Chicago, Sept. 05, 2022 (GLOBE NEWSWIRE) -- Customer Data Platform Market size to grow from USD 3.5 billion in 2021 to USD 15.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 34.6% during the forecast period, according to a new report by MarketsandMarkets™. Various factors such as increasing spending on marketing and advertising activities by enterprises, changing landscape of customer intelligence to drive the market, and Proliferation of customer channels are expected to drive the adoption of customer data platform solutions and services.
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Scope of the Report:
| Report Metrics | Details |
| Market size available for years | 2015–2026 |
| Base year considered | 2020 |
| Largest Market | North America |
| CAGR | 34.6% From 2021 to 2026 |
| Customer Data Platform Market Size in 2021 | USD 3.5 billion |
| Market Size in 2026 | USD 15.3 billion |
| Segments covered | Component, Deployment Mode, Organization Size, Application, Vertical, and Region |
| Geographies covered | North America, Europe, APAC, MEA, and Latin America |
| Companies covered | Oracle Corporation (US), SAP SE (Germany), Adobe Inc. (US), Salesforce.com, Inc. (US), Microsoft Corporation (US), SAS Institute (US), Teradata (US), Nice Systems ltd. (Israel), Dun & Bradstreet (US), Leadspace (US), Zylotech (US), BlueVenn (US), CaliberMind (US), Celebrus (UK), Tealium (US), AgilOne (US), BlueConic (US), Lytics Inc. (US), IgnitionOne, Inc. (US), and Amperity, Inc. (US), Optimove (US), Totango (US), Insider (Singapore), Segment (US), Listrak (US), Simon Data (US), Ometria (UK), Treasure Data (US), Salesmango (US), ActionIQ (US) |
CDP is a customer data personalization management system that creates a persistent, unified customer database accessible to other systems. It provides an environment that can ensure the most up-to-date, precise, and complete view of customers to help organizations make better decisions on how, when, and why to interact with customers. It consolidates and integrates data from multiple heterogeneous sources with a single, trusted repository that supplies accurate customer data to analytical and operational systems throughout the marketing and technology stack.
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The market based on components is divided into software and services. The customer data platform solutions comprise platform and software tools, such as Application Programming Interface (APIs), SDKs, and frameworks that enable users to integrate database models with analytical tools and visualization frameworks. The customer data platform software tools enable organizations to identify a relationship between customers, products, and operations. The platform segment is expected to show a higher growth rate during the forecast period.
By deployment mode, the customer data platform has been segmented into on-premises and cloud. Organizations primarily look for solutions that can help them reduce costs and increase profit margins. The customer data platform offered via the cloud are gaining good traction in the past few years and are expected to have a larger CAGR during the forecast period.
Among organization sizes, the large enterprises segment is expected to hold a larger market size, also the large enterprises segment is expected to grow at a faster rate during the forecast period as cloud-based solutions and services help them improve business performance and enhance productivity.
The Customer Data Platform Market by vertical has been categorized into banking, financial services, and insurance, Retail and eCommerce, media and entertainment, IT and telecom, healthcare, travel and hospitality, and others (automobile, government, and education). The travel and hospitality vertical is expected to witness the highest growth rate, while the BFSI vertical is expected to have the largest market size during the forecast period. The larger market size of the BFSI vertical can be attributed to the increasing regulatory scrutiny, improved customer satisfaction, and benefits, such as risk management and tailored solutions.
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The Customer Data Platform Market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. APAC is expected to grow at a good pace during the forecast period. Opportunities for smaller customer data platform vendors to introduce customer data platform solutions for numerous sectors have also increased. All these factors are responsible for the expeditious growth of the Customer Data Platform Market in the region. Companies operating in APAC continue to focus on improving customer services to drive market competitiveness and revenue growth. China, Japan, India, and Australia have displayed ample growth opportunities in the Customer Data Platform Market.
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