The ongoing COVID-19 pandemic—and the worldwide reaction to it—has compelled companies to radically rethink their strategies and the way they operate. We salute the industry experts helping companies survive and sustain in this pandemic.
At MarketsandMarkets™, analysts are undertaking continuous efforts to provide analysis of the COVID-19 impact on the Product Customer Data Platform Market. We are working diligently to help companies take rapid decisions by studying:
- The impact of COVID-19 on the Product Customer Data Platform Market, including growth/decline in product type/use cases due to the cascaded impact of COVID-19 on the extended ecosystem of the market
- The rapid shifts in the strategies of the Top 50 companies in the Product Customer Data Platform Market
- The shifting short-term priorities of the top 50 companies’ clients and their client’s clients
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The Customer Data Platform Market size is projected to grow from USD 2.4 billion in 2020 to USD 10.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 34.0% during the forecast period. The major factors driving the growth of the CDP market include the increasing spending on marketing and advertising activities by enterprises, changing landscape of customer intelligence, and proliferation of customer channels.
The large enterprises segment to hold a larger market size during the forecast period
The CDP market is segmented into large enterprises and Small and Medium-sized Enterprises (SMEs) by organization size. The large enterprises segment is expected to have a larger market size during the forecast period, owing to large volumes of data being generated by large enterprises and increasing demand for CDP platform and services to store, manage, and analyze this data. Large enterprises have a huge corporate network and organize a large number of events. CDPs enable large enterprises to gain cheap storage solutions and fast and reliable access to processed data, which can help organize corporate data and generate insights. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period.
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By application, the customer retention and engagement segment to grow at the highest CAGR during the forecast period
The CDP market by application is segmented into five categories: personalized recommendations, predictive analytics, marketing data segmentation, customer retention and engagement, security management, others (data monetization and data enrichment). The customer retention and engagement segment is expected to grow at a rapid pace during the forecast period. Organizations are adopting CDP platforms and services to engage their loyal and prospect customers. This application offers organizations with opportunities to learn more about their customers than ever before.
Key market players profiled in this report include Oracle (US), SAP (Germany), Adobe (US), Salesforce (US), Microsoft (US), SAS (US), Teradata (US), Nice (Israel), Dun & Bradstreet (US), Leadspace (US), Zylotech (US), BlueVenn (UK), CaliberMind (US), Celebrus (UK), Tealium (US), AgilOne (US), BlueConic (US), Lytics (US), IgnitionOne (US) and Amperity (US). These players have adopted various growth strategies, such as partnerships and new service launches to expand their presence further in the CDP market and broaden their customer base.
Oracle (US) offers CDP solutions through the Oracle CX Unity and Oracle CDM Cloud. Oracle CX Unity with built-in Artificial Intelligence (AI) and Machine Learning (ML) capabilities enable organizations to deliver an experience that is timely, relevant, and consistent across known and unknown interactions. Oracle CX Unity provides brands with powerful and actionable insights in real-time across the entire customer experience. CDM offers exceptional Customer Data Management (CDM) capabilities on a subscription-based Software as a Service (SaaS) platform. It is a simple, quick, and scalable solution that companies can utilize to consolidate accounts and contact data originating from multiple sources, verify addresses, resolve duplicate record issues, and ensure a best version of customer profiles that can be trusted by companies. In September 2019, Oracle announced a series of new data-first updates across Oracle Customer Experience (CX) Cloud that includes enhancements to the CDM platform. The latest updates include new digital assistants for sales, customer service and marketing professionals, new data-enriched Business-to-Business (B2B) sales capabilities, and new industry solutions for telecom and media, financial services, and public sector. These updates are fueled by data and ML to help Oracle’s customers take the advantage of powerful data insights to get ahead of customer needs and ensure a positive, unforgettable customer experience.
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SAP’s (Germany) CDP solutions include SAP Customer Data Cloud, SAP Marketing Cloud, and SAP C/4HANA. These solutions help marketers execute personalized marketing campaigns and provide transparency to customers and control over the use of their personal data. It also helps customers maintain compliance with data protection laws. In December 2019, SAP updated its CDP with new features that include new registration screens, a new policy and Android, and iOS Software Development Kits (SDKs). The new update offers password-less authentication, a new import guide, and design updates.
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