Dallas, Feb. 02, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global customer data platform market is expected to grow from USD 1.83 billion in 2020 to USD 20.03 billion by 2028, at a CAGR of 34.64% during the forecast period 2021-2028.
Customer data platform market is witnessing the rapid growth form the past few years. It is relatively a new concept which helps the organizations to centralize their market and customer engagement efforts. It helps to collect the data from a verity of third party sources such as websites, social media, and point of sales, and combine the data together to build the customer profiles. Customer data platform offers more advantage over the data management platforms, which helps to offer a more personalized service to the customers.
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A customer data platform is a solution that combines and aggregates all the customer data and stitch the data together into the unified customer profiles. The customer data platform helps the organizations to build the data of customers and to know the customer behavior and changing consumer trends. It helps the organization in every department such as marketing, customer intelligence, and to build the strategies to enhance the business. With using the customer data platform, organizations can gain a complete view of customers, which can be used to drive the customer experience without loop and holes.
Global customer data platform market is witnessing a rapid growth owing to increasing adoption of this solution in various enterprises. In addition to this, the rising trend to offer the personalized service to the customers is also one of the factors driving the demand for customer data platform. Furthermore, increasing spending on marketing and customer engagement programs, boosting the growth of the market. However, increasing concern about customer data and privacy may limit the growth of the market over the forecast period.
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Some of the key players in the global customer data platform market are , Adobe, Teradata, Oracle, Salesforce, Microsoft, SAS, Dun & Bradstreet, Tealium, AgilOne, BlueConic, Leadspace, Zylotech, CaliberMind, Lytics, IgnitionOne, and Amperity among others. The companies are now concentrating on implementing strategies such as product innovations, new technology, mergers & acquisitions, joint venture, alliances and partnerships to improve their market position in the global customer data platform industry.
• In October 2019, Renesas Electronics Corporation announced the launch of Renesas Advanced (RA) Family of 32-bit Arm Cortex-M microcontrollers (MCUs)to accelerate the development of IoT applications with core technologies such as security, safety, and connectivity.
• In February 2018, STMicroelectronics announced the launch of IoT-enabled embedded systems to enhanced the product portfolio of embedded systems.
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The solution segment dominated the global customer data platform market and valued at USD 1.45 billion in the year 2020
The technology segment is divided into solution and services. The solution segment dominated the global customer data platform market and valued at USD 1.45 billion in the year 2020. Increasing adoption of software solution of customer data platform for customer engagement and new customer acquisition is one of the key factor driving the growth of the market.
The on-premise segment held the major market share of 65.26% in the year 2020
The deployment segment is classified into cloud and on-premise. The on-premise segment held the major market share of 65.26% in the year 2020. The on-premise deployment of customer data platform gives the control over the data and reduces the dependency on vendors. Thus, many companies prefer to implementation on-premise customer data platform, boosting the growth of this segment.
The personalized recommendations segment held the major market share of 36.96% in the year 2020
The application segment includes personalized recommendations, predictive analytics, marketing data segmentation, customer retention and engagement, security management and others. The personalized recommendations segment held the major market share of 36.96% in the year 2020. The customer data platforms help to collect the data from different sources and combine the data together to offer personalized services to the customers.
The retail and e-commerce segment dominated the global customer data platform and held the major market share of 38.44% in the year 2020
The industry vertical segment classified into BFSI, retail and e-commerce, media and entertainment, travel and hospitality, it & telecom, healthcare, and others. The retail and e-commerce segment dominated the global customer data platform and held the major market share of 38.44% in the year 2020. This is mainly due to the increasing demand to deliver the personalized experience to the customers.
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Regional Segment Analysis of the Customer Data Platform Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region dominated the global customer data platform market and valued at USD 842.23 million in the year 2020. The growth is mainly due to the increasing trend to deliver the tailored services to the customers across every industry verticals. In addition to this, highly developed IT infrastructure and the presence of key market players in the region, further driving the growth of the market. The Asia Pacific region is likely to grow at the highest CAGR of 35.26% over the forecast period. Countries such as India and China are now becoming the IT hub, and many global companies have established their companies in these countries. Furthermore, rising demand for customer data platform from different industries such as retail and e-commerce and healthcare, further driving the growth of the market.
About the report:
The global customer data platform market is analyzed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, and competitor position grid analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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