United States, Rockville MD, July 04, 2022 (GLOBE NEWSWIRE) — The global customer data platform is estimated to reach US$ 7.2 Billion while recording a CAGR of 14% during the forecast period from 2022-to 2032. During the said period of assessment, the market is projected to grow nearly 4x. Growing expenditure on marketing and advertising initiatives by various enterprises is expected to play salient role in driving the market in the forecast period.
The market valued US$ 1.5 billion in 2021, against US$ 1.9 billion in 2022. From 2015- to 2021, the market exhibited a CAGR of 28.1%. The growth of the customer data platform market during the prior mentioned period can be attributed to the rising proliferation of customer channels. Increasing importance of real-time and personalized engagement is projected to augment the market size in the forecast period. Owing to various benefits provided by the platform, the market is set to flourish in the forthcoming time.
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Players in the market are adopting various strategies to enhance the industry size in the assessment tenure. For instance, in May 2021, Salesforce updated its customer data platform solution to help enterprises in targeting first-party data and provide better personalized interaction with customers.
In addition, BFSI is witnessing significant online interaction in the forecast period. The surging internet penetration and affordability of internet across the globe has encouraged users to use online channels to interact with banks, insurance, and other institutions. The banking sector is adopting several initiatives to avail benefits of CDM, for instance, on May 04, 2022, Marble Financial Inc., an AI-based FinTech company, disclosed that it had inked licensing agreement with thirdstream to offer Marble’s innovative financial technology solutions to more than 50 banks, financial services and insurance enterprises on thirdstream’s platform. Thirdstream has more about 50 BFSI clients.
Factors Limiting Growth of the Global Customer Data Platform Market
Privacy Concerns Associated with the Platform to Hamper the Market Growth
Customer data platform market is expected to be majorly hindered by the privacy concerns associated with it. The platform is highly vulnerable to breaches and cyberattacks. For instance, in May 2022, Heroku, the popular cloud platform owned by Salesforce, revealed that it was compelled to reset some user passwords in response to a security breach, which also invited wave of criticism.
Europe’s General Data Protection Regulation was implemented to safeguard the customers’ private data. As per the law, enterprises do not have any rights on their customer’s data. Also, the customer has all rights to know how his personal data is being used. This has acted as a significant counter to the impeding cause, thereby, propelling the market growth.
However, with increasing investments by players and growing number of start-ups are expected to counter the hampering effect and support the market growth in the forecast period. Also, advent of automated smart machinery to enhance customer experience is projected to act as a lucrative opportunity to the market in the forthcoming period.
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Key Segments Covered in the Customer Data Platform Industry Survey
- Global Customer Data Platform Market by Type :
- Customer Data Platform by Access
- Customer Data Platform by Campaign
- Customer Data Platform by Analytics
- 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
- 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
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. Key players in the market include ActionIQ, Adobe, AgileOne, Ascent360, Inc., and BlueConic among others. Recent developments in the industry are:
- In May 2021, Salesforce CDP disclosed its new update that aids enterprises’ prioritize first-party data that would make every customer interaction personalized.
- In June 2021, Adobe introduced an AI-based live search for Adobe Commerce. Adobe Commerce merchants can provide their shoppers with personalized search results as per their requirement.
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Key players in the Customer Data Platform Market
- Ascent360, Inc.
- Lytics Inc.
- mParticle Inc.
- NGDATA Inc.
Key Takeaways from Customer Data Platform Market Study
- The campaign segment to expand at a CAGR of 13.9% during the forecast period
- The U.S market to hold a value of US$ 2.6 Billion by 2032
- The market in U.K to garner US$ 299.1 Million during the forecast period
- Chinese market to exhibit a CAGR of 13.4% during the assessment period
- Market in South Korea to flourish at a growth rate of 11.5% during the forecast period
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