According to new report published by MarketsandMarkets, Customer Data Platform Market size is projected to grow from $4.8 billion in 2022 to $19.7 billion by 2027, at a CAGR of 32.4% during the forecast period, 2022-2027.
Several factors such as increasing spending allocation on marketing and advertising activities by enterprises and changing landscape of customer intelligence to drive market.
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Predictive analytics segment to hold higher CAGR during forecast period
CDP tools that offer this service will typically apply ML and AI-based techniques. Statistical techniques such as logistic regression, data science concepts, and neural networks can get deployed to model the processes, and then the system suggests or recommends action items. In terms of long-term strategies, predictive analytics can help in discovering the most loyal customers through the customer lifetime value calculation. Hence, CDP provides the backbone for successful predictive analysis, an actual unified view of customers, cross-departmental access to data, and real-time results.
Smartphone data channel to hold largest market size during forecast period
Smartphone devices enable users to communicate with businesses in a more personalized manner. The penetration of smartphones and tablets across end users has been increasing rapidly and generating huge amounts of data. Hence, enterprises are willingly implementing CDP solutions to analyze smartphone data. CDP solutions support businesses in monitoring customer behaviors, trends, and interactions in real time. Companies adopt these solutions for better customer engagement, marketing, branding, reduced costs, and multiple interaction channels.
Support and maintenance services to grow at higher CAGR during forecast period
Support and maintenance services include the support provided by professionals to implement and maintain CDP solutions. These services comprise assistance for troubleshooting, upgradation of existing software, problem-solving, emergency response management, software maintenance service, proactive services, and technical support provided by CDP vendors. CDP vendors offer IT professionals, data scientists, platform architects, system integrators, and data management experts who provide support and maintenance services. They also provide one-on-one personalized training and courses to enable the leading technologies, tools, and best practices. This training help organizations manage, maintain, and build their data platforms and infrastructure.
Large enterprises segment to hold larger market size during forecast period
The customer data platform has been segmented by organization size into large enterprises and SMEs. The market for large enterprises is expected to a higher CAGR during the forecast period as cloud-based solutions and services help them increase business performance and productivity.
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Healthcare and life sciences vertical to have largest market size during forecast period
The healthcare and life sciences vertical is under constant pressure to enhance the services delivered to its patients. There are several advantages of using CDPs in healthcare. Similar to many industries, healthcare is experiencing much change and is under immense pressure. Healthcare is in a state of change. Patients expect personal and trusted interactions, but doing this at scale is hard. Using CDPs in healthcare is a proven way to deliver exceptional healthcare experiences at all stages of the journey. For example, Humana increased enrolment by 20% using personalization on its website. They thoughtfully ran simple tests (broad message vs. personalized) to achieve this impactful result.
Asia Pacific to hold higher CAGR during forecast period
Asia Pacific (APAC) is expected to grow quickly during the forecast period. Opportunities for small scale customer data platform vendors to introduce customer data platform solutions for numerous sectors have also increased. All these factors are responsible for the regions expeditious growth of the customer data platform. Companies operating in APAC continue to focus on improving customer services to drive market attractiveness and revenue growth. China, Japan, and South Korea have displayed ample growth opportunities in the customer data platform market.
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The major vendors in the customer data platform include Oracle Corporation (US), SAP SE (Germany), Adobe Inc. (US), Salesforce.com, Inc. (US), Microsoft Corporation (US), SAS Institute (US),Twilio Segement (US),Cloudera(US) Teradata (US), Nice Systems Ltd. (Israel), Dun & Bradstreet (US), Leadspace (US), Upland Software (US), CaliberMind (US), Celebrus (UK), Tealium (US), Acquia (US), BlueConic (US), Lytics Inc. (US), IgnitionOne, Inc. (US), Amperity, Inc. (US), Optimove (US), Totango (US), Insider (Singapore), Segment (US), Listrak (US), Simon Data (US), Ometria (UK), Treasure Data (US), Salesmango (US), and ActionIQ (US).
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