Customer Data Platform Market Segmentation, Opportunities, Trends & Future Scope To 2025
The global customer data platform market size is expected to reach USD 5.66 billion by 2025, registering a CAGR of 27.5% from 2019 to 2025, according to the new study conducted by Radiant Insights, Inc. The growing demand for assimilating and storing unstructured and structured consumer data, automatically obtained from various media touchpoints, is driving the adoption of CDP among B2B and B2C marketers. Furthermore, the need to engage and improve customer lifecycle by comprehending the collected insights is also contributing to the growth of the market.
Currently, brands and marketers accumulate huge volumes of customer data in the form of demographic, behavioral, and transactional segments. The collected data points are either stored as databases by a different organization or by departments of the company. This poses challenges pertaining to data tracking and data redundancy. Furthermore, information gathering based on cross-platform and online activities for customer conversion and engagement also remains a challenge for marketers. These factors are driving the demand for a customer database platform, which can assimilate and store data points in a unified behavior.
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Unified customer profiles enable marketers to enhance their marketing strategies and improve customer experience. Retail and consumer goods were the early adopters of customer data platforms and the adoption gradually increased among the financial services, travel, IT and Telecom, and healthcare verticals. The growing importance of first-party customer data and the rise in adoption of omnichannel media among marketers are the other factors contributing to the market growth. The addition of machine learning and AI technologies is expected to enable enterprises to easily select a list of profiles using predictive modeling and other tactical applications, further driving the customer data platform market growth.
The increasing number of CDP vendors, who are raising higher funds, is driving the market growth. In 2018, CDP vendors generated funds worth more than USD 1.5 billion and registered a growth by 48% in funding as compared to the previous year. As per the CDP Institute's study, the industry witnessed an increase in the number of CDP vendors from 77 vendors in 2018 to 96 vendors in July 2019. These factors are expected to lead to considerable growth of the CDP market over the forecast period.
Further key findings from the report suggest:
• The analytics segment growth can be attributed to the high demand for automating segmentation lists and marketing & analysis of products using predictive modeling & machine learning technology-based models
• The retail application segment accounted for more than 28% of the market share 2018 owing to use of CDP to engage customers, improve customer loyalty, and enhance consumer experience
• The North American regional market accounted for the largest revenue share in 2018 and is anticipated to continue to dominate the CDP market over the forecast period
• The key industry participants include ActionIQ; Adobe; AgileOne; ENSIGHTEN; mParticle, Inc.; NGDATA, Inc.; Salesforce.com, Inc.; Segment.io, Inc.; and Tealium.
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Table of Contents
Chapter 1. Methodology and Scope
1.1. Market Segmentation and Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Purchased database
1.3.2. Radiant Insights internal database
1.3.3. Secondary sources and third-party perspectives
1.3.4. Primary research
1.4. Information Analysis
1.4.1. Data analysis models
1.5. Market Formulation and Data Visualization
1.6. Data Validation and Publishing
1.7. List of Abbreviations
Chapter 2. Executive Summary
2.1. Market Outlook
2.1.1. Global customer data platform market, 2015 - 2025
2.2. Segment Outlook
2.2.1. Global customer data platform market, by region, 2015 - 2025
2.2.2. Global customer data platform market, by type, 2015 - 2025
2.2.3. Global customer data platform market, by application, 2015 - 2025
Chapter 3. Global Customer Data Platform Market Variables, Trends, and Scope
3.1. Penetration and Growth Prospect Mapping
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market driver analysis
3.3.1.1. Increasing demand for multichannel and omnichannel platforms for personalized marketing
3.3.1.2. Rise in demand for first-party data assimilation and regulatory compliance
3.3.2. Market challenge analysis
3.3.2.1. Need for sophisticated infrastructure and solutions to collect and organize customer data
3.4. Business Environment Analysis Tools
3.4.1. Industry analysis - Porter's five forces analysis
3.4.2. PEST analysis
3.5. Customer Data Platform Market - Competitive Insights
3.5.1. Key company market ranking analysis, 2018
3.5.2. Major deals and strategic alliances outlook
Chapter 4. Customer Data Platform Market: Type Outlook
4.1. Customer Data Platform Market Share Analysis, By Type, 2018 & 2025 (USD Million)
4.1.1. Analytics
4.1.1.1. Global analytics market, by region, 2015 - 2025 (USD Million)
4.1.2. Campaign
4.1.2.1. Global campaign market, by region, 2015 - 2025 (USD Million)
4.1.3. Access
4.1.3.1. Global access market, by region, 2015 - 2025 (USD Million)
Continued…
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