by The global Customer Data Platform Market is estimated to be valued at US$ 1.84 Bn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A Customer Data Platform (CDP) is a centralized hub that unifies customer data collected from various digital channels and systems into a single, persistent customer profiles. It allows marketing and operations teams to integrate, organize and activate cross-channel customer data to deliver personalized customer experiences across all touchpoints. CDP platforms centralize abundant customer and prospect data from multiple sources like website, mobile apps, CRM and other marketing tools to create customer profiles comprising purchase history, preferences and other behavioral attributes. This centralized profile enables brands to gain a 360-degree understanding of each user to deliver tailored communications, offers, recommendations and services. By understanding customer journeys, businesses can improve conversion rates, increase lifetime value and optimize marketing spend with a unified view of each customer.
Market key trends:
The growing need among enterprises to acquire a holistic view of customers and deliver hyper-personalized customer journeys across all channels is driving increased adoption of CDP platforms. These platforms are empowering companies to efficiently orchestrate marketing activities, measure campaign effectiveness and optimize future strategies based on real-time behavioral insights. Another major trend is the integration of CDPs with advanced tools like Customer Engagement Management, Customer Journey Analytics and AI/ML capabilities to gain predictive intelligence from customer data for real-time interactions. Furthermore, the emergence of open-source CDP solutions is making these platforms more affordable and scalable for small and medium businesses to unify fragmented data sets and tailor experiences.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. Startups need significant financial resources to develop advanced data analytics capabilities. Bargaining power of buyers: The bargaining power of buyers is moderate to high. Large enterprises have stronger negotiation power due to their high purchasing volume. Bargaining power of suppliers: The bargaining power of suppliers is low as there are numerous data management solution providers. Substitutes: Threat of substitutes is low. There are no direct alternatives for Customer Data Platforms. Competitive rivalry: The competitive rivalry is intense among major players due to their strong data analytics capabilities.
Key Takeaways
The global Customer Data Platform Market Share is expected to witness high growth, exhibiting a CAGR of 23. % over the forecast period, due to increasing need for unified customer profiles and real-time engagement capabilities.
The North America region dominated the customer data platform market in 2023 and is expected to continue its dominance during the forecast period. This is attributed to presence of leading vendors and rapid digitalization of enterprises in the region. Asia-Pacific region is expected to exhibit the highest growth rate over the forecast period owing to rapid economic development and increasing adoption of advanced digital technologies across key industry verticals in countries such as China and India.
Key players operating in the Customer Data Platform Market are Zeta Global Corp, Oracle Corporation, mParticle Inc., Salesforce.com Inc., BlueConic, Adobe Inc., Tealium, SAP SE, Acquia Inc., and Segment.Io Inc. (Twilio). Key players are focusing on strategic partnerships and acquisitions to expand their presence and customer base. For instance, in January 2023, Salesforce acquired Evergage to strengthen its personalization capabilities on the Customer 360 platform.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
