The global customer data platform market size to grow from USD 903.7 million in 2018 to USD 3,265.4 million by 2023, at a Compound Annual Growth Rate (CAGR) of 29.3% during 2018-2023. Major growth drivers for the market include an increasing demand for omni-channel experience and actionable insights by marketers and effective tracking of customers to understand their behavior for target marketing activities, and increasing pressure on CMOs to deliver personalized content spurring the demand for real-time data availability.
The customer data platform market by type has access, analytics, and engagement segments. The analytics segment is expected to grow at the highest CAGR during the forecast period, owing to an increasing demand for personalization and omni-channel experience by the marketing executives to increase their revenues and reduce customer churn rates. In the customer data platform by applications, the personalized recommendation application is expected to hold the largest market size during the forecast period. An increasing demand for customer conversion, retention, and engagement is a major growth driver for the segment.
In the customer data platform market by components, the services segment is expected to grow at a higher CAGR during the forecast period owing to increasing investments in start-ups and technology advancements. The services segment has sub-segments of support and maintenance services and consulting services. The cloud delivery mode is projected to hold a larger market size in the market by growing at a higher rate during the forecast period, as it is a cost-effective and scalable solution.
In the customer data platform by enterprise size, the Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period. The increasing demand for scalable and cost-effective solutions is expected to accelerate the growth of customer data platform solutions among SMEs.
Customer Data Platform Market
North America is expected to hold the largest market size in the global customer data platform market, while APAC to grow at the highest CAGR during the forecast period. The presence of many customer data platform vendors in North America for delivering enhanced personalized customer experience is driving the adoption of customer data platforms in the region. In APAC, the highest growth rate can be attributed to the heavy investments made by private and public sectors for enhancing their marketing technologies, resulting in the increased demand for customer data platforms and services.
In the customer data platform market by vertical, the retail and eCommerce vertical is projected to hold the largest market size by growing at the highest rate during the forecast period. Most of the marketing agencies are adopting the customer data platform solutions for better customer engagement and delivering personalized interactions.
The global market faces many challenges including the requirement of huge infrastructure or scalable solutions for collection and storage of large volumes of customer data. Lack of awareness and knowledge among marketers may hinder the market growth.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
3.1 Attractive Opportunities in the Market 3.2 Top 3 Verticals 3.3 Top 3 Applications and Regions 3.4 Global Customer Data Platform Market, By Region 3.5 Market By Delivery Mode 3.6 Market By Region 3.7 Market Investment Scenario
4 Market Overview and Industry Trends
4.1 Introduction 4.2 Market Dynamics 4.2.1 Drivers 184.108.40.206 Demand for Omni-channel Experience and Actionable Insights By Marketers 220.127.116.11 Effective Tracking of Customers to Understand Their Behavior for Targeted Marketing Activities 18.104.22.168 Increasing Pressure on CMOs to Deliver Personalized Customer Experience is Leading to High Demand for Real-Time Data Availability 4.2.2 Restraints 22.214.171.124 Data Privacy Laws and Protection of Customer Data are Critical for CDP Adoption 4.2.3 Opportunities 126.96.36.199 Increasing Investment and Funding in CDP Start-ups 4.2.4 Challenges 188.8.131.52 Requirement of Huge Infrastructure and Scalable Solutions for Collecting and Storing Large Volumes of Customer Data 184.108.40.206 Lack of Tools to Integrate Online and Offline Customer Data in Real Time 4.3 Use Cases 4.3.1 Introduction 4.4 Regulatory Implications 4.4.1 Introduction 4.4.2 General Data Protection Regulation (GDPR) 4.4.3 Can-Spam 4.4.4 ePrivacy Directive (EPR) 4.4.5 Governance, Risk, and Compliance (GRC) 4.4.6 SOC 2 Type 2 Compliance 4.5 Customer Data Platform: Value Chain Analysis 4.5.1 Data Collection 4.5.2 Profile Unification 4.5.3 Segmentation 4.5.4 Activation
7.1 Introduction 7.2 Solutions 7.2.1 Software Tools 7.2.2 Platforms 7.3 Services 7.3.1 Consulting Services 7.3.2 Support and Maintenance Services
8 Market, By Delivery Mode
8.1 Introduction 8.2 Cloud 8.3 On-Premises
9 Market, By Enterprise Size
9.1 Introduction 9.2 Small and Medium-Sized Enterprises 9.3 Large Enterprises
10 Customer Data Platform Market, By Vertical
10.1 Introduction 10.2 Banking, Financial Services, and Insurance 10.3 Retail and Ecommerce 10.4 Media and Entertainment 10.5 IT and Telecommunication 10.6 Travel and Hospitality 10.7 Energy and Utilities 10.8 Automobile 10.9 Healthcare and Life Sciences 10.10 Others
11 Customer Data Platform Market, By Region
11.1 Introduction 11.2 North America 11.2.1 United States 11.2.2 Canada 11.3 Europe 11.3.1 United Kingdom 11.3.2 Netherlands 11.3.3 France 11.3.4 Rest of Europe 11.4 Asia Pacific 11.4.1 Australia 11.4.2 Japan 11.4.3 India 11.4.4 Rest of Asia Pacific 11.5 Middle East and Africa 11.5.1 Middle East 11.5.2 Africa 11.6 Latin America 11.6.1 Brazil 11.6.2 Mexico 11.6.3 Rest of Latin America
12 Competitive Landscape
12.1 Introduction 12.2 Top Players in the Market 12.3 Competitive Scenario 12.3.1 New Product Launches and Product Enhancements 12.3.2 Partnerships and Agreements 12.3.3 Acquisitions