Customer Data Platform Market is expected to reach US$ 14,847.1 Million by 2028

The customer data platform market size is expected to reach US$ 14,847.1 Mn by 2028 and registering at a CAGR of 28.2% between 2022 and 2028, according to a new research study conducted by The Insight Partners.

Increase in Spending on Advertising and Marketing Activities by Organizations Catalyzing Customer Data Platform Market

Source: The Insight Partners Analysis

Many brands have begun to see diminishing returns as digital marketing become more mature and more businesses invest in it. To fully utilize email marketing, paid advertising, and other addressable channels, a customer data platform can aid in overcoming technique fatigue and advancing initiatives. Despite all the organizational and technological complexities, customer data platforms offer feed personalization algorithm capabilities to create highly personalized experiences that user anticipates. By seamlessly integrating customer data across all analytics, measurement, media channels, and marketing automation tools, according to industry experts, these platforms bring the vision of full-lifecycle customer journey analytics to life. It enables businesses to hold marketing more accountable for product investment decisions.

Modern technology has significantly altered the way brands and consumers engage. Several new products, services, consumers, and competitors are continuously arriving and evolving, whereas the behavior of consumers, including likes and dislikes, continues to change. Technology will be the key driver behind the reimagined Customer Experience (CX); brands must rethink their customer ecosystems to keep in speed with empowered consumers and develop consumer technologies. As per SAS Institute, 67% of engagement between a brand and consumer using digital devices such as online, mobile, etc., will be completed by smart machines rather than humans by 2030. By the same year, 69% of decisions made during customer engagement will be done by smart machines. Further, the quickness and extreme automation will drive the CX. Hence, CDP solutions with data unification, people-based marketing, identity resolution, and cross-channel real-time engagement capabilities will alter with the rising need for real-time automated decision-making that directly or indirectly influences customer experiences over the forthcoming years.

The global customer data platform market is segmented by component, deployment, organization size, application, and industry vertical. Based on component, the customer data platform market is segmented as platform and service. Based on deployment, the market is segmented as on-premise and cloud. Based on organization size, the customer data platform market is segmented into large enterprises and small- and medium-sized enterprises (SMEs). Based on application, the market is segmented as personalized recommendations, predictive analytics, marketing data segmentation, customer retention and engagement, security management, and others. Based on industry vertical, the customer data platform market is segmented as BFSI, retail & ecommerce, media & entertainment, travel & hospitality, telecom & information technology (IT), healthcare, and others.

Adobe; BLUEVENN; Dun & Bradstreet, Inc.; Leadspace, Inc.; Microsoft; Oracle; SAP SE; SAS Institute Inc.; Teradata; and ZYLOTECH are the key market players profiled in the study. Several other major companies have also been studied and analyzed in this research study to get a holistic view of the customer data platform market and its ecosystem.

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