Customer Data Platform (CDP) Software Market Size By Type (Cloud Based, and On-Premises), By Application (Large Enterprises and SMEs), By Geography Scope And Forecast

Customer Data Platform (CDP) Software Market Size And Forecast

Customer Data Platform (CDP) Software Market size was valued at USD 1,030.03 Million in 2021 and is projected to reach USD 5,679.47 Million by 2030, growing at a CAGR of 19.6% from 2023 to 2030.

The Global Customer Data Platform (CDP) Software Market report provides a holistic evaluation of the market. The report comprises various segments as well as an analysis of the trends and factors that are playing a substantial role in the market. The market is mainly influenced by increasing digital transformation which has led to not only the innovation of products such as CDP software but also of the implementation of these products within their infrastructure. The Customer Data Platform (CDP) Software Market study provides an outlook on the development of the market in terms of revenue throughout the prognosis period. The Global Customer Data Platform (CDP) Software Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market

Global Customer Data Platform (CDP) Software Market Definition

The Consumer Data Platform (CDP) is a software package that generates a unified permanent database of customers, accessible to other applications. To build a specific customer database, this customer data originates from multiple sources. Any customer engagement and customer behavior capabilities are supported by the Customer Data Platform (CDP). Due to the increasing awareness of the features & advantages of such platforms among marketers, the importance of a consumer data platform among industry participants has increased over the forecast period. A consumer database was observed to be, based on target consumers, the most important factor for marketers for modeling campaigns.

This resulted in a gradual transformation of a data platform, from access type to CDPs based on analytics & campaigns. Autonomous data collection from first, second, and third-party sources and real-time customer profile development has paved the way for increased customer data platform adoption. One of the main factors leading to the growth of the CDP market is the introduction of strict regulatory mandates related to customer data privacy. In order to help providers comply with the required mandates, vendors are introducing GDPR tools along with a CDP. The integration of GDPR tools enables providers to create trust in their consumers. It is expected that the implementation of the cloud deployment mode would accelerate the growth in the size of the CDP market. The CDP cloud deployment model provides benefits such as easy maintenance of information, cost-effectiveness, agility, flexibility, scalability, and efficient management.

The CDP market size is projected to be fuelled by the rising importance of customer satisfaction and relationship management in the BFSI field. Customers have been urged to opt for new online platforms to engage with banks, insurance providers, and other financial services by increasing internet access and affordability.

Global Customer Data Platform (CDP) Software Market Overview

Today, for everyday activities such as reviewing emails, reading books, online shopping for food and apparel, online payments, and social media applications, among others, the consumer is present on any channel or platform. There is also an increase in data sets, also frequent entering or exiting the app or switching apps by users. Real-time interaction tracking is therefore important. Business owners use this database to provide customers with valuable offers and reviews based on their use of apps and websites. With the rise of cloud computing in the global CDP market, a large number of enterprises are opting to host their software solutions off-site. For these enterprises, switching to a cloud-based SaaS model eases the burden on IT departments and allows external service providers to provide support and maintenance to their users. Enterprises of all sizes are deploying SaaS-based solutions as it is economical, can be accessed from anywhere, and provides all functionalities at the lowest total cost of ownership (TCO).

The growing acceptance of SaaS-based CDP software can be attributed to its fast deployment speed, lower upfront costs, and flexibility to scale up and down depending on the company’s requirements. SaaS-based CDP software further enables organizations to access data and services remotely through a web browser without installing and managing application software. It has a short implementation time, which again reduces the implementation cost and improves the returns on the investment. With developing technologies, consumer demands rise, and businesses have to actively change their solutions for customer engagement to fulfill these expectations. The investment cost associated with changing customer experience solutions with technology that is continuously evolving is a very high and short-term investment. This makes it impossible to continuously upgrade strategies according to consumer needs for small to medium-sized companies.

However, The digital revolution is being embraced by individuals and businesses alike. Digital transformation can be defined as the use of technology in order to improve the performance or reach of enterprises. Nowadays, digital devices and social networks are increasingly being used in order to increase the engagement between government, businesses, civil society as well as friends and family. Businesses are undergoing their own digital transformation and through this are able to further decipher what customers value as well as develop an increased stronghold on creating operating models and taking advantage of the possibility for competitive differentiation. Through the progress of digital transformation, comes the prospect of CDP software. CDP software has arisen as a result of the digital transformation that is allowing individuals and businesses to innovate possibilities for competitive differentiation.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the global Customer Data Platform (CDP) Software Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the global Customer Data Platform (CDP) Software Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Segmentation Analysis

The Global Customer Data Platform (CDP) Software Market is segmented on the basis of Type, Application, and Geography.

Customer Data Platform (CDP) Software Market, By Type

• Cloud Based
• On-Premises

To Get Summarized Market Report By Type-

Based on Type, the market is bifurcated into Cloud Based, and On-Premises. Cloud Based accounted for the largest market share in 2020. The growing adoption of cloud-based platforms by various organizations owing to their benefits such as cost-effectiveness, flexibility, and scalability is one of the primary factors driving the growth of the customer data platform market over the forecast period.

Customer Data Platform (CDP) Software Market, By Application

• Large Enterprises
• SMEs

To Get Summarized Market Report By Application-

Based on Application, the market is bifurcated into Large Enterprises and SMEs. Large Enterprises accounted for the largest market share in 2020. The growing popularity among large enterprises and the benefits associated with the utilization of the CDP platform is the major factor anticipated to drive the growth of the market in this segment.

Customer Data Platform (CDP) Software Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa