The global customer data platform market size is expected to reach USD 5.66 billion by 2025, registering a CAGR of 27.5% from 2019 to 2025, according to the new study conducted by Grand View Research, Inc. The growing demand for assimilating and storing unstructured and structured consumer data, automatically obtained from various media touchpoints, is driving the adoption of CDP among B2B and B2C marketers. Furthermore, the need to engage and improve customer lifecycle by comprehending the collected insights is also contributing to the growth of the market.

Currently, brands and marketers accumulate huge volumes of customer data in the form of demographic, behavioral, and transactional segments. The collected data points are either stored as databases by a different organization or by departments of the company. This poses challenges pertaining to data tracking and data redundancy. Furthermore, information gathering based on cross-platform and online activities for customer conversion and engagement also remains a challenge for marketers. These factors are driving the demand for a customer database platform, which can assimilate and store data points in a unified behavior.

Unified customer profiles enable marketers to enhance their marketing strategies and improve customer experience. Retail and consumer goods were the early adopters of customer data platforms and the adoption gradually increased among the financial services, travel, IT and Telecom, and healthcare verticals. The growing importance of first-party customer data and the rise in adoption of omnichannel media among marketers are the other factors contributing to the market growth. The addition of machine learning and AI technologies is expected to enable enterprises to easily select a list of profiles using predictive modeling and other tactical applications, further driving the customer data platform market growth.

The increasing number of CDP vendors, who are raising higher funds, is driving the market growth. In 2018, CDP vendors generated funds worth more than USD 1.5 billion and registered a growth by 48% in funding as compared to the previous year. As per the CDP Institute’s study, the industry witnessed an increase in the number of CDP vendors from 77 vendors in 2018 to 96 vendors in July 2019. These factors are expected to lead to considerable growth of the CDP market over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/customer-data-platform-market

Further key findings from the report suggest:

• The analytics segment growth can be attributed to the high demand for automating segmentation lists and marketing & analysis of products using predictive modeling & machine learning technology-based models

• The retail application segment accounted for more than 28% of the market share 2018 owing to use of CDP to engage customers, improve customer loyalty, and enhance consumer experience

• The North American regional market accounted for the largest revenue share in 2018 and is anticipated to continue to dominate the CDP market over the forecast period

• The key industry participants include ActionIQ; Adobe; AgileOne; ENSIGHTEN; mParticle, Inc.; NGDATA, Inc.; Salesforce.com, Inc.; Segment.io, Inc.; and Tealium.

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Grand View Research has segmented the global customer data platform market on the basis of type, application, and region.

Customer Data Platform Type Outlook (Revenue, USD Million, 2015 – 2025)

• Analytics

• Campaign

• Access

Customer Data Platform Application Outlook (Revenue, USD Million, 2015 – 2025)

• Retail

• Banking, Financial Services, and Insurance (BFSI)

• Telecom, Media, and Technology (TMT)

• Travel

• Healthcare

• Discrete Manufacturing

• Others

Customer Data Platform Regional Outlook (Revenue, USD Million, 2015 – 2025)

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • France

  • Netherlands

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

• Latin America

  • Brazil

• Middle East & Africa

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 126 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 4126 analysts and consultants, the company adds 121200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 600 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

For more information: www.grandviewresearch.com