by The Customer Data Platform Market is estimated to be valued at US$ 1.84 Bn or billion in 2023 and is expected to exhibit a CAGR of 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Customer data platforms (CDPs) are customer data management solutions that create a unified customer database which enables organizations to obtain a single view of each individual customer. CDP systems consolidate customer profiles and data from various sources to build a complete picture of each customer. This allows organizations to personalize marketing campaigns, product recommendations, and communications based on past purchases and behaviors. Majority of CDPs also offer capabilities like segmentation, analytics, campaign management and activation which boost their demand.
Market Dynamics:
Rising need for personalized customer experiences is one of the major driver of the global customer data platform market growth. Organizations across industries are increasingly adopting customer data platform solutions to develop deeper understanding of customers and offer personalized experiences. This improves customer retention and boosts revenue. Another key driver is the increasing demand to centralize customer data. Legacy systems silo customer data across various departments, limiting its usage. CDPs provide a centralized platform to store, manage and analyze unified customer profiles from various sources to enable data-driven decision making.
Segment Analysis
The customer data platform market is dominating by the subscription segment which holds around 80% of the total market share. The subscription segment allows companies to access customer data platforms on a recurring payment basis which provides more flexibility and cost control. This increases their preference over licensed models.
PEST Analysis
Political: No major regulations directly impact the customer data platform market. However, data privacy laws influence how customer data is collected, used, and managed.
Economic: The market is showing positive growth with expanding digitalization and need to gain deeper customer insights. Higher spending on marketing and customer analytics is fueling demand.
Social: Customers are more concerned about data privacy and how their personal information is used. Vendors emphasize transparency and consent in data management to address these expectations.
Technological: Advancements in AI, ML and big data analytics are driving the need to unify customer profiles for personalized experiences. Integration with other tools expands the capabilities of customer data platforms.
Key Takeaways
The global Customer Data Platform Market Share is expected to witness high growth, exhibiting a CAGR of 23% over the forecast period of 2023 to 2030, due to increasing digitalization and personalized marketing efforts. By 2030, the market size is projected to reach $US 7.13 billion.
Regional analysis: North America leads with over 35% share currently due to strong digital trends and early adoption. Asia Pacific is the fastest growing region on account of rising digital spending in large economies like China and India.
Key players: Key players operating in the customer data platform market are Zeta Global Corp, Oracle Corporation, mParticle Inc., Salesforce.com Inc., BlueConic, Adobe Inc., Tealium, SAP SE, Acquia Inc., and Segment.Io Inc. Zeta Global dominates with its unified customer data platform providing a single source of customer truth. Oracle is expanding its data management offerings with strong analytics suites.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
