Customer data platform market expected to reach USD 60.4 billion in revenue by 2033 at a CAGR of 27.5%: Dimension Market Research

Customer Data Platform Market Progress and Forecast: Insights, Trends, Opportunities, and Recent Developments

NEW YORK, May 13, 2024 (GLOBE NEWSWIRE) — Market overview

global customer data platform market is expected to reach $6.8 billion expected to be achieved by 2024 and further achieved $60.4 billion By 2033 CAGR 27.5% According to Dimension Market Research.

A customer data platform (CDP) is software used to collect, combine, organize, and monitor customer data from various sources. The main objective is to establish a comprehensive and complex profile of each customer, known as the unified customer view. They provide functionality such as data collection, deduplication, identifying identities, segmenting data, performing analysis, and enabling data use.

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key insights

• global customer data platform market is expected to grow by $51.9 billion by 2033 From 2024 CAGR 27.5% During the same forecast period i.e. from 2025 to 2033.

• Based on the type analysis segment is expected to lead due to the analytical capabilities offered by these platforms, including the ability to collect, process, and analyze large amounts of customer data from many sources in real time.

• cloud deployment is expected to dominate the market by revenue share in 2024 as it hosts its CDP software on third-party servers managed by cloud service providers such as AWS and Microsoft Azure.

• Small and medium-sized enterprises Rising demand for PaaS, SaaS, and IaaS solutions is expected to dominate the CDP market as increased adoption of customer data platforms is driving the growth of this segment.

• North America expected to dominate the market with a revenue share of 34.1% in 2024 This is due to the presence of vendors that focus on providing CDP solutions and ancillary products. The European region is expected to grow at a high CAGR due to the presence of a large number of providers offering analytics and campaign-based CDP solutions.

trend

• There is a growing trend of integrating AI and ML technologies into CDP platforms. CDP platforms are used to derive actionable insights from large amounts of customer data, predict future behavior, and automate decision-making processes to improve marketing effectiveness.

• Businesses are focusing on achieving personalized interactions with customers through various online and offline channels with the help of CDPs that will drive the growth of this market.

• Cloud-based CDP solutions are increasingly being adopted due to their scalability, flexibility, and cost-effectiveness..

the story continues

competitive environment

• The CDP market is highly fragmented with many players implementing advanced solutions to gain a competitive advantage.

• Companies are partnering with both technology companies and service providers to create better platforms.

• The major players in this market are Tealium, Segment.io, NGDATA, ENSIGHTEN, Salesforce.com, and Adobe.

Some of the prominent market participants:

• oracle

• Com Co., Ltd.

• SAP SE

• adobe

• Therium

• IO Co., Ltd.

• agile one

• mParticle Co., Ltd.

• Dun & Bradstreet Co., Ltd.

• Lead Space Co., Ltd.

• others

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Global Customer Data Platform Market Scope

regional analysis

North America is expected to dominate the CDP market with the highest revenue share. 34.1% in 2024 This is due to the presence of vendors focused on early technology adoption and increased investment in advanced technologies. Various industries in the region are adopting this platform to improve customer satisfaction and enrich personalized experiences. The European region is expected to grow at a high CAGR due to the presence of a large number of providers offering analytics and campaign-based solutions.

By region

North America

Europe

• Germany

• England

• France

• Italy

• Russia

• Spain

• Benelux three countries

• Nordic

• rest of europe

Asia Pacific

• China

• Japan

• South Korea

• India

• new zealand

• ASEAN

• Rest of Asia Pacific

latin america

• Brazil

• Mexico

• Argentina

• Columbia

• Rest of Latin America

middle east and africa

• Saudi Arabia

• United Arab Emirates

• South Africa

• Israel

• Egypt

• Rest of MEA

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market analysis

The retail sector is expected to lead the global customer data platform market in 2024. 27.1% of total income. This growth is being driven by effective marketing strategies, strengthening customer loyalty, and improving the shopping experience. His B2B companies in the retail industry employ CDPs to leverage features such as time-based consumer engagement analytics and the integration of online and offline data from various channels. A study conducted by the CDP Institute revealed that 34% of B2B companies intend to implement a CDP. The adoption of these platforms is increasing as the banking, financial services and insurance (BFSI) sector relies on technology for targeted marketing of products and services to specific customer segments.

Market segmentation for customer data platforms

By component

By type

By deployment mode

By organization

By use

• retail

• Banking, Financial Services and Insurance (BFSI)

• Telecom, Media and Technology (TMT)

• trip

• health care

• others

The driving force behind growth

• The CDP platform market is exhibiting intense growth due to the increasing demand to understand customer purchasing behavior across various industries.

• The industry requires these platforms to manage both offline and online customer data, optimize marketing strategies, and minimize redundant customer information.

• Market expansion is also driven by the increasing adoption of account-based marketing among organizations.

restraints

• Manual collection and classification of customer data is time-consuming and costly, prompting companies to invest in data platforms that provide unified consumer profiles, driving market growth.

• Legal issues related to sharing customer insights within organizations pose challenges for some customer data service providers and hinder market growth.

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opportunity

• CDPs play a key role in combining customer data from multiple sources to create a comprehensive view of the customer journey, enabling personalized and targeted marketing efforts. They provide in-demand data governance and security features to help businesses manage customer data responsibly.

• Data can be processed and analyzed in real-time as companies aim to provide personalized experiences.

Recent trends in the global customer data platform market

• August 2023: Simon Data Inc., a startup specializing in AI-powered platforms for customer data integration and marketing automation, has secured a significant investment. $54 million.

• December 2023: Zeotap CDP has introduced a new feature called “Non-Customer Entity Data” in its Customer Data Platform, enabling seamless integration and utilization of both customer and non-customer entity data.

• March 2023: Adobe announces innovations within Adobe Real-time CDP to provide brands with valuable business insights. $600 billion Deliver predictive insights year after year based on real-time customer data.

• August 2022: Oracle has extended a significant agreement with AT&T to enhance the capabilities and capacity of its applications and databases running within Oracle Cloud.

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