How Customer Data Platform (CDP) Market will Grow at Highest CAGR

The ability to provide personalized experiences is likely to boost the global customer data platform market growth. Fortune Business Insights states that the master data management market was valued at approximately US$ 8 Bn in 2018. However, the market is anticipated to reach more than US$ 25 Bn in 2026. It will occur due to a rise in the usage of data quality tools. This, in turn, is expected to increase the global customer data platform market sales throughout the forecast period from 2019 to 2026. The customer data platform offers numerous benefits to organizations for managing multiple marketing campaigns across various channels. It provides easy access to huge data and it is also less time consuming, unlike the other platforms.

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The report classifies the global customer data platform market on the basis of six segments, namely by components, by type, by application, by organization size, by industry vertical, and by geography. By components, the market is further grouped into services and solutions. In terms of type, the market is divided into management, access, and analytics. In terms of application, the market is categorized into predictive analysis, marketing data segmentation, security management, personalized data recommendation, customer management and retention, campaign management, and others. By organization size, the market is divided into small, medium, and large enterprises. In terms of industry vertical, the market is further segmented into retail, media and entertainment, BFSI, healthcare, e-commerce, travel and hospitality, IT and telecom, and others.

Fortune Business Insights profiles some of the leading players in the global customer data platform market. These include Tealium, Oracle Corporation, Evergage Inc., SAP, Lytics, Adobe Inc., Salesforce Inc., BlueConic, ActionIQ, Ascent360, AgilOne, and other prominent market players.

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“Increasing Investments by Prominent Vendors to Favor Growth in Asia Pacific”

The global customer data platform market is geographically segmented into Asia Pacific, the Middle East and Africa, Europe, Latin America, and North America. Amongst these, North America is anticipated to procure maximum share in the global customer data platform market revenue during the forecast period. This is because of the increasing adoption of customer data platforms in several countries in the region. Asia Pacific, on the other hand, is likely to witness the highest customer data platform market growth in the coming years. Persistent investments by public and private vendors for enhancing technologies of the market are expected to cause this growth.

“Oracle Corporation, Salesforce Inc., and Other Key Players to Introduce New Technologies to Strengthen Position in the Market”

Oracle Corporation, a multinational computer technology corporation, headquartered in the U.S., announced the launch of Oracle CX Unity in October 2018, at Oracle Open World. The Oracle CX Unity is a customer intelligence platform. It is designed to provide a comprehensive view into customer interactions across the applications and channels. The demo at the Oracle Open World consisted of a combination of automated voice-to-text call logging or transcription and artificial intelligence-based contextual recommendation capabilities.

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In July 2018, Salesforce Inc., a cloud-based software company, based in California, announced its agreement of acquiring Datorama, a provider of marketing and analytics intelligence platform, headquartered in Israel, for a sum of more than US$ 800 Mn. This acquisition is projected to aid Salesforce Inc. in enhancing the company’s marketing cloud with analytics, integration, and intelligence. The platform will also allow marketers to access insights across Salesforce data.

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