According to a new market research report “Customer Data Platform Market by Component, Application (Customer Retention and Engagement, Predictive Analytics, Personalized Recommendations), Deployment Mode, Organization Size, Industry Vertical, Capability, and Region – Global Forecast to 2025″, published by MarketsandMarkets, market is expected to grow from USD 2.4 billion in 2020 to USD 10.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 34.0% during the forecast period.
The major growth factors of the CDP market include the increasing spending on marketing and advertising activities by enterprises, changing landscape of customer intelligence, and proliferation of customer channels. Automated smart machines to drive consumer experience. Increasing investments and fundings in CDP startups are further expected to offer opportunities for the increased adoption of CDPs.
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The large enterprises segment to hold a larger market size during the forecast period
The CDP market is segmented into large enterprises and Small and Medium-sized Enterprises (SMEs) by organization size. The large enterprises segment is expected to have a larger market size during the forecast period, owing to large volumes of data being generated by large enterprises and increasing demand for CDP platform and services to store, manage, and analyze this data. Large enterprises have a huge corporate network and organize a large number of events. CDPs enable large enterprises to gain cheap storage solutions and fast and reliable access to processed data, which can help organize corporate data and generate insights. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period.
By application, the customer retention and engagement segment to grow at the highest CAGR during the forecast period
The CDP market by application is segmented into five categories: personalized recommendations, predictive analytics, marketing data segmentation, customer retention and engagement, security management, others (data monetization and data enrichment). The customer retention and engagement segment is expected to grow at a rapid pace during the forecast period. Organizations are adopting CDP platforms and services to engage their loyal and prospect customers. This application offers organizations with opportunities to learn more about their customers than ever before.
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North America to hold the largest market size during the forecast period
North America is the most significant revenue contributor to the global CDP market. The region is witnessing significant developments in the CDP market. CDP applications are gaining traction in the travel and hospitality industry vertical in North America due to the rising demand to provide a unique experience that is tailor-made for each user.
These solutions offers more flexible, scalable, and cheaper data storage solutions than traditional data warehousing solutions, along with offering improved analytics capacity. Many CDP solution providers in North America are experimenting in the market by integrating advanced big data and analytics technologies with their existing CDP solutions. They are also adopting various growth strategies to strengthen their positions in the overall market. Major North American vendors in the CDP market are Oracle (US), Adobe (US), Salesforce (US), Microsoft (US), SAS (US), Teradata (US), Dun & Bradstreet (US), Leadspace (US), Zylotech (US), CaliberMind (US), Tealium (US), AgilOne (US), BlueConic (US), Lytics (US), IgnitionOne (US), and Amperity (US).
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