Consumer Data Platform Market to reach USD 56.22 Bn dominated by Predictive Analysis Segment, Says Stellar Market Research.

PUNE, India, July 16, 2024 /PRNewswire/ -- Stellar Market Research, a global IT & Telecommunication Market research firm has published a competitive intelligence and market research report on the "Consumer Data Platform Market". The Consumer Data Platform Market size was valued at USD 8.05 Bn in 2023 and the total Consumer Data Platform revenue is expected to grow at a CAGR of 32 percent from 2024 to 2030, reaching nearly USD 56.22 Bn by 2030.

The Customer Data Platform (CDP) market is experiencing significant growth due to the increasing demand for customer intelligence and omnichannel experiences. CDPs enable businesses to manage data volume and complexity from various customer channels, ensuring data unification and identity resolution. CDPs are essential for advertising and marketing strategies, offering personalized experiences while adhering to data protection regulations.

The report on the Consumer Data Platform Market involves a comprehensive analysis of market structure, competition, and growth drivers. The market size is methodically estimated using a bottom-up approach to understand growth patterns. Key insights typically cover major drivers at global levels, challenges for future growth, and opportunities arising from technological advancements. Regional analyses provide information on market leaders, penetration rates, and geographical factors influencing the industry. The qualitative and quantitative analyses are employed using tools like SWOT, PESTLE, and Porter's Five Forces to guide investment and marketing decisions.

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What's New: Recent Additions and Updates

• An in-depth analysis of competitive developments in the market, such as mergers and acquisitions, product developments, partnerships, and collaborations.
• An in-depth analysis of ROI and cost-effectiveness for various types of CDP implementations across different industries and company sizes.
• Analysis of regulatory impacts on CDP adoption and usage, focusing on data privacy laws like GDPR, CCPA, and emerging global standards.

Key Player Offerings

• Tealium collaborates with Snowflake's Snowpipe Streaming API, combining top-tier customer data collection and activation capabilities. It leverages Snowflake's power to streamline how businesses get real-time customer behavior data into the Snowflake Data Cloud. This allows for faster analytics, AI applications, and a complete view of the customer to improve customer service and engagement.
• Nissan Motor Co Ltd. Japan has selected Treasure Data's enterprise customer data platform (CDP) to enhance its customer experience strategy. The automaker aims to unify data and improve brand communication across all touchpoints. Treasure Data's CDP will help Nissan achieve a 360-degree customer view, strengthen data governance, and integrate various platforms.

First-Party Data Reshaping the Consumer Data Platform Market

Growing privacy concerns and regulatory measures are driving a major shift in the consumer data platform (CDP) market toward first-party data management. First-party data, or information acquired directly from consumers via their contacts with the business, is the emphasis of companies these days. When compared to third-party data, this data is more accurate, dependable, and privacy-compliant. According to SMR, first-party data is crucial since 80% of marketers think it offers the best return on investment (ROI). Leading companies in the CDP space, like Adobe, are taking advantage of this change by incorporating cutting-edge technology into their systems. For instance, Adobe's Real-Time CDP uses machine learning and AI algorithms to evaluate first-party data and provide real-time insights and customization. This strategy increases customer satisfaction and boosts revenue. Businesses utilizing Adobe's Real-Time CDP claim a 15% rise in customer satisfaction and a 25% improvement in marketing efficiency. Companies that centralize first-party data and adopt a unified data strategy see a 25% improvement in data accuracy and a 33% decrease in data management expenses. A 360-degree perspective of the consumer is made possible by centralization, which enables companies to send out marketing messages that are more accurate and timely. First-party data methods are expected to become more popular as companies prioritize data protection and customization, creating new opportunities for development and competitive advantage.

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North America Leading the Consumer Data Platform Revolution

North America, particularly the United States is home to leading technology firms that drive innovation in in the consumer data platform market. According to SMR, more than 75% of Fortune 500 companies headquartered in North America contribute to a high demand for advanced data management solutions. This need is being driven by organizations' need to use data for customized marketing, bettering customer experiences, and obtaining a competitive edge. North America is recognized for its strong revenue production from e-commerce and digital marketing, two industries that significantly depend on consumer data. For instance, the amount spent on digital advertising in the United States alone in 2023 was over $200 billion, highlighting the significant need for insights based on data. The United States exports software services worth about $50 billion a year, making the North American import and export of technology and software services important. Adoption rates and market trust are further supported by North America's stringent legal frameworks, which include the California Consumer Privacy Act (CCPA) and the General Data Protection Regulation (GDPR). These frameworks ensure high standards in data management and protection. The region continues to grow the boundaries of technical innovation and data-driven business strategies, maintaining its position as the top-selling market for consumer data solutions.

Consumer Data Platform Market Segmentation

By Component

• Platform
• Services

By Application

• Personalized Recommendations
• Predictive Analytics
• Marketing Data Segmentation
• Customer Retention and Engagement
• Security Management
• Others

By Vertical

• BFSI
• Retail and eCommerce
• Media and Entertainment
• Travel and Hospitality
• Telecom and IT
• Healthcare
• Others

Consumer Data Platform Market Key Competitors include

• Informatica LLC
• IBM Corporation
• Oracle Corporation
• SAP SE
• Stibo Systems A/S
• Riversand Technologies, Inc.
• Others

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Key questions answered in the Consumer Data Platform Market are:

• What is a Consumer Data Platform?
• What is the current growth rate of the Consumer Data Platform Market?
• Who are the key players in the Consumer Data Platform Market?
• What are the strategies used by competitors in the Consumer Data Platform Market?
• What are the growth prospects in developing countries for the Consumer Data Platform Market?
• Which segment is expected to witness the fastest growth and why in the Consumer Data Platform Market in 2023?
• What are the factors affecting growth in the Consumer Data Platform Market?
• Who held the largest market share in the Consumer Data Platform Market?
• What is the demand pattern for the Consumer Data Platform Market?
• What are the opportunities for the Consumer Data Platform Market?

Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by Different Segment | 2024−2030
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by Component, Application, Vertical, and Region
• Competitive Landscape – Profiles of selected key players by region in a strategic perspective
• Competitive landscape – Market Leaders, Market Followers, Regional player
• Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

Stellar Market Research a leading IT & Telecommunication research firm, has also published the following reports:

Web Scraper Software Market: The market size was valued at US $ 785.68 Million in 2023 and the total Market revenue is expected to grow at 13 % from 2024 to 2030, reaching nearly US $ 1848.41 Million.

Data Center Virtualization market: The market was valued at USD 9.98 Billion. In 2023 the total revenue is expected to grow at a CAGR of 17.5% through 2024-2030, reaching nearly USD 30.88 Billion.

Europe Big Data Market: The market size was valued at US$ 86.20 Bn. in 2023 and the total revenue is expected to grow at 7.8% through 2024 to 2030, reaching nearly US$ 145.84 Bn. by 2030.

Data Integration Market: The market size was valued at US$ 13.12 Bn in 2023. The Global Data Integration Market is estimated to grow at a CAGR of 11.23% over the forecast period.

Master Data Management Market: The market was valued at USD 21.76 billion in 2023. Global Master Data Management Market size is estimated to grow at a CAGR of 15.9 % over the forecast period.

About Stellar Market Research:

Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems.

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SOURCE Stellar Market Research