According to a new market research report “Customer Data Platform Market with COVID-19 Impact Analysis by Component, Application (Customer Retention and Engagement and Personalized Recommendation), Deployment Mode, Organization Size, Vertical, Capability, and Region – Global Forecast to 2026″ published by MarketsandMarkets, the customer data platform market size to grow from USD 3.5 billion in 2021 to USD 15.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 34.6% during the forecast period. Various factors such as increasing spending on marketing and advertising activities by enterprises, Changing landscape of customer intelligence to drive market, and Proliferation of customer channels are expected to drive the adoption of customer data platform solutions and services.
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CDP is a packaged software that creates a unified, persistent customer database accessible to other systems. This customer data originates across different channels to create a particular customer profile. CDP provides some functionality of customer engagement and customer behavior. Lockdown due to an increase in the spread of Coronavirus (COVID-19) across major regions, such as Europe, Asia, and North America, has a positive impact on the CDP market. Nowadays, individuals are focusing majorly on online activities, such as eCommerce, and OTT platforms, which is expected to increase customer data worldwide. Therefore, this significantly helps organizations work on CDP, which helps them make marketing strategies more efficiently. It increases the demand for omnichannel experience. An omnichannel experience also improves user experience as it uses a customer-centric approach. This approach significantly drives the CDP market as it provides a broader customer behavior experience for enterprises to implement their marketing strategies more efficiently. An omnichannel methodology is utilized majorly in the retail industry as it facilitates inventory management as well as order management by order allocation. Furthermore, consumers are shifting more toward digital resources that significantly help enterprises adopt an omnichannel methodology.
Technology and service providers have been facing significant disruption to their businesses from COVID-19. Hence, the COVID-19 pandemic has disrupted the global financial markets and has created panic, uncertainty, and distraction in the operations of global corporations.
The services segment to hold higher CAGR during the forecast period
Based on components, the customer data platform is segmented into solutions and services. The services segment has been further divided into professional and managed services. These services play a vital role in the functioning of customer data platforms, as well as ensure faster and smoother implementation that maximizes the value of the enterprise investments. The growing adoption of customer data platform is expected to boost the adoption of professional and managed services. Professional service providers have deep knowledge related to the products and enable customers to focus on the core business, while MSPs help customers improve business operations and cut expenses.
The Predictive Analytics application to hold the largest market size during the forecast period
With the advancements of CDPs, AI-powered predictive analytics are more accessible, more applicable, and more powerful than ever before. It provides the next advantageous step toward unlocking unprecedented growth. Predictive customer analytics is backed by real data, providing the closest possible answer to desired questions. Predictive analytics helps marketers decide what value, marketing spend, and energy should be invested into each customer segment. Analyzing the customer journey via decision trees can help marketers visualize the process. It provides useful insights between those customers who purchased a second time and those who did not, unlocking access to improved workflows. Together with CDP, predictive analytics utilizes attributes found in customers’ profiles and analyzes recent events to assign the probability of the next event. It also helps companies take customer knowledge even further by uncovering insights found in decision trees. Since every company relies on its own unique combination of KPIs, the flexibility of predictive customer analytics helps in detecting unique specification parameters. CDP enables companies to see campaign results in real-time so that they can observe data as it moves down each stage of the marketing funnel. In terms of long-term strategies, predictive analytics can assist in discovering the most loyal customers through the customer lifetime value calculation. Therefore, CDP provides the backbone to create successful predictive analysis, a unified view of customers, cross-departmental access to data, and real-time results.
Support and maintenance services to grow at higher CAGR during the forecast period
Support and maintenance services include the assistance provided by professionals to implement and maintain CDP solutions. These services include assistance for troubleshooting, upgradation of existing software, problem-solving, emergency response management, software maintenance, proactive services, and technical support provided by CDP vendors. The CDP vendors offer IT professionals, data scientists, platform architects, system integrators, and data management experts who provide support and maintenance services. They also provide one-on-one personalized training and courses for the enablement of the leading technologies, tools, and best practices. These training help organizations manage, maintain, and build their data platforms and infrastructure.
The large enterprises segment to hold a larger market size during the forecast period
The customer data platform has been segmented by organization size into large enterprises and SMEs. The market for large enterprises is expected to register a higher CAGR during the forecast period as cloud-based solutions and services help them improve business performance and enhance productivity. Also the large enterprises segment is expected to hold a larger market share in the customer data platform during the forecast period due to the affordability and the acceptance of emerging technologies.
BFSI segment to have the largest market size during the forecast period
The customer data platform market by vertical has been categorized into banking, financial services, and insurance, Retail and eCommerce, media and entertainment, IT and telecom, healthcare, travel and hospitality, and others (automobile, government, and education). The travel and hospitality vertical is expected to witness the highest growth rate, while the BFSI vertical is expected to have the largest market size during the forecast period. The larger market size of the BFSI vertical can be attributed to the increasing regulatory scrutiny, improved customer satisfaction, and benefits, such as risk management and tailored solutions.
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APAC to hold higher CAGR during the forecast period
APAC is expected to grow at a good pace during the forecast period. Opportunities for smaller customer data platform vendors to introduce customer data platform solutions for numerous sectors have also increased. All these factors are responsible for the expeditious growth of the customer data platform in the region. Companies operating in APAC continue to focus on improving customer services to drive market competitiveness and revenue growth. China, Japan, and South Korea have displayed ample growth opportunities in the Customer data platform market.
The major vendors in the customer data platform include Oracle Corporation (US), SAP SE (Germany), Adobe Inc. (US), Salesforce.com, Inc. (US), Microsoft Corporation (US), SAS Institute (US), Teradata(US), Nice Systems ltd. (Israel), Dun & Bradstreet(US), Leadspace(US), Zylotech(US), BlueVenn(US), CaliberMind(US), Celebrus(UK), Tealium(US), AgilOne(US), BlueConic(), Lytics Inc. (Lytics), IgnitionOne, Inc. (US), and Amperity, Inc. (US), Optimove(us), Totango(US), Insider(Singapore), Segment(US), Listrak(US), Simon Data (US), Ometria(UK), Treasure Data(us), Salesmango(US), ActionIQ(US)
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