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2024 Market Landscape: Customer Data Platforms and Their Strategic Role
Customer Data Platforms Market Trends
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According to The Business Research Company's, The customer data platforms market size has grown exponentially in recent years. It will grow from $4.47 billion in 2023 to $5.83 billion in 2024 at a compound annual growth rate (CAGR) of 30.4%. The growth in the historic period can be attributed to growing importance of customer-centric strategies, proliferation of data sources, rise of digital transformation initiatives, increased focus on customer experience (cx), regulatory changes and data privacy concerns..
The customer data platforms market size is expected to see exponential growth in the next few years. It will grow to $17.68 billion in 2028 at a compound annual growth rate (CAGR) of 32.0%. The growth in the forecast period can be attributed to greater demand for real-time personalization, increased importance of unified customer profiles, evolution of subscription-based business models, demand for cross-channel marketing capabilities, enhanced data governance and security measures.. Major trends in the forecast period include evolving cdp vendor landscape, cross-channel personalization, customization and flexibility, increased demand for customer analytics, cloud-native cdps..
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Market Drivers and Trends:
Growth in the retail and e-commerce industry is expected to propel the growth of the customer data platform market going forward. Ecommerce is the buying and selling of goods and services over the internet whereas the retail industry consists of all companies that sell goods and services to consumers. A customer data platform (CDP) is helpful for retail and e-commerce marketing as it makes data available to marketers and helps in personalized and targeted marketing campaigns. For instance, according to India Brand Equity Foundation, an Indian government export promotion agency, India's e-commerce market is expected to reach USD 111 billion by 2024 and USD 200 billion by 2026. The retail industry achieved 96% of pre-COVID-19 sales in September 2021, driven by the rising demand from consumers. Therefore, the growth in the retail and e-commerce industry will drive the customer data platforms market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Oracle Corporation, SAP SE, Adobe Inc., Salesforce Inc., Microsoft Corporation, SAS Institute, Teradata, Nice Systems Ltd., Dun & Bradstreet, Leadspace, BlueVenn, BlueConic Inc., Terminus, Tealium Inc., Agilone LLC, mParticle Inc., Segment. Io Inc., CaliberMind, Celebrus, Ascent360 Inc., Lytics Inc., ActionIQ Inc., Optimove, Exponea Ltd., Ensighten Inc., Twilio Inc., Acquia Inc., Zeta Global Corp, Totango, Insider
Customer Data Platforms Market 2024 Key Insights:
• The customer data platforms market size is expected to see exponential growth in the next few years. It will grow to $17.68 billion in 2028 at a compound annual growth rate (CAGR) of 32.0%.
• Growth In The Retail And E-Commerce Industry Drives The Customer Data Platform Market
• AI-Driven Customer Data Platform Is Gaining Popularity
• North America was the largest region in the customer data platform market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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