Pune, India, June 20, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global customer data platform market size was valued at USD 1.75 billion in 2022 and is projected to grow from USD 2.15 billion in 2023 to USD 9.92 billion by 2030, exhibiting a CAGR of 24.4% during the forecast period.
Leading companies are expected to further their investments in such services following the trend for personalization. Moreover, customers demand real-time services, prompting companies to further their strategies. Fortune Business Insights, provide this information in its report titled, Global Customer Data Platform Market Forecast, 2023-2030.
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Key Industry Development
February 2022 – Bounteous entered a collaboration with Acquia to roll out Customer Data Platform QuickStart Packages. The solution was launched to offer a cross-channel experience to customers.
Key Takeaways
- Customer data platform market size in North America was USD 1.08 Billion in 2022
- Retail & E-Commerce Segment to Record Considerable Upsurge Impelled by Rising Adoption of Marketing Automation Tools
- Customer Data Platform Solutions Become Trendier Amidst the Pandemic
- Platform Segment to Lead Driven by Growing Customer Satisfaction Demand
Discover the Leading Players Featured in the Report:
“Companies leading the global customer data platform market are Salesforce.com, Inc., Exponea s.r.o. (Slovakia), Segment.io, Inc., Optimove Inc., Oracle Inc., Leadspace, Inc., Ignitionone.com, Kabbage Inc. (Radius Intelligence) (Georgia), Tealium Inc., CaliberMind”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 24.4% |
| 2030 Value Projection | USD 9.92 Billion |
| Base Year | 2022 |
| Customer Data Platform Market Size in 2022 | USD 1.75 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | Component, Deployment, Type, Industry and Geography |
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Drivers and Restraints
Expanding Penetration of Personalization & Demand from the BFSI Sector to Bolster Business Outlook
Industry players expect the demand for real-time engagement to usher the personalization trend globally. Millennials and gen Z population may seek customized and personalized data solutions and services. Besides, stakeholders are likely to inject funds into the customer data platform market share, owing to strong demand from the BFSI sector. The COVID-19 pandemic is a testimony that online client services witnessed a dramatic surge across emerging and advanced economies. Banks and financial institutions are likely to increase their investments in data platform solutions.
Meanwhile, escalating privacy concerns could dent the industry outlook during the forecast period.
Segmentation:
By Component
- Platform
- Services
By Deployment
- On-Premises
- Cloud
By Type
- Access
- Analytics
- Campaigns
By Industry
- Banking, Financial Services and Insurance (BFSI)
- Retail and E-commerce
- Information Technology (IT) and Telecom
- Media and Entertainment
- Travel and Hospitality
- Healthcare
- Others (Government and Education)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights
North America to Further Investments in Data Platform with Rising Demand from End-Users
The U.S. and Canada are expected to witness an influx of funds into data platform analytics and access solutions during the assessment period. The presence of leading companies will solidify the position of the North America market. Prominently, the growing footfall of retailers, healthcare, and BFSI sectors will bode well for the business outlook.
Industry participants expect the Europe customer data platform market growth to witness notable traction due to the presence of leading vendors across the U.K., France, and Germany. Moreover, the implementation of GDPR has accentuated regional growth. Stakeholders expect cloud and on-premise deployment models to gain traction in the ensuing period.
The Asia Pacific industry forecast will be strong following the burgeoning internet penetration across China, India, and Australia. Furthermore, BSFI, healthcare, and e-commerce sectors have shown profound traction for customer data platform services, boding well for the business outlook. Stakeholders expect data analytics, Big Data, and digitization to encourage investments across the region.
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Competitive Landscape
Stakeholders to Invest in Partnerships to Tap Markets
Major players are poised to infuse funds into product launches, mergers & acquisitions, technological advancements, and R&D activities. Prevailing trends suggest that leading companies are slated to focus on geographical expansion during the forecast period.
FAQs
How big is the customer data platform market?
The customer data platform market size was USD 1.75 billion in 2022. It is expected to reach USD 9.92 billion by 2030.
How fast is the customer data platform market growing?
The customer data platform market will exhibit a CAGR of 24.4% during the forecast period, 2023-2030.
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