Customer Data Platform Market Share, Size, Trends, Industry Analysis Report, By Vertical (BFSI, Retail & E-commerce, Media & Entertainment, Travel & Hospitality, IT & Telecom, Healthcare, Others); By Component; By Deployment Mode; By Application; By Region; Segment Forecast, 2022 - 2030
- Published Date:Jan-2022
- Pages: 112
- Format: PDF
- Report ID: PM2229
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Outlook
The global customer data platform market was valued at USD 3.49 billion in 2021 and is expected to grow at a CAGR of 35.0% during the forecast period. The prime factors for the market development are an increase in awareness of customer satisfaction and the greater need for a better shopping experience, which eventually increases the platform’s popularity.
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Furthermore, the focus of marketers and advertisers on providing real-time and personalized consumer services is further attributed to the global demand for the industry. Also, increasing investments in digital transformation, the use of customer data platform gained increasing acceptance since it helps to better interact with company’s offline and online via blogs, websites, and other sources, is supporting the market growth.
The COVID-19 pandemic has considerably impacted the customer data platform market. With the global spread of the pandemic, several organizations encounter issues regarding the appropriate access to high-quality information to employees. To maintain precise business inflow, organizations should invest in infrastructure that allows access to the company’s collected records. As a result, it has created a significant demand for the industry in recent years.
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Industry Dynamics
Growth Drivers
Abundant factors including rising annual budgeting expenses on advertisement and promotion by top key players in different industrial verticals, coupled with changing customer intelligence landscape worldwide, are expected to drive the demand for customer data platform market globally in the forecast period.
Along with the rapid technological advancements, the number of digital end-users has increased the use of such platforms to a larger extent than ever before. The advent of new technologies, particularly artificial intelligence and machine learning will force the organization to utilize smart and automated machinery to enhance buyer experience and serve them improved service. This automated machinery needed huge information to drive this machinery.
It also offers feed personalization algorithm capability to deliver highly personalized experiences to consumers. As a result, the customer data platform market is gaining more prominence, as they are means of secure and safe way to advertise and boost buyer experience. In addition, modern technology has upended the way brands and customers engage. According to SAS Institute, by 2030, over 67% of engagement between a consumer and brand using digital devices, such as online, mobile, etc., rather than humans. This, in turn, acts as a catalyzing factor for global industry development in the forthcoming scenario.
Report Segmentation
The market is primarily segmented on the basis of component, deployment mode, application, vertical, and region.
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By Component |
By Deployment Mode |
By Application |
By Vertical |
By Region |
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Insight by Component
The platform segment accounts for the largest revenue in the global industry. The increased rate of adoption of the platform-based market is on the surging trend, owing to their benefit to analyze information generated from IoT devices, social media platforms, and clickstreams. They often deliver effective results through interactive dashboards. Moreover, the platform enables consumers to gain better insights from real-time data, recognize high-value segments, strengthen machine learning with high-quality data, and foresee a customer's future steps. Thus, customer data platforms are majorly implemented among various business verticals, which are expected to contribute towards high segmental growth.
However, the services segment is accounting for a significant share during the forecast period. This can be acknowledged to factors, including the rising need for consumer satisfaction and active investing activities in promoting and advertising to offer individualized solutions, which may drive the segment growth over the approaching years.
Insight by Vertical
The retail & e-commerce segment is recorded with the largest share in 2021 and is expected to lead the industry in the forecasting years. In the recent digital world, there is a surge in e-commerce and retail activities to reach a wide consumer base, as well as increased customers attention for digital services that act as a catalyzing factor for the segment demand around the world. Moreover, the increasing trend of online shopping has forced retailers to redefine delivery models and improve shopping experiences through touch-points and channels. Accordingly, the proliferation of the industry in the retail and eCommerce sector eventually boosted the segment demand and paved the way for industry growth.
On the contrary, the healthcare segment is projected to experience considerable growth segment across the industry. It is the most approachable platform for keeping personalized information leads to a higher degree of consumer satisfaction. Besides, the digitalization trend also strengthened in the healthcare sector, which led to the adoption of digital solutions to provide patients with real-time experience. As a result, it can offer most of its customers to assist with caller’s proper personal information and lower risk to patient’s health. Therefore, these factors may stimulate industry demand in the near future.
Geographic Overview
Geographically, North America is accounted for the largest share in the global market in 2021 and is projected to dominate the industry in the near future. This is due to the growing implementation of a platform to increase customer satisfaction and early adoption of the market across businesses and industry verticals for managing tasks effectively.
Furthermore, the region has a large number of industry players with wide-ranging operations and customer bases, therefore, creating better accessibility of such solutions in the region. For instance, in March 2021, Oracle introduced a new service that offers a single point of contact for all technical delivery and eliminates critical expertise barriers for services. Such initiative is further responsible for the high adoption of the market in the region.
Moreover, Asia Pacific and Europe are also expected to contribute a significant share in the global industry during the forthcoming years. Factors such as rising digitalization, big data, and data analytics, coupled with the rising government policies associated with the customer's information privacy, have the platform’s adoption by marketers and advertisers. Moreover, the long-term contracts and agreements related to the long-term business prospects with the digital solution providers are paving the way for gaining a competitive edge over industry rivals. Therefore, it may upraise the demand for the customer data platform that creates lucrative opportunities for the market across the regions in the near future.
Competitive Insight
Some of the major players operating in the global market include Acquia, Adobe, Amperity, Blueconic, Dun & Bradstreet, Leadspace, Microsoft, Nice, Oracle, Salesforce, SAP, SAS Institute, Tealium, Teradata, Upland Software, and Zeta Global.
Customer Data Platform Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 3.49 billion |
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Revenue forecast in 2030 |
USD 49.80 billion |
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CAGR |
35.0% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2022 to 2030 |
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Segments covered |
By Component, By Deployment Mode, By Application, By Vertical, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
Acquia, Adobe, Amperity, Blueconic, Dun & Bradstreet, Leadspace, Microsoft, Nice, Oracle, Salesforce, SAP, SAS Institute, Tealium, Teradata, Upland Software, and Zeta Global. |
