(EMAILWIRE.COM, March 12, 2024 ) According to a research report “Customer Data Platform Market by Offering, Application (Customer Retention & Engagement, Personalized Recommendation), Data Channel (Email, Social, SMS, Web), Type, (Data CDP, Analytics CDP, Campaign CDP), Vertical and Region – Global Forecast to 2028″ published by MarketsandMarkets, the Customer Data Platform (CDP) market is projected to grow from USD 5.1 billion in 2023 and USD 7.4 billion in 2024 to USD 28.2 billion by 2028, at a compound annual growth rate (CAGR) of 39.9% during the forecast period (2024-2028).
The Customer Data Platform (CDP) market is expected to grow significantly during the forecast period, owing to various business drivers like the increasing data volume and complexity, growing regulatory compliance requirements, shift toward data-driven marketing and advertising, and changing landscape of customer intelligence. The need to deliver omnichannel experience, and proliferation of customer channels is also responsible for driving the markets growth.
Browse 473 market data Tables and 61 Figures spread through 362 Pages and in-depth TOC on “Customer Data Platform Market
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By platform by deployment mode, the cloud segment to register for the highest CAGR during the forecast period.
By platform by deployment mode, the cloud segment is expected to register the highest CAGR during the forecast period. Cloud-based CDP imparts various advantages, including scalability, adaptability, easy deployment, and cost-effectiveness, promoting cloud deployment adoption across organizations. The low cost and ease of implementation have made the cloud a highly desirable deployment mode among organizations. CDP systems offer web-based management and enterprise-class protection. The market for cloud-based CDPs is growing because SMEs are opting for these services.
By services, system integration & deployment services to register for the highest CAGR during the forecast period.
The system integration & deployment segment of the Customer Data Platform (CDP) market is growing rapidly. System integration & deployment services ensure seamless integration of each CX solution and system, regardless of the technology. System integration provides facilities and frameworks for integrating various solutions with third-party environments. This integration enables the applications to run with existing legacy solutions and make solutions efficient and quick. CDPs can help streamline marketing efforts by providing a single platform for managing customer data and executing campaigns. The system integration & deployment services include the application-specific assessment of the site and the selection of accurate devices and other IT offerings.
By region, Asia Pacific accounted for the highest growth rate during the forecast period.
Asia Pacific is witnessing significant growth in the Customer Data Platform (CDP) market. Asia Pacific is expected to grow at the highest rate during the forecast period. The region is expected to be the fastest growing in the Customer Data Platform (CDP) market; this growth can be attributed to the increasing adoption of IoT and smart technologies and growing government initiatives, such as smart cities, across Asia Pacific countries, including China and India.
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Some major players in the Customer Data Platform (CDP) market include Oracle Corporation (US), SAP SE (Germany), Adobe Inc. (US), Salesforce.com, Inc. (US), Microsoft Corporation (US), SAS Institute (US), Twilio (US), Cloudera (US), Teradata (US), Nice Systems Ltd. (Israel), Dun & Bradstreet (US), Leadspace (US), Upland Software (US), CaliberMind (US), Celebrus (UK), Tealium (US), Acquia (US), BlueConic (US), Lytics Inc. (US), IgnitionOne, Inc. (US), Amperity, Inc. (US), Optimove (Israel), Totango (US), Insider (Singapore), Listrak (US), Simon Data (US), Ometria (UK), Treasure Data (US), Salesmango (US), and ActionIQ (US).
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