the growth of this market.
· There is a growing adoption of cloud-based CDP solutions due to their scalability, flexibility, and cost-effectiveness*.*
*Competitive Landscape*
· The CDP market is scattered a lot because of the abundance of players who are adapting advanced solutions to get an edge in the competition.
· Businesses are partnering with both technology companies and service providers to create better platforms.
· Major players in this market are Tealium, Segment.io, NGDATA, ENSIGHTEN, Salesforce.com, and Adobe.
*Some of the prominent market players:*
· Oracle
· com, Inc.
· SAP SE
· Adobe
· Tealium
· io, Inc.
· AgileOne
· mParticle, Inc.
· Dun & Bradstreet, Inc.
· Leadspace, Inc
· Others
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*Global Customer Data Platform Market Scope*
*Report Highlights* *Details*
Market Size (2023) USD 6.8 Bn
Forecast Value (2032) USD 60.4 Bn
CAGR (2023-2032) 27.5%
North America Revenue share 34.1%
Europe Revenue share 28.1%
Historical Data 2018 - 2023
Forecast Data 2024 – 2033
Base Year 2023
Estimate Year 2024
Segments Covered By Type, By Deployment Mode, By Organization, By Component, By Application
Regional Coverage North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
*Regional Analysis*
North America is anticipated to dominate the CDP market with the highest revenue share of *34.1 % in 2024* due to the presence of vendors focused on early-tech adoption, and increased investment in advanced technology. Different industries in this region are implementing this platform to increase customer satisfaction and enrich their personalized experience. Europe region is expected to grow at a high CAGR due to the presence of a large number of providers providing analytics and campaign-based solutions.
*By Region*
*North America*
· The U.S.
· Canada
*Europe*
· Germany
· The U.K.
· France
· Italy
· Russia
· Spain
· Benelux
· Nordic
· Rest of Europe
*Asia-Pacific*
· China
· Japan
· South Korea
· India
· ANZ
· ASEAN
· Rest of Asia-Pacific
*Latin America*
· Brazil
· Mexico
· Argentina
· Colombia
· Rest of Latin America
*Middle East & Africa*
· Saudi Arabia
· UAE
· South Africa
· Israel
· Egypt
· Rest of MEA
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*Market Analysis*
In 2024, the retail sector is forecasted to lead the global customer data platform market, accounting for *27.1%* of total revenue. This growth is fueled by effective marketing strategies, enhanced customer loyalty, and improved shopping experiences. B2B companies within retail are adopting CDPs to benefit from features such as time-based consumer engagement analysis and the consolidation of online and offline data from various channels. A study conducted by the CDP Institute reveals that 34% of B2B companies intend to implement CDPs. The banking, financial services, and insurance (BFSI) sectors are increasingly embracing these platforms due to their reliance on technology for targeted marketing of products and services to specific customer segments.
*Customer Data Platform Market Segmentation*
*By Component*
· Platform
· Services
* By Type*
· Analytics
· Campaign
· Access
*By Deployment Mode*
· Cloud
· On-premises
*By Organization *
· Small & Medium Enterprises
· Large Enterprises
*By Application*
· Retail
· Banking, Financial Services, and Insurance (BFSI)
· Telecom, Media, and Technology (TMT)
· Travel
· Healthcare
· Others
*Growth Drivers*
· The CDP platform market is showing intense growth due to increasing demand for understanding customer purchasing behaviors across various industries.
· Industries seek a unified platform for managing both offline and online customer data, optimizing marketing strategies, and minimizing redundant customer information, which requires these platforms.
· The market's expansion is also fueled by the rising adoption of account-based marketing among organizations.
*Restraints*
· Manual customer data collection and classification are time-consuming and costly, prompting companies to invest in data platforms offering consolidated consumer profiles, thus driving market growth.
· Legal issues related to sharing customer insights within organizations pose a challenge and inhibit market growth for some customer data service providers.
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*Opportunities *
· CDP plays an important role in combining customer data from multiple sources to create a comprehensive view of the customer journey, enabling personalized and targeted marketing efforts. These provide data governance and security features that are in high demand to help businesses manage customer data responsibly.
· They are capable of processing and analyzing data in real-time as businesses aim to deliver personalized experiences.
*Recent Developments in the Global Customer Data Platform Market*
· *August 2023: *Simon Data Inc., a startup specializing in an AI-powered platform for customer data integration and marketing automation, secured a substantial investment of *USD 54.0 million.*
· *December 2023: *Zeotap CDP introduced a new feature named "Non-Customer Entity Data" to its Customer Data Platform, enabling the seamless integration and utilization of both customer and non-customer entity data.
· *March 2023: *Adobe announced innovation within Adobe Real-time CDP, offering brands valuable business insights by generating over *USD 600 billion* and providing predictive insights annually based on real-time customer data.
· *August 2022: *Oracle extended a significant agreement with AT&T aimed at boosting the capabilities and capacity of the company's applications and databases operating within the Oracle Cloud.
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