Customer Data Platform Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Coverage: Customer Data Platform Market covers analysis by Component (Platform, Services); Deployment (On-premises, Cloud); Organization Size (Large Enterprises, Small and Medium-Sized Enterprises (SMEs)); Application (Personalized Recommendations, Predictive Analytics, Marketing Data Segmentation, Customer Retention and Engagement, Security Management, Others) , and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Mar 2024

  • Report Code : TIPRE00010812
  • Category : Technology, Media and Telecommunications
  • Status : Upcoming
  • No. of Pages : 150
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The customer data platform market was valued at US$ 2,672.5 Mn in 2021 and it is expected to grow at a CAGR of 28.2% between 2022 and 2028.

Customer Data is the term for the behavioral, statistical, and demographic information gathered for greater consumer interaction, better service, and a better knowledge of customer behavior. Businesses can develop profitable business strategies to enhance customer experience with the aid of customer data. Platforms for processing consumer data assist businesses in combining and integrating data to maintain a one-point database. The data platform provides safety and security to prevent a breach of data. Over the projection period, the importance of a consumer data platform among industry participants increased due to marketers' growing understanding of the benefits & features of the consumer data platform. Based on target consumers, a consumer database was shown to be the most crucial factor for marketers for modelling campaigns.

MARKET DYNAMICS

The customer data platform market is growing significantly due to rising expenditures on business strategies to attract more customers/clients. Businesses spend on marketing and advertising activities to promote their solution and service. To customers and collect necessary information from the targeted market to adopt such strategies. Thus, rising marketing and advertising activities would drive the customer data platform demand during the forecast period. The proliferation of customer channels, automated smart machines to drive consumer experience, and increased investments and funding in customer data platform (CDP) start-ups are expected to provide opportunities for increased uptake of customer data platforms. A customer data platform allows businesses to create an integrated, persistent customer database that other systems can access. The customer data is gathered from various sources to create a unique customer profile. The customer data platform (CDP) offers some customer engagement and behavior functionality. However, protection of customer data, stringent government regulations, and data privacy,  among others, can restrain the adoption of the customer data platform in the global market.

MARKET SCOPE

The "Global Customer Data Platform Market Analysis to 2028" is a specialized and in-depth study of the market with a special focus on the global market trend analysis. The report aims to provide an overview of the customer data platform market with detailed market segmentation by component, deployment, organization size, application, and industry vertical. The global market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading market player and offers key trends and opportunities in the market.

Strategic Insights

MARKET SEGMENTATION

The global customer data platform market is segmented by component, deployment, organization size, application, and industry vertical. Based on component, the market is segmented as platform and service. Based on deployment, the market is segmented as on-premise and cloud. Based on organization size, the 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 market is segmented as BFSI, retail & eCommerce, media & entertainment, travel & hospitality, telecom & information technology (IT), healthcare, and others.


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REGIONAL FRAMEWORK

The report provides a detailed overview of the industry, including qualitative and quantitative information. It provides an overview and forecast of the global customer data platform market based on various segments. It also provides market size and forecast estimates from 2020 to 2028 for 5 major regions: North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America. Each regional market is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in the region.

The below figure showcases the revenue growth trend in the North America customer data platform market:

Customer Data Platform Market

Source: The Insight Partners Analysis

The report analyzes factors influencing the customer data platform market from both the demand and supply side and further evaluates market dynamics during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive Porter's five forces analysis, highlighting the factors impacting the customer data platform market in these regions.

IMPACT OF COVID-19 PANDEMIC

With the outbreak of COVID-19, many businesses faced trouble ensuring that their employees had proper access to reliable data. Organizations have been investing in infrastructure that enables access to the data the company has gathered to maintain business inflow. Depending on the product and services, several industries adopted remote working solutions. The organization that caters to consumers largely relies on customer data to attract new clients and keep hold of current ones to keep the business stable. The demand for data solutions has also significantly increased during the outbreak of novel coronavirus. Several sectors, from the government to retail, have switched toward digitization to maintain seamless and effective organizational operations during the pandemic. A single, reliable source allows advertisers and marketers to target customers precisely. The customer data platform's real-time data will ensure ROI through campaigns planned by product managers and engineers from a remote location. The platform offers individualized, real-time solutions in having information related to customers and their demands. As a result, the demand for customer data platforms is anticipated to increase during the pandemic.

World Geography

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MARKET PLAYERS

The reports cover key developments in the customer data platform market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies, such as product launches, product approvals, and others, including patents and events. Inorganic growth strategies activities witnessed in the market were mergers, acquisitions, partnerships, and collaborations. These activities have paved the way for business expansion and market players' customer base. Companies in the customer data platform market are anticipated to witness lucrative growth opportunities in the near future with the rising demand for customer data platforms.

The report also includes key companies' profiles, SWOT analysis, and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information for the last 3 years, and key development in the past 5 years.

  • Adobe
  •  BLUEVENN
  •  Dun & Bradstreet, Inc.
  •  Leadspace, Inc.
  •  Microsoft
  •  Oracle
  •  SAP SE
  •  SAS Institute Inc
  •  Teradata
  •  ZYLOTECH

The Insight Partner's dedicated research and analysis team comprises experienced professionals with advanced statistical expertise and offers various customization options in the current study.Market research

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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Component, Deployment, Organization Size, Application, Industry Vertical, and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

The List of Companies

1. Adobe
2. BLUEVENN
3. Dun and Bradstreet, Inc.
4. Leadspace, Inc.
5. Microsoft
6. Oracle
7. SAP SE
8. SAS Institute Inc
9. Teradata
10. ZYLOTECH

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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