Customer Data Platform - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

The Customer Data Platform Market size is estimated at USD 2.95 billion in 2024, and is expected to reach USD 10.12 billion by 2029, growing at a CAGR of 27.91% during the forecast period (2024-2029).

The growing need for omnichannel experiences is expected to drive market expansion since it takes a customer-centric strategy that improves user experience. This method greatly boosts market growth by giving organizations a more significant consumer behavior experience to apply their marketing plans more efficiently.

The customer data platform's real-time and tailored data analysis will fuel market expansion. When data is loaded into the platform, it delivers insights about the consumer and their decisions, assisting the business in engaging customers and developing a proper customer experience plan.

Tealium, Zeta Global Corp., Salesforce.com Inc., Segment.Io Inc (Twilio), Oracle Corporation, and Adobe Inc. are among the market's most active participants. These firms are making substantial efforts in the global consumer data platform market to build the next big thing through collaborations and regular product development.

For instance, in the previous year, Oracle collaborated with Microsoft to develop Oracle Database Service for Microsoft Azure. This collaboration intends to provide Microsoft Azure users with a familiar experience for provisioning, accessing, and monitoring enterprise-grade Oracle Database services in Oracle Cloud Infrastructure (OCI). Users may move or construct new applications on Azure and then connect to high-performance, high-availability managed Oracle Database services like Autonomous Database that operate on OCI. The transition to multi-cloud capabilities will create new chances for development in the customer data platform industry.

Moreover, the previous year, Salesforce Japan entered into a partnership agreement with Fujitsu Limited, which provides medical and pharmaceutical data and computer solutions. This cooperation intends to create innovative, transformational digital solutions for insurance businesses while promoting the widespread usage of customized insurance products in Japan. This combined endeavor will result in innovative customer-tracking technologies being implemented across the healthcare industry.

Although the data might be created by millions of people worldwide, data privacy and security would be critical. However, only a few businesses contain such security measures, jeopardizing operational efficiency and company continuity.

Customer Data Platform Market Trends

Healthcare is Expected To Drive The Market Growth

• Traditional data management solutions collect summary data. On the other hand, CDPs include the power to provide related consumer information that is readily available to enterprises. The effective use of CDP offers a framework for marketing efforts by linking numerous information sources.
• Various advancements in the CDP industry will suit clients' demands for a comprehensive data platform. For example, in the previous year, Tealium, a customer data platform (CDP) provider, announced the release of its Tealium for Pharma solution. This technology fully automates an improved customer experience for Pharma audiences while catering to the industry's constantly evolving privacy and security standards.
• Similarly, during the previous year, Adobe announced enhancements for its customer data platform (CDP), Adobe Real-Time CDP, to assist marketers in transitioning from third-party cookies to first-party data. Adobe delivers richer customer profiles with commerce, artificial intelligence (AI)-powered targeting, additional privacy and security features, and segment match across channels as organizations across all sectors embrace Adobe Real-Time CDP.
• Furthermore, telemedicine is expanding globally due to various benefits, such as customers from anywhere with access to the necessary doctor. It is an efficient way since money and time are saved due to the shift in the regularly planned visits, resulting in massive data generation and highlighting the necessity for customer data platforms.
• In a precision medicine scenario, a customer data platform established at a hospital might greatly assist a data scientist team. During the governance requirements phase, the customer data platform assists as follows: the data scientist registers the project's primary data, including its purpose, project duration, and patient registration process, describes the genomic datasets required for each registered patient, requests to take ownership and approval of the project, and points to references within the catalog to the governing data policies.

North America to Account for Highest Market Share

• Due to the emphasis on innovation in the United States and Canada, North America is expected to be the most important revenue-generating area. These nations include the world's most competitive and quickly changing customer data platform (CDP) marketplaces. North America is predicted to be one of the top potential growth markets due to faster infrastructure expansion and significant data growth across all industrial verticals. The presence of key data catalog solution providers in North America is also propelling the customer data platform industry forward. According to Treasure Data, there are 72 CDP suppliers headquartered in the United States. Salesforce, Oracle, and Tealium are some prominent companies in the region.
• Companies in North America are looking forward to improving their customer offerings by leveraging historical and real-time data from customers, ensuring data protection and privacy, building omnichannel customer experiences, increasing operational efficiency, and accelerating revenues. For example, Amplitude, Inc., a system software firm in the United States, announced the introduction of Amplitude CDP, the first insights-driven customer data platform (CDP), in the previous year. It will enable product and marketing teams to enhance data quality proactively, evaluate and identify new audiences, and sync data across their marketing and data stack.
• Similarly, Blueshift reported raising USD 30 million the previous year for their artificial intelligence (AI)-based, integrated marketing approach. Blueshift's SmartHub CDP platform allows customers to aggregate various data flows from many sources. Blueshift crunches and organizes for a structured view, which can help expedite adoption.
• Due to the rising focus on greater customer happiness and offering better-personalized experiences, sectors in the United States, such as BFSI, Retail, and eCommerce, are embracing this platform faster. For example, United States Bank collaborated with Salesforce to tailor its service and improve its client connection.

Customer Data Platform Industry Overview

• The Customer Data Platform Market is dominated by significant firms with a substantial customer base, such as Oracle, SAP, Adobe, and Salesforce. These players are continually increasing and improving their products. The market includes significant entry barriers for new participants. Several new entrants, however, established momentum in the industry.
• Furthermore, corporations need solid competitive strategies to stay in the market and keep their customers. This aspect heightens the market's competitive competition. Overall, competition is fierce and is anticipated to remain so for the foreseeable future.
• August 2022 - Oracle extended a strategic relationship with AT&T to enable the company's database and apps operating in Oracle Cloud to achieve increased capacity and capabilities. AT&T's utilization of Oracle Fusion Cloud Enterprise Resource Planning (ERP), Oracle Fusion Cloud Customer Experience (CX), Oracle Cloud Infrastructure, and other Oracle Cloud services would be improved under the new five-year agreement.
• June 2022 - Adobe Real-Time CDP enhanced to assist businesses in shifting from third-party cookies to first-party data. Adobe provides richer customer profiles with commerce, AI-powered targeting, extra privacy, security features, and segment matches across channels when enterprises from all industries use Adobe Real-Time CDP.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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