Customer Data Platform Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 2.95 Billion |
| Market Size (2029) | USD 10.12 Billion |
| CAGR (2024 - 2029) | 27.91 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Customer Data Platform Market Analysis
The Customer Data Platform Market size is estimated at USD 2.95 billion in 2024, and is expected to reach USD 10.12 billion by 2029, growing at a CAGR of 27.91% during the forecast period (2024-2029).
The growing need for omnichannel experiences is expected to drive market expansion since it takes a customer-centric strategy that improves user experience. This method greatly boosts market growth by giving organizations a more significant consumer behavior experience to apply their marketing plans more efficiently.
- The customer data platform's real-time and tailored data analysis will fuel market expansion. When data is loaded into the platform, it delivers insights about the consumer and their decisions, assisting the business in engaging customers and developing a proper customer experience plan.
- In addition, in general the market is developing rapidly because of increased expenditure on marketing strategies to increase customer numbers. In order to achieve these objectives, enterprises undertake advertising and marketing activities with a view to promoting their solutions, products or services in the target market so as to gain useful information from it.
- A customer database was witnessed to be the most important factor among market players for modelling campaigns, mainly depending on target customers. This resulted in the steady transformation of a data platform, from access type to campaign and analytics-based CDPs. Autonomous data collection from first-party, second-party, and third-party sources and the growth of real-time customer profiles have paved the way for the augmented adoption of a customer data platform.
- Stringent government regulations, and Protection of customer data amongst others are anticipated to obstruct the growth of the customer data platform market Moreover, more time required for generating marketing campaigns which may be challenge the growth of the customer data platform market in the near future.
- Moreover, during the pandemic, there is a surge in the integration and adoption of technologies such as IoT, analytics, blockchain, artificial intelligence, machine learning and cloud. With the increase in adoption and integration of such technologies, businesses across many countries have shifted to a digital platform. This shift towards digitalization has augmented the number of customer data generation from online platforms, which is expected to increase the growth of the market
Customer Data Platform Market Trends
Healthcare is Expected To Drive The Market Growth
- In particular, in the face of a pandemic, healthcare industries are undergoing rapid and substantial change. The target of customer 360 orpatient.goldenmember's record is not new, as in other industries. Healthcare marketing professionals are increasingly demanding a 360-degree view of patients and members, and data, and they can control their processes at the touch of a button, not an IT ticket request, as digital health, telemedicine, retail healthcare, and consumerism are growing.
- Moreover, In order to provide a more holistic view, the CDP then creates a single view of the patient's members' records. In order to help improve the delivery of services, marketing and communications, this view will give rise to a number of different opportunities, in particular the ability to use advanced analytical and machine learning techniques to obtain accurate information and predictive models.
- Furthermore, telemedicine is expanding globally due to various benefits, such as customers from anywhere with access to the necessary doctor. It is an efficient way since money and time are saved due to the shift in the regularly planned visits, resulting in massive data generation and highlighting the necessity for customer data platforms.
- In a precision medicine scenario, a customer data platform established at a hospital might greatly assist a data scientist team. During the governance requirements phase, the customer data platform assists as follows: the data scientist registers the project's primary data, including its purpose, project duration, and patient registration process, describes the genomic datasets required for each registered patient, requests to take ownership and approval of the project, and points to references within the catalog to the governing data policies.
North America to Account for Highest Market Share
- Due to the emphasis on innovation in the United States and Canada, North America is expected to be the most important revenue-generating area. These nations include the world's most competitive and quickly changing customer data platform (CDP) marketplaces. North America is predicted to be one of the top potential growth markets due to faster infrastructure expansion and significant data growth across all industrial verticals. The presence of key data catalog solution providers in North America is also propelling the customer data platform industry forward. According to Treasure Data, there are 72 CDP suppliers headquartered in the United States. Salesforce, Oracle, and Tealium are some prominent companies in the region.
- Companies in North America are looking forward to improving their customer offerings by leveraging historical and real-time data from customers, ensuring data protection and privacy, building omnichannel customer experiences, increasing operational efficiency, and accelerating revenues. For example, Amplitude, Inc., a system software firm in the United States, announced the introduction of Amplitude CDP, the first insights-driven customer data platform (CDP), in the previous year. It will enable product and marketing teams to enhance data quality proactively, evaluate and identify new audiences, and sync data across their marketing and data stack.
- Similarly, Blueshift reported raising USD 30 million the previous year for their artificial intelligence (AI)-based, integrated marketing approach. Blueshift's SmartHub CDP platform allows customers to aggregate various data flows from many sources. Blueshift crunches and organizes for a structured view, which can help expedite adoption.
- Due to the rising focus on greater customer happiness and offering better-personalized experiences, sectors in the United States, such as BFSI, Retail, and eCommerce, are embracing this platform faster. For example, United States Bank collaborated with Salesforce to tailor its service and improve its client connection.
Customer Data Platform Industry Overview
The Customer Data Platform Market is fragmented and is dominated by significant firms with a substantial customer base, such as Oracle, SAP, Adobe, and Salesforce. These players are continually increasing and improving their products. The market includes significant entry barriers for new participants. Several new entrants, however, established momentum in the industry..Oracle announces Fusion Data Intelligence Platform, combines business data, analytics, AI models, and intelligent applications
- November 2023, Oracle has been named a Leader in the IDC MarketScape: Worldwide Customer Data Platforms Focused on the Financial Services Industry 2023 Vendor Assessment, Where the IDC MarketScape study analyzes the functional capabilities and go-to-market strategies of nine CDP vendors that serve the needs of Financial Services Industry (FSI) customers. Vendors were assessed on criteria such as aggregation, artificial intelligence (AI) and analytics, and activation, as well as FSI-specific capabilities such as industry segment data schemas, use cases, and customer profiles.
