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 is a segmented, cloud-based central data warehouse that creates a single centralized view of customer data by collecting, cleansing, integrating and organizing various customer data from multiple sources into a single customer profile in real time. It enables companies to better understand and engage with their customers for marketing and customer service purposes.
Market key trends: One of the key trends gaining momentum in the Customer Data Platform market is the rising demand from enterprises to build personalized experiences across marketing, sales and service touchpoints. By integrating customer data from multiple sources into a centralized system, CDPs help enterprises gain a holistic view of individual customers and their behaviors, enabling them to create tailored marketing campaigns and product recommendations. This is driving higher customer satisfaction, retention and ultimately improved business results.
Segment Analysis
The global customer data platform market is segmented by component, deployment, application, organization size, and vertical. By component, the solutions segment dominates the market. Customer data platform solutions help enterprises collect, analyze and activate customer data across all lines of businesses. By deployment, the cloud segment is expected to grow at a higher CAGR during the forecast period. Cloud-based CDPs offer advantages such as scalability, cost-effectiveness, ease of deployment and maintenance.
Key Takeaways
The global Customer Data Platform Market Share is expected to witness high growth, exhibiting CAGR of 23% over the forecast period, due to increasing need among enterprises to gain a holistic view of customers and deliver personalized experiences across various marketing channels.
Regional analysis:
North America is expected to dominate the global customer data platform market during the forecast period. This is attributed to early adoption of advanced technologies and presence of major CDP vendors in the region. Asia Pacific is expected to grow at the highest CAGR during the forecast period due to rapid digitalization and rise in customer data volume in countries such as China and India.
Key players analysis:
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). Zeta Global Corp leads the market with its robust CDP capabilities to unify customer data from various sources. Oracle offers a scalable CDP and excellent customer support globally.
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https://www.insightprobing.com/customer-data-platform-market-trends-size-and-share-analysis/
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