Global Customer Data Platform Market Size By Type (Cloud Based, On-Premises), By Application (Large Enterprises, SMEs), By Geographic Scope And Forecast

Customer Data Platform Market Size And Forecast

Customer Data Platform Market size was valued at USD 1,066.5 Million in 2021 and is projected to reach USD 5,228,5 Million by 2030, growing at a CAGR of 19.3% from 2022 to 2030.

The increased spending on marketing and advertising activities by businesses, the changing landscape of customer intelligence, the proliferation of customer channels, automated smart machines to drive consumer experience, and increased investments and funding in CDP startups are all expected to offer opportunities for increased adoption of Customer Data Platform. A customer data platform (CDP) is a piece of software that allows you to create a unified, persistent customer database that can be accessed by other systems. This customer data comes from a variety of places to create a unique customer profile. The customer data platform (CDP) provides some customer engagement and behavior functionality.

Global Customer Data Platform Market Definition

Customer Data refers to the behavioral, statistical, and demographic data that is collected for better communication, and understanding of customer behavior, to enhance customer engagement for better service/product delivery. Customer data helps businesses to build lucrative business strategies to improve customer experience. Customer data platforms help such enterprises to process customer data to consolidate and integrate that data to store a one-point database.

It offers safety and security to protect the data from breaching. 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.

Global Customer Data Platform Market Overview

The Customer Data Platform Market is expanding rapidly, thanks mostly to increased expenditure on commercial tactics to acquire new consumers. To adopt such strategies, the enterprises invest in marketing and advertising activities to promote their products, solutions, and services to the customers and collect the required information from the targeted market. Promotion is the most important marketing strategy that has a vital impact on consumer behavior. Thus, enterprises invest in advertising and promotional activities. Promotional activities help enterprises to understand an increasingly diverse customer base across industries. Therefore, enterprises can maintain the customer relationship effectively.

As a result, increased spending in marketing and promotional activities has the potential to boost the worldwide consumer data platform market. Furthermore, technological advancements, such as automated smart machines, and IoT-based devices, amongst others, in CDP solutions might create lucrative opportunities for the market to grow with higher CAGR. Automated smart machines make the customer experience better and manage customer relationships in a better way. The Internet of Things (IoT) is characterized by machine learning and machine-to-machine communication, enabling sophisticated monitoring and control of processes. However, data privacy, protection of customer data, and stringent government regulations, amongst others, can strangle the market growth in the global market.

Global Customer Data Platform MarketSegmentation Analysis

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

Customer Data Platform Market, By Type

• Cloud-Based
• On-Premises

Based on Type, the market is further segmented into Cloud-Based and On-Premises. The cloud-Based segment dominated the market accounting for the largest market share in 2022, due to increasing demand from the adoption of smart and web-connected devices. Furthermore, the higher internet penetration amongst the world population is fueling the growth of the market.

Customer Data Platform Market, By Application

• Large Enterprises
• SMEs

Based on Application, the market is segmented into Large Enterprises and SMEs. Large Enterprises emerged as a leading segment in 2022, mainly due to a significant rise in the demand to collect large customer data for building potential business strategies. Large enterprises are investing in advertising and promotional activities to drive highly personalized account-based marketing or promotional activities to increase their customer base.

Customer Data Platform Market, By Geography

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

Based on Regional Analysis, the Global Customer Data Platform Market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the leading region in the global Customer Data Platform Market due to the rapid adoption of advanced technology, and various other driving factors including, the rising demand for the CDP in the North American Market, rise in the number of internet and smartphone users across the region, rising demand from the media and advertising industry, and the rest others.

Key Players

The “Global Customer Data Platform Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market areSalesforce (Evergage), Tealium Inc., Optimove, Exponea, Ensighten, Blueconic, Inc., Oracle, SAP, Microsoft, and SAS Institute Inc. This section provides a company overview, ranking analysis, company regional and industry footprint, and ACE Matrix.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Key Developments

• In April 2023, Tealium, an industry-leading customer data platform (CDP), and Pegasystems Inc. announced a new relationship. This collaboration connects Pega Customer Decision Hub and Tealium Customer Data Platform, allowing organizations to use first-party behavioral data and AI-powered decisions to provide relevance and empathy throughout every customer engagement.
• In October 2022, Optimove announced that it now provides clients throughout the Snowflake Data Cloud with safe and direct access to Optimove data. The new product extends Optimove’s prior capabilities and expands on its cooperation with Snowflake.
• In June 2022, as part of the annual SIIA CODiE Awards, BlueConic was awarded the best customer data platform (CDP) of 2022. The CODiE Awards honor the firms that create the most innovative business technology products in the United States and throughout the world.
• In February 2020, Salesforce acquired Evergage, the premier real-time 11 personalization software platform, to expedite the company’s efforts to provide greater customization solutions to its thousands of clients.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

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 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 Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope

Top Trending Reports

Research Methodology of Market Research