The Worldwide Customer Data Platform Industry is Expected to Reach $19.7 Billion by 2027: Need to Deliver Omnichannel Experience and Comply with Data Protection Regulations Drives Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Customer Data Platform Market by Component, Application (Customer Retention and Engagement and Personalized Recommendation), Deployment Mode, Organization Size, Vertical, Capability and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The customer data platform market size is to grow from USD 4.8 billion in 2022 to USD 19.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 32.4% during the forecast period.

Services segment to have a higher CAGR during forecast period.

Based on services, the customer data platform market has been segmented into consulting and support, and maintenance services. These services help organizations modernize their marketing operations. It includes the support offered by CDP vendors to assist their customers in using and maintaining CDP solutions efficiently. With customer data increasing daily, organizations are increasingly adopting CDP services to address marketing requirements in continuously evolving customer demand across the globe.

Cloud segment to have highest CAGR during forecast period.

Based on deployment modes, the customer data platform market has been segmented into on-premises and cloud. The CAGR of the cloud deployment mode is estimated to be the largest during the forecast period. Cloud-based CDP facilitates various advantages, including scalability, adaptability, easy deployment, and cost-effectiveness, which promote the adoption of cloud deployment across organizations. The low cost and ease of implementation have made the cloud a highly desirable delivery mode among organizations.

Large enterprises segment to hold higher CAGR during forecast period.

The customer data platform market has been segmented by organization size into large enterprises and SMEs. The adoption of CDPs in large enterprises is expected to grow due to the huge inflow of customer data from multiple channels and the need to generate actionable insights from customer data.

Among regions, Asia Pacific to hold the highest CAGR during forecast period.

Asia Pacific is expected to grow quickly during the forecast period. Opportunities for smaller customer data platform vendors to introduce customer data platform solutions for numerous sectors have also increased. All these aspects are responsible for the region's expeditious growth of the customer data platform market. Companies operating in Asia Pacific continue to focus on improving customer services to drive market competitiveness and revenue growth. China, Japan, India, and Australia have displayed ample growth opportunities in the customer data platform market.

Market Dynamics

Drivers

• Need to Deliver Omnichannel Experience
• Need to Comply with Data Protection Regulations
• Shift Toward Data-Driven Marketing and Advertising
• Changing Landscape of Customer Intelligence
• Proliferation of Customer Channels

Restraints

• Data Privacy Laws and Protection of Customer Data to be Critical for CDP Adoption
• Lack of Flexibility

Opportunities

• Expansion of Artificial Intelligence and Machine Learning
• Automated Smart Machines to Drive Customer Experience
• Rising Investments and Fundings by Enterprises to Identify Growth Opportunities

Challenges

• More Time Required for Creating Marketing Campaigns
• Difficulties in Understanding 'Why'
• Confusion Around What CDP Can and Should Do

Companies Mentioned

• Acquia
• Actioniq
• Adobe
• Amperity
• Blueconic
• Blueshift
• Calibermind
• Celebrus (D4T4 Solutions)
• Cloudera
• Dun & Bradstreet
• Insider
• Leadspace
• Listrak
• Lytics
• Microsoft
• Nice
• Ometria
• Optimove
• Oracle
• Planhat
• Quantexa
• Salesforce
• Salesmanago
• Sap
• Sas Institute
• Simon Data
• Tealium
• Teradata
• Totango
• Treasure Data
• Twilio Segment
• Upland Software
• Zeotap
• Zeta Global

For more information about this report visit https://www.researchandmarkets.com/r/gqcwzh