Customer Data Platform Market size was valued at USD 3.1 billion in 2022 and is poised to grow from USD 5.12 billion in 2023 to USD 74.87 billion by 2031, growing at a CAGR of 39.84% during the forecast period (2024-2031).
In recent times, the demand for customer data platform is increasing rapidly due to the increasing demand for understanding consumer purchasing behaviour in various sectors. Furthermore, several industries are trying to get a central medium that can be utilized for managing data related to their online and offline customer. This will also help them to analyse accurate marketing tactics for these categories along with minimizing redundancies in customer data. The increasing adoption of account-based marketing among companies is also boosting the growth of customer data platform market. Moreover, the utilization of social media, e-commerce channels, blogs, and webs by customers are also allowing businesses to gather information about customer behaviour. These data assists in determining the shifting preference of customers to manage the competitive settings. These initiatives are mainly being taken by businesses to engage with customers more efficiently and offer better customized products. The manual information on customer profiles along with categorization and segmentation of information can be time consuming and expensive. This is also pushing the businesses to invest more in a data platform that allows constant customer engagement and provide single consumer profiles.
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Growing Adoption of Digital Marketing to Efficiently Engage with Target Audience
Digital market tactics consist of email marketing, social media advertising, and search engine optimization has become a significant part of businesses. This es especially true for who are trying to engage with their target audience efficiently. This transformation is further boosted by the increasing usage of digital devices and platforms, enabling organizations to use these channels for marketing purposes. Therefore, there is an increasing requirement for CDPs that can effectively manage and analyse huge amount of customer data for driving more targeted and personalized campaigns. CDPs allows businesses to get better understanding about customer behaviour and preferences, enabling them to develop more accurate and engaging marketing content that is relevant to the audience.
High Growth of Customer Datato Increase Requirement for Centralized Platform
The massive growth of customer data from different sources like websites, mobile apps, and social media has created a requirement for organizations to centralize and analyse the data efficiently. The volume and complexity of data has surpassed the abilities of conventional data management processes. CDPs provide solutions by offering a centralized platform for collecting, organizing, and analysing customer data from different sources. By utilizing CDPs organizations can gain useful information about customer behavior, preferences, and trends, allowing them to make better and informed decisions. This is also enhancing their marketing tactics immensely. The rapid development of customer data offers substantial opportunities for businesses to use CDPs so that they can gain a competitive edge and boost business growth.
- In December 2022, Acquia improved their CDP for supporting business marketing teams. The new features will boost the processes in which marketers work with the data managed by Acquia CDP.
- In September 2022, Permission.io collaborated with Treasure Data. The objectives were to introduce CDP for the Web3 Ecosystem.
- In May 2022, Amplitude Inc. introduced Amplitude CDP, which is a platform embedded with product analytics. The software monitors and analyses customer interactions with digital products.
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This Market Covers the Following Segments
Offering
- Platform
- Services
Data Channel
- SMS
Type
- Data CDP
- Analytics CDP
Application
- Personalized Recommendation
- Predictive Analytics
Vertical
- BFSI
- Retail & Ecommerce
Key Players Operating in Customer Data Platform Market
- Adobe
- Oracle
- SAP
- Microsoft
- Salesforce
- IBM
- SAS Institute
- Teradata
- Informatica
- Experian
- Pega
- Tealium
- BlueConic
- Lytics
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Growing Need for Personalized Customer Experiences to Improve Customer Satisfaction
The increasing demand for personalized customer experiences is boosted by the need to improve customer satisfaction and loyalty. Organizations are massively recognizing the significance of delivering customized experiences that fulfil the needs and preferences of the consumers. CDPs plays a vital part by offering a unified view of customer data from different touchpoints and channels. By using this perspective, organizations can gain better understanding of the customers’ behavior, preferences, and interests. This allows them to customize their marketing tactics, resulting in growing customer satisfaction, loyalty, and advocacy, driving business growth.
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