iCrowd Newswire – Jul 20, 2020
Customer data platform market size is forecast to reach $4 billion by 2025, growing at a of CAGR 16% during 2020-2025 owing to the growing demand for unified software database solutions which captures, correlates and activates customer data across multiple channels, technologies and devices in real time, that can be used to understand the customer behavior from pool to individual level to generate and channel leads into the sales funnel. The rise of global privacy regulations is leading to the adoption of single view of the customer and storage of the same which is becoming the top priority of the enterprises which is set to drive the customer data platform market from 2020 to 2025.
Further, the rising adoption of cloud based packaged software solutions and Platform-as-a-Service model in the customer data management platform along with coalescence of artificial intelligence to play a significant role driving the customer data platform market during the forecast period
By Type – Segment Analysis
By type the global customer data platform is segmented by access, analytics and engagement. Analytics segment is set to witness the highest growth of CAGR 20% during the forecast period 2020-2025, owing to the growing penetration of machine learning and data analytics to extract meaning insights from customer data pool. The dire need for the taking actionable insights and data driven marketing decisions based on the customer data and growing investment towards development of artificial intelligence based solution in the Marketing Technologies (Martech) space to play a prominent role in assisting the market growth
By Offering Type – Segment Analysis
The customer data platform solutions has been analyzed to acquire the largest share of the market in 2019 owing the broad scale adoption across the large enterprises. However, services segment is set to witness the highest growth during 2020-2025 owing to the increasing adoption of customer data platform services by SMEs especially startups and associated cost constrains which impede these to opt for solutions
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Geography – Segment Analysis
North America held the major share of 37% of the global customer data platform market in 2019 owing to the presence of a broad customer base of large scale enterprise across various verticals opting for CDP solutions for enhancing customer experience by getting a deep understanding of customer pools’ need and targeting the appropriate audience to achieve higher conversion rates of marketing qualified leads to sales qualified leads. APAC is set to grow at the highest rate during the forecast 2020-2025 owing to the growing investment in the Marketing Technology (Martech) and rise of small and medium enterprises.
Drivers – Customer Data Platform Market
- Growing Adoption of Omni Channel Marketing
Omni channel marketing emphasizes on the use of multiple channels but the making the best fit for the customers’ need as the first priority thereby improving the customer experience significantly. Since customer experience is becoming the top priority for all types of businesses, the need the unified data portals is growing which can collect and correlate customer data from multiple channels which can be accessed from and at any point to gain insights or single view of the customer data. As per recent IndustryARC research, around 65% of the customers emphasize on receiving real time services irrespective of the channel which is one of the major factors driving the Omni-channel marketing. This is further set to assist the customer data platform market growth during 2020-2025
Challenges – Customer Data Platform Market
- Lack of skilled personnel to use the platform effectively
Customer data platform proves to be more helpful when organizations houses a team structure which is data-driven rather than those working in silos. Additionally, the ability to draw actionable insights from the data is another major requirement for organization to use the customer data platform more effectively. Currently the lack of skilled workforce to handle and keep pace with changing dynamics in the customer behavior has been analyzed to pose a challenge to the market growth from 2020 to 2025
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The customer data platform top 10 companies includes Salesforce, Inc., SAP SE, SAS Institute, NG DATA, Tealium, ActionIQ, Oracle Corp, mParticle, Inc., ActionIQ, Blueconic and so on. The customer data platform has been analyzed to be fragment with low entry barrier and high threat of new entrants in the market thereby resulting to a mediocre degree of competition among the players
Investments and Acquisition
- In November 2018, Transitiv, a martech startup based in the U.S. raised $1.7million seed investment which the company will use to increase their market penetration, accelerate product enhancement and increase its workforce across various departments.
- In November 2018, Amperity a startup leveraging AI-powered customer data management solutions acquired Custora, a cloud based leader in customer analytics solutions to enhance its customer data platform.
Key Takeaways- Customer Data Platform Industry
- Customer data platform analytics to witness the highest growth rate owing to the growing adoption of artificial intelligence based marketing technologies across the globe.
- By offering type, solutions dominated the customer data platform market while services to grow at the highest rate owing to the growing preference of the services by the SMEs
- North America dominated the global customer data platform market due to the broad customer base of large enterprises opting for CDP solutions to enhance customer experience
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