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Customer Data Platform Market– Global Advancements, Worldwide Forecasts & Analysis

Customer Data Platform Market is a marketing technology that collects customer data (structured or unstructured) from multiple sources including online and offline to enable users to customer modeling and optimize target marketing. CDPs have the capability to collect and integrate customer data from various sources into a single unified profile that provides a holistic view of customers and enable marketers to understand customers’ preferences and tastes. The CDP also provides marketers with unified and real-time customer data for gaining actionable insights. It helps marketers to deliver personalized experience to customers, improve customer loyalty, and increase revenues. The CDP assists marketing executives to design and execute data-driven marketing campaigns and enable them to deliver omnichannel customer experience.
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 the forecast period.
Browse 95 market data Tables and 57 Figures spread through 187 Pages and in-depth TOC on “Customer Data Platform Market”
https://www.marketsandmarkets.com/Market-Reports/customer-data-platform-market-94223554.html
Early buyers will receive 10% customization on this reports.
Major growth factors for the market include increasing pressure on CMOs to deliver personalized customers experience leading to an increased demand for the availability of real-time data, and a growing demand for omni-channel experience and actionable insights by marketers.
Personalized recommendation application to hold the largest market size during the forecast period
Marketers use the personalized recommendation application for analyzing customers’ past and current behavior and identify their prefrences to deliver personalized experience to them. The customer data platform enables marketers to pull highly specific segments of customers and target them with relevant, personalized information, and track customer behavior across all channels and intelligent recommendations based on customer-journey.
Small and Medium-sized Enterprises (SMEs) segment to grow at a higher CAGR during the forecast period
The customer data platform market by enterprise size has 2 segments: SMEs and large enterprises. The SMEs segment is expected to grow at a higher CAGR during the forecast period. An increasing demand for omni-channel customer experience for effective marketing activities would drive the adoption of the customer data platform across SMEs.
North America to hold the largest market size and Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
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 of customer data platform vendors in North America for delivering enhanced personalized customer experience is increasing 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 increasing demand for customer data platforms and services.
Major vendors driving Customer Data Platform Market
  • Salesforce is focused on developing Customer Relationship Management (CRM) solutions. It offers a technology platform for customers and developers to build and run various applications. It is a dynamic player in the data management marketspace, as it offers strong features of customer experience.
  • SAP has a diversified portfolio consisting of applications, technologies, and services; and SAP business network segments. It is one of the leading global providers of customer engagement and data management solutions and services. It is also investing in the customer engagement and data management solutions to deliver personalized customer experience.
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