- March 2023, Adobe Inc.has announced new innovations in Adobe Real-Time Customer Data Platform (Real-Time CDP), which now delivers over 600 billion predictive insights annually based on real-time customer profiles. Designed to drive experience-led growth, Adobe’s latest innovations enable superior prospecting and conversion, enhanced B2B account-based marketing and richer personalization using online shopping behaviors.
Customer Data Platform Market Leaders
Oracle Corporation
Salesforce.com, Inc.
Adobe Inc.
SAP SE
Segment.Io Inc.
*Disclaimer: Major Players sorted in no particular order
Customer Data Platform Market News
- August 2023, Twilio announced a new CDP tool that unites data for more personalization; Twilio's new tool uses its customer data platform, Segment, to connect real-time unified customer profiles with isolated data and boost marketing customization for better CX.
- March 2023, Adobe announced its plans to weave generative artificial intelligence tools in Adobe's realtime customer data platform through Sensei, its artificial intelligence and machine learning technologies, where Adobe's advertisers will be able to train AI models with their own data and content in Adobe's Customer Data Platform so that the output is aligned with their brand style, said Ryan Fleisch, Adobe's product marketing manager for Adobe's Customer Data Platform.
Customer Data Platform Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHT
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Impact of COVID-19 on the Market
4.5 Market Dynamics
4.5.1 Market Drivers
4.5.1.1 Increasing Importance of Customer Satisfaction and Relationship Maintenance
4.5.1.2 Increase In Real-time and Personalized Data Analysis
4.5.2 Market Restraints
4.5.2.1 Data Security and Privacy Concerns
5. MARKET SEGMENTATION
5.1 By Deployment Mode
5.1.1 Cloud
5.1.2 On-premise
5.2 By Organization Size
5.2.1 Small and Medium Enterprises
5.2.2 Large Enterprises
5.3 By End-User
5.3.1 Retail And E-commerce
5.3.2 BFSI
5.3.3 Media And Entertainment
5.3.4 IT and Telecommunication
5.3.5 Healthcare
5.3.6 Other End-users
5.4 By Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Latin America
5.4.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Oracle
6.1.2 Salesforce, Inc.
6.1.3 Adobe
6.1.4 SAP SE
6.1.5 Twilio Inc.
6.1.6 Acquia, Inc.
6.1.7 Tealium
6.1.8 BlueConic
6.1.9 mParticle Inc.
6.1.10 Zeta Global Corp
- *List Not Exhaustive
7. INVESTMENT ANALYSIS
8. FUTURE OF THE MARKET
Customer Data Platform Industry Segmentation
A customer data platform (CDP) software solution helps businesses collect, unify, and activate customer data from various sources. CDPs can create a single view of the customer, which can then be used to improve customer engagement, marketing campaigns, and product recommendations.
The scope of the study focuses on the market analysis of customer data platforms across the globe, and market sizing encompasses the revenue generated by the solutions sold by various market players. The study also tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates over the forecast period. The report's scope encompasses market sizing and forecast for segmentation.
The customer data platform market is segmented by deployment mode (cloud and on-premises), organization size (small & medium enterprises and large enterprises), end-user (retail and e-commerce, BFSI, media & entertainment, IT and telecommunication, healthcare, and other end-users), and geography (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa). The market sizes and forecasts are in terms of value (USD) for all the above segments.
| By Deployment Mode | |
| Cloud | |
| On-premise |
| By Organization Size | |
| Small and Medium Enterprises | |
| Large Enterprises |
| By End-User | |
| Retail And E-commerce | |
| BFSI | |
| Media And Entertainment | |
| IT and Telecommunication | |
| Healthcare | |
| Other End-users |
| By Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle East and Africa |
Customer Data Platform Market Research FAQs
How big is the Customer Data Platform Market?
The Customer Data Platform Market size is expected to reach USD 2.95 billion in 2024 and grow at a CAGR of 27.91% to reach USD 10.12 billion by 2029.
What is the current Customer Data Platform Market size?
In 2024, the Customer Data Platform Market size is expected to reach USD 2.95 billion.
Who are the key players in Customer Data Platform Market?
Oracle Corporation, Salesforce.com, Inc., Adobe Inc., SAP SE and Segment.Io Inc. are the major companies operating in the Customer Data Platform Market.
Which is the fastest growing region in Customer Data Platform Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Customer Data Platform Market?
In 2024, the North America accounts for the largest market share in Customer Data Platform Market.
What years does this Customer Data Platform Market cover, and what was the market size in 2023?
In 2023, the Customer Data Platform Market size was estimated at USD 2.13 billion. The report covers the Customer Data Platform Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Customer Data Platform Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What is the future of the Customer Data Platforms Market?
The future of the Customer Data Platforms Market is growing, as businesses increasingly recognize the value of collecting and analyzing customer data to improve customer experiences and marketing campaigns.
Customer Data Platform (CDP) Industry Report
The global Customer Data Platform Market is witnessing substantial growth, propelled by the demand for an omnichannel experience and the rise of artificial intelligence and machine learning. These platforms' real-time and personalized data analysis is a crucial driver, aiding businesses in engaging customers and crafting effective customer experience strategies. Despite challenges like a lack of flexibility in most platforms and confusion about their functions, growth opportunities persist in the expansion of AI and machine learning, which assist marketers in automating workflows, segmenting customers, and delivering personalized experiences. The market is also experiencing growth in sectors like healthcare and retail & e-commerce, as these industries utilize the platform to enhance customer satisfaction and enrich their experience through personalization. Mordor Intelligence™ Industry Reports provide statistics for the Mobile Customer Data Platform market share, size, and revenue growth rate, along with a market forecast outlook and a historical overview. Get a sample of this industry analysis as a free report PDF download.
