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The global market for customer data platform reached a value of about USD 2.82 billion in 2023. The market is further expected to grow at a CAGR of approximately 21.6% in the forecast period of 2024-2032 to reach a value of around USD 16.40 billion by 2032, owing to the increasing expenditure on marketing and advertising activities by enterprises.
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North America is expected to be the largest customer data platform market region due to the increasing technological advancements. The United States is estimated to dominate the market due to significant market players with higher market shares and increased funding for customer data platforms (CDP). Also, the marketers and brands in the region have been the early adopters of CDPs. The growing utilisation of the big data technology, the rising amount of data across verticals, and the increasing investments by companies in data analytics will further propel the growth of the market in North America during the forecast period. Organisations, especially in the United States, use the CDP platform to generate insightful information from structured and unstructured data. Solutions such as customer retention and engagement and personalised recommendations offered by CDP are helping companies remain competitive in the market.
Sectors in the United States, such as BFSI, healthcare, and eCommerce, are rapidly adopting the platform at a higher pace due to the growing inclination toward customer satisfaction and offering better-personalised experiences. For instance, in October 2021, ActionIQ, the United States-based CDP for marketers, analysts, and technologists, announced to expand its CDP into the healthcare sector by accomplishing its compliance audit for Health Insurance Portability and Accountability (HIPAA) Type 1 standards. Such regional initiatives are likely to drive the customer data platform market in North America in the forecast period.
During the forecast period, the retail and eCommerce segment is expected to lead the market growth. The need to attract customers, increase customer loyalty, and enhance the shopping experience drives the segment growth. By providing excellent customer experiences through appropriate and consistent communication, the customer data platform assists e-commerce enterprises in converting visitors into loyal customers and long-lasting foster relationships.
Customer data refers to behavioural, statistical, and demographic data collected to improve communication, understand customer behaviour, and increase customer engagement for better service/product delivery. Customer data assists firms in developing profitable business strategies to improve customer experience. Customer data platforms enable such businesses to process customer data to consolidate and integrate it into a single database.
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The various components in the customer data platform market are:
Based on the deployment model, the market is divided into:
Based on organisation size, the market is segmented into:
The significant applications of the market are:
The major verticals of the market are:
The regional markets for customer data platforms can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
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Rising expenditure on marketing and advertising activities by organisations is projected to be the key factor propelling the global customer data platform market growth. The market is poised to witness high growth owing to the growing demand for determining consumer buying behaviour across different industries. Also, real-time and personalised data analysis offered by the customer data platform will drive the market growth. The customer data platform provides insights about the customer and its choices when the data is fed into it and helps the organisation engage customers and create a suitable customer experience strategy. Besides this, the growing adoption of account-based marketing among organisations is anticipated to drive the market growth for the customer data platform. Increasing funding and investments by major organisations in such platforms are further contributing to the growth of the market globally. In addition, the changing landscape of customer intelligence, the proliferation of customer channels and automated smart machines to drive consumer experience are all expected to offer opportunities for increased adoption of the customer data platform.
The report gives a detailed analysis of the following key players in the global customer data platform market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Component |
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| Breakup by Deployment Mode |
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| Breakup by Organization Size |
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| Breakup by Application |
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| Breakup by Vertical |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
Customer Data Platform Market Size
Customer Data Platform Market Growth
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global customer data platform market attained a value of nearly USD 2.82 billion.
The market is projected to grow at a CAGR of 21.6% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach USD 16.40 billion by 2032.
The major drivers of the market include the increasing technological advancements, presence of significant market players, growing utilisation of the big data technology, growing inclination toward customer satisfaction, real-time and personalised data analysis offered by the customer data platform, growing adoption of account-based marketing, and increasing funding and investments by significant organisations.
Increasing expenditure on marketing and advertising activities by organisations and growing demand for determining consumer buying behaviour across different industries are the key industry trends propelling the market growth.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The components in the market include platforms and services.
Based on the deployment model, the market is divided into on-premises and cloud.
Based on organisation size, the market is segmented into large enterprises and small and medium enterprises (SMEs).
The significant market applications include personalised recommendations, predictive analytics, marketing data segmentation, customer retention and engagement, and security management, among others.
The major verticals of the market are BFSI, retail and eCommerce, media and entertainment, travel and hospitality, telecom and IT, and healthcare, among others.
The major players in the industry are Oracle Corporation, SAP SE, Adobe Inc., Microsoft Corporation, and SAS Institute Inc, among others.
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