Data management platform (DMP) is the amalgamated platform where the data can be collected, managed and dynamically used in order to attain individualized marketing. These platforms have become novel aspect for the modern advertising solutions.
In other words, DMPs are structures and data sources to store, organize, manage, and retrieve data sets. DMPs aid to regularize the datasets, allow the viewer’s analytics, and significantly improve media buys for advertisers.
DMP’s are said to be an integral part of any fruitful data-driven campaign by enabling huge repositories of data to be accurately integrated, likened, and evaluated. The data can be accumulated from the social media channels and web pages, resulting in the establishment of an integrated image with all the data sources online.
The demand for data management platforms is stimulated by the efficacy of promotional and advertisements activities in the several business verticals. The rapid expansion of technologies such as Internet of Things (IoT) and Machine-To-Machine (M2M) are developing enormous data, eventually, boosting the growth of DMP’s. In addition, DMP also takes care of real-time control along with the customer behavior in the digital marketing platform can be easily integrated into an existing ecosystem.
Media Agencies to Lead the Market for Data Management Platforms
Key end users of data management platform comprise media agency, retailer, ad network, and publisher segment. Media agencies are said to be the biggest customer for digital management platform. The segment accounted for more than US$ 400 million in the year 2016 and is likely to cross US$1,200 by the end of 2024.
It is also estimated the revenues for publishers segment will grow at the lucrative CAGR of over 15.6% by the end of 2024. The growth of publisher segment is credited to the continuous expansion of digital marketing technologies via several channels such as mobile, social and video, driving the overall growth for data management platform.
Rising spending in programmatic media buying has propelled the market demand for ad network segment as the process is highly dependent on data management platforms. Programmatic ad buying uses a software to purchase ad networks and advertisements. This can be done in real time and doesn’t usually depends on manual trading, manual insertions, and human touch. The ad network segment was estimated at US$ 250 million in 2016 and is anticipated to cross more than US$ 650 million by 2024. It is growing at the robust CAGR of over 12% during the assessment period (2016-2024).
B2B to Be Benefited By Data Management Platforms
Managing the stream of consumer data from different sources is the huge challenge faced by several B2B marketers. Therefore, data management platforms help the dealers to boost the marketing activities along with the lead qualification procedure.
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Data management platforms enable B2B organizations to capture more second and third party data and provides the detailed view of the customers and their interests. DMP also help the marketers to choose the right audience for the targeting of the advertising campaign.