Visiongain has published a new report on Customer Data Platform (CDP) Market Report to 2031: Forecasts By Component (Platform, Service {Support & Maintenance, Consulting}), By Deployment (On-Cloud, On-Premise), By Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), By Type (Access, Analytics, Campaigns), By Application (Personalized Recommendations, Predictive Analytics, Customer Engagement and Retention, Security Management, Others), By Industry Vertical (BFSI, IT & Telecom, Healthcare, Retail & E-Commerce, Travel & Hospitality, Others). PLUS, Profiles of Customer Data Platform, and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.

The global customer data platform market was valued at US$ XX billion in 2019 and is projected to reach a market value of US$ XX billion by 2031.

The customer data platform (CDP) aggregates and organizes the customer data captured across various touchpoints. The CDP structures and stores the real-time captured data into individual, centralized customer profiles accessible to other software, systems, and marketing campaigns. The rising spend on marketing and advertising activities and rising demand for multichannel and omnichannel platforms are the factors driving the growth of the customer data platform market. The market seeks growth opportunities from the growing demand for customer intelligence to boost customer satisfaction and relationship management and increase investments and funding in customer data platform start-ups. However, data privacy and security concerns, the high cost of the solution, and increased time required to create marketing campaigns hamper market growth during the forecast period.

COVID-19 Impact on Customer Data Platform Market
The COVID-19 outbreak is having a considerable impact on the customer data platform market. The pandemic and the economic downturn followed by it has affected the lives of people and businesses. The negative impact on sales has forced the enterprises to focus on their customers and the marketing campaigns to boost sales, thereby creating a demand for CDP. A CDP helps gather all the information related to the customers and track them throughout the customer journey to boost customer satisfaction, which is likely to increase the sales. However, the enterprises limit IT spend due to economic concerns, which is expected to hamper the market growth.

Market Drivers

Rising Spend on Marketing and Advertising Activities
Large enterprises, as well as SMEs, are emphasizing on increasing their spend on marketing and advertising activities. The money spent on advertising helps in business growth by expanding the business reach. Thus, the increasing spend on advertising and marketing activities is driving the demand for CDP to help the businesses in managing customer data efficiently and providing the relevant customer details across various business systems.

Rising Demand for Multichannel and Omnichannel Platforms
With the rising competition in the market, the enterprises are focused on enhancing the promotional or marketing campaigns for obtaining a competitive advantage. Growing usage of computer, laptops, smartphones, tablets, and smart TVs for accessing the social platforms and e-commerce applications has offered various platforms for the business enterprise to reach its customers. Thus, the shift in consumer behaviour has created a need to provide advertising across multiple platforms. The need to track and capture the customer data across the various platforms is creating a demand for CDP among enterprises, thereby driving the growth of the CDP market.

Market Opportunities

Growing Demand for Customer Intelligence to Boost Customer Satisfaction and Relationship Management
The CDP platform gathers all the customer data across the various touchpoints and organizes to offer a single & dynamic view of each customer in real-time. Moreover, the integration of AI and machine learning capabilities allows the platform to collect the data from all the sources and applies intelligence to improve the B2B and B2C customer experience across marketing, sales, service, and commerce. Also, the gathering of entire data at a single platform helps in quick retrieving of the customer data when required and help them offer personalized services improving the customer relationship management. Thus, the growing demand for customer intelligence to boost customer satisfaction and relationship management is expected to create growth opportunities for the CDP market.

Increasing Investments and Funding in Customer Data Platform Start-ups
The CDP platform market witnesses a large number of small players prevailing in the market. Also, a considerable number of potential players are emphasizing on gaining their share in the market with their innovative CDP platform. These start-ups are focused on developing the platform integrated with advanced technologies to offer innovative features. Technology giants and investors are increasingly funding such CDP start-ups as adopting the platform or selling it below the brand name will help the enterprise to obtain a competitive advantage in the market. Thus, the increasing investments and funding in customer data platform start-ups is expected to create growth opportunities for the CDP market

Competitive Landscape
The customer data platform market is highly competitive. The key market players are focused on enhancing their offerings with advanced features and technologies such as AI to cater to a complete application area. The key players aim at obtaining a competitive position in the market by providing its clients with a comprehensive customer database. Some of the companies profiled in the report include Oracle Corporation, Microsoft Corporation, SAP SE, Adobe Systems, Inc., Salesforce.com, Inc., SAS Institute, Teradata Corporation, IBM Corporation, Nice Systems, and Amperity.

October 2020, Microsoft Corporation enhanced its customer data platform. The innovations to the software platform help the marketers to know their users, offer AI-driven insights with analytical capabilities, drive meaningful across the customer journey, and ensure data privacy and security.

September 2020, Oracle Corporation enhanced its customer data platform. The company added a series of innovations to its Oracle Unity customer data platform. The added features helped B2B and B2C marketers to eliminate the costly and complex customer data integration projects by providing a single platform unfying the customer data which can be quickly and easily activated within existing business processes.

Notes for Editors
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