The ‘Global Customer Data Platform Market Trends, Share, Price, Growth, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global customer data platform market, assessing the market on the basis of its segments like component, deployment mode, organisation size, application, vertical, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Customer Data Platform Market Share, Size, Price, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 21.6%
Increasing investments and expenditure by enterprises on marketing and advertisements is expected to drive the customer data platform market growth. Heightening demand for understanding buying behaviour of the consumers across various industries is expected to fuel market growth. Real time data analysis and personalised data analysis offered by customer data platforms are further increasing their demand and usefulness for end users.
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Customer data platforms are witnessing a significant demand because of their ability to provide insights on customers and their preferences based on collected data, ultimately helping organisations engage customers and create improved customer experience strategies. Account-based marketing among various enterprises is also gaining popularity and is being widely adopted by a large number of people.
Organisations are becoming more aware about the need to offer customers a positive shopping experience and the importance of customer satisfaction. In achieving this, many turn to customer data platforms, leading to a growing demand for the customer data platform market. COVID-19 played an important role in propelling the demand for customer data platforms by encouraging various sectors from retail and eCommerce to healthcare and BFSI to optimise their online presence in order to continue increasing sales and customer volumes.
Customer Data Platform Industry Definition and Major Segments
A customer data platform is a type of a software platform that collects and unifies comprehensive customer data from various sources in order to manage, analyse, and track customer behaviour and interactions. This data helps organisations in creating personalised and targeted marketing campaigns and improve customer relationships, helping in their long-term growth.
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Based on component, the market is bifurcated into:
• Platform
• Services
On the basis of deployment mode, the market is classified into:
• On Premises
• Cloud
Based on organisation size, the market is classified into:
• Large Enterprises
• Small and Medium Enterprises (SMEs)
On the basis of application, the market is divided into:
• Personalised Recommendations
• Predictive Analytics
• Marketing Data Segmentation
• Customer Retention and Engagement
• Security Management
• Others
Based on vertical, the market is categorised into:
• BFSI
• Retail and eCommerce
• Media and Entertainment
• Travel and Hospitality
• Telecom and IT
• Healthcare
• Others
On the basis of region, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Customer Data Platform Market Trends
The key trends in the global customer data platform market include the changing landscape of customer preferences, development of automated smart machines, and proliferation of customer data. Development of new products, customers, competitors, and services is influencing the preferences and behaviour of consumers. Thus, to keep up with changes in customers and their buying patterns, organisations are rethinking their customer ecosystems.
The growing eCommerce market worldwide is also assessed to support the customer data platform market. As opening eCommerce websites becomes easier and more consumers shop online, greater competition is likely to be witnessed. When shopping on online modes, order processing is mostly completed by automated systems rather than individuals.
With massive volumes of customers, it can be difficult for organisations to understand and remember individual consumers. In such situations, customer data platform are increasingly used for people-based marketing, cross channel real time engagement capability, data unification, and identification of consumer trends.
North America is expected to account for a large share in the customer data platform market because of rising technological advancements in the region and greater acceptance of new platforms. Presence of a large number of market players and increasing investments towards improved customer data platforms are also fuelling the growth of the market.
Key Market Players
The major players in the global customer data platform market report are
- Oracle Corporation
- SAP SE
- Adobe Inc.
- Microsoft Corporation
- SAS Institute Inc
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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