Increasing organisational expenditure on marketing and advertising activities is expected to be a key driver in driving the revenue of the customer data platform market from US$ 1.5 billion in 2021 to US$ 1.9 billion in 2022.
During the assessment period of 2022 to 2032, the customer data platform industry is expected to reach US$ 7.2 billion while growing at a healthy CAGR of 14%.
Established players are increasing their investments in building a capable customer data platform. Customers are also demanding real-time services, which is encouraging businesses to implement their strategies. Fulcrum, a player that provides personalization software, announced its Customer Data Platform in April 2021.
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Key Segments Profiled in the Global Customer Data Platform Market
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Global Customer Data Platform Market by Type :
- Customer Data Platform by Access
- Customer Data Platform by Campaign
- Customer Data Platform by Analytics
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Global Customer Data Platform Market by Application :
- Customer Data Platform in Retail
- Customer Data Platform in Banking, Financial Services, and Insurance (BFSI)
- Customer Data Platform in Telecom, Media, and Technology (TMT)
- Customer Data Platform in Travel
- Customer Data Platform in Healthcare
- Customer Data Platform in Discrete Manufacturing
- Customer Data Platform in Others
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Global Customer Data Platform Market by Region :
- North America Customer Data Platform Market
- Europe Customer Data Platform Market
- Asia Pacific Customer Data Platform Market
- Middle East & Africa Customer Data Platform Market
- Latin America Customer Data Platform Market
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Competitive Landscape :
Players in the global customer data platform market are focusing to offer enhanced services and provide innovative products which would give them a competitive edge in the market. Recent developments in the industry include:
- In June 2021, Adobe introduced an AI-based live search for Adobe Commerce. Adobe Commerce merchants can offer their shoppers with personalized search results as per their demand.
- In May 2021, Salesforce CDP announced its new update that helps organizations’ prioritize first-party data that would make every customer interaction personalized.
What is the Market Forecast based on Application Segment?
Retail, Discrete Manufacturing, Healthcare, Travel, Banking, Financial Services, and Insurance (BFSI), Travel, Telecom, Media, and Technology (TMT), and Others are the application segments of the global customer data platform market. The retail segment is expected to lead the market with a CAGR of 13.4% from 2022 to 2032.
With the help of advanced solutions, retailers can improve the customer experience. CDP provides retailers with a competitive advantage by providing unified brand views.