Customer data platform market size is forecast to reach $4 billion by 2025, growing at a of CAGR 16% during 2020-2025 owing to the growing demand for unified software database solutions which captures, correlates and activates customer data across multiple channels, technologies and devices in real time, that can be used to understand the customer behavior from pool to individual level to generate and channel leads into the sales funnel.
The rise of global privacy regulations is leading to the adoption of single view of the customer and storage of the same which is becoming the top priority of the enterprises which is set to drive the customer data platform market from 2020 to 2025.Further, the rising adoption of cloud based packaged software solutions and Platform-as-a-Service model in the customer data management platform along with coalescence of artificial intelligence to play a significant role driving the customer data platform market during the forecast periodBy Type - Segment AnalysisBy type the global customer data platform is segmented by access, analytics and engagement.
The dire need for the taking actionable insights and data driven marketing decisions based on the customer data and growing investment towards development of artificial intelligence based solution in the Marketing Technologies (Martech) space to play a prominent role in assisting the market growthBy Offering Type - Segment AnalysisThe customer data platform solutions has been analyzed to acquire the largest share of the market in 2019 owing the broad scale adoption across the large enterprises.
However, services segment is set to witness the highest growth during 2020-2025 owing to the increasing adoption of customer data platform services by SMEs especially startups and associated cost constrains which impede these to opt for solutionsRequest for Sample of the Report @ https://www.industryarc.com/pdfdownload.php?id=500928Report Price: $ 4500 (Single User License)Geography - Segment AnalysisNorth America held the major share of 37% of the global customer data platform market in 2019 owing to the presence of a broad customer base of large scale enterprise across various verticals opting for CDP solutions for enhancing customer experience by getting a deep understanding of customer pools’ need and targeting the appropriate audience to achieve higher conversion rates of marketing qualified leads to sales qualified leads.
APAC is set to grow at the highest rate during the forecast 2020-2025 owing to the growing investment in the Marketing Technology (Martech) and rise of small and medium enterprises.Drivers – