Real-time, personalized engagement to attract customers
United States, Rockville MD, 04 Jul. 2022 (GLOBE NEWSWIRE) — The global customer data platform is expected to reach US$7.2 billion while registering a CAGR of 14% during the forecast period of 2022 to 2032. During the said assessment period , the market is expected to grow nearly 4x. Growing spending on marketing and advertising initiatives by various companies is expected to play a prominent role in driving the market over the forecast period.
The market was valued at US$1.5 billion in 2021, compared to US$1.9 billion in 2022. From 2015 to 2021, the market showed a CAGR of 28.1%. The growth of customer data platform market during the aforementioned period can be attributed to the increasing proliferation of customer channels. The growing importance of real-time and personalized engagement is expected to increase the market size over the forecast period. Due to the various advantages provided by the platform, the market is expected to flourish in the coming times.
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Market players are adopting various strategies to increase the size of the industry in the assessment mandate. For example, in May 2021, Salesforce updated its Customer Data Platform solution to help companies target first-party data and provide better personalized interaction with customers.
Additionally, BFSI is witnessing significant online interaction during the forecast period. The growing internet penetration and affordability of the internet across the world has encouraged users to use online channels to interact with banks, insurances and other institutions. The banking industry is adopting several initiatives to reap the benefits of the CDM, for example, on May 04, 2022, Marble Financial Inc., an AI-based FinTech company, disclosed that it had signed a license agreement with Thirdstream to offer Marble’s innovative financial technology solutions. to over 50 banks, financial services and insurance companies on the thirdstream platform. Thirdstream has over 50 BFSI customers.
Factors limiting the growth of the Global Customer Data Platform Market
Privacy issues associated with the platform to hamper market growth
The customer data platform market is expected to be significantly hampered by the privacy issues associated with it. The platform is highly vulnerable to breaches and cyberattacks. For example, in May 2022, Heroku, the popular cloud platform owned by Salesforce, revealed that it was being forced to reset some user passwords in response to a security breach, which also drew an outpouring of criticism. .
The European General Data Protection Regulation has been implemented to protect the private data of customers. In accordance with the law, companies have no rights over their customers’ data. In addition, the customer has every right to know how his personal data is used. This has acted as a significant counterweight to the hindering cause, thereby propelling the growth of the market.
However, increasing investment from players and growing number of start-ups are expected to counter the drag effect and support the market growth over the forecast period. Furthermore, the advent of automated smart machines to enhance customer experience is expected to be a lucrative opportunity for the market in the coming period.
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Key segments covered by the Customer data platform Industry survey
- Global Customer Data Platform Market by Type:
- Customer Data Platform by Access
- Customer Data Platform by Campaign
- Customer Data Platform by Analytics
- Global Customer Data Platform Market by Application:
- Retail Customer Data Platform
- Customer Data Platform in Banking, Financial Services and Insurance (BFSI)
- Customer data platform in telecommunications, media and technology (TMT)
- Travel Customer Data Platform
- Healthcare customer data platform
- Customer Data Platform in Discrete Manufacturing
- Customer Data Platform in Others
- Global Customer Data Platform Market by Region:
- North America Customer Data Platform Market
- Europe Customer Data Platform Market
- Asia Pacific Customer Data Platform Market
- Middle East & Africa Customer Data Platform Market
- Latin America Customer Data Platform Market
The players in the global Customer Data Platform market are focusing on offering enhanced services and providing innovative products that would give them a competitive edge in the market. Major players in the market are ActionIQ, Adobe, AgileOne, Ascent360, Inc., and BlueConic, among others. Recent developments in the industry are:
- In May 2021, Salesforce CDP unveiled its new update that helps businesses prioritize first-party data that would make every customer interaction personalized.
- In June 2021, Adobe introduces AI-powered live search for Adobe Commerce. Adobe Commerce merchants can provide their buyers with personalized search results based on their needs.
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The key players in the Customer data platform Market
- Ascent360, Inc.
- Lytique Inc.
- mParticle Inc.
- NGDATA Inc.
Main takeaways from Customer data platform Market research
- The campaign segment will grow at a CAGR of 13.9% during the forecast period
- The US market is expected to hold a value of US$2.6 billion by 2032
- The market in UK is expected to fetch US$299.1 million during the forecast period
- The Chinese market will show a CAGR of 13.4% during the evaluation period
- The South Korean market is expected to flourish at a growth rate of 11.5% during the forecast period
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