Increasing expenditure on marketing and advertising activities by organizations is projected to be the key player in spiking the revenue of customer data platform market from US$ 1.5 Billion in 2021 to US$ 1.9 Billion in 2022.
The customer data platform industry is estimated to reach US$ 7.2 Billion while recording a healthy CAGR of 14% during the assessment period from 2022 to 2032.
Established players are augmenting their investments in developing competent customer data platform. Also, customers are demanding real-time services, encouraging companies to implement their strategies. In an occurrence, in April 2021, Fulcrum, a player that provides personalization software, announced its Customer Data Platform.
The organization’s CDP collects customer data in real-time. It offers visibility on interactions, touchpoints, intent, and behavior. The CDP integrates AI into its various functionalities.
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Key Segments Profiled in the Global Customer Data Platform Market
- 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
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Competitive Landscape :
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. Recent developments in the industry include:
- In June 2021, Adobe introduced an AI-based live search for Adobe Commerce. Adobe Commerce merchants can offer their shoppers with personalized search results as per their demand.
- In May 2021, Salesforce CDP announced its new update that helps organizations’ prioritize first-party data that would make every customer interaction personalized.
What is the Market Forecast based on Application Segment?
Based on application, the global customer data platform market can be segmented into Retail, Discrete Manufacturing, Healthcare, Travel, Banking, Financial Services, and Insurance (BFSI), Travel, Telecom, Media, and Technology (TMT), and Others. Among all, retail segment is anticipated to lead the market by exhibiting a CAGR of 13.4% from 2022 to 2032.
Retailers aid in enhancing customer experience with the help of advanced solution. CDP help retailers in having a competitive edge and offer unified brand views.
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What are the Market Projections based on Type?
Based on type, the global customer data platform market can be segmented into analytics, access, and campaign. As per the analysis, the campaign segment is expected to lead the market by exhibiting a CAGR of 13.9% from 2022 to 2032. The analytics segment is expected to exhibit a significant growth in the coming time.
The analytics offer granular insights into customer behavior, which help in observing customer segmentation. The segment has witnessed significant investments from various organizations.
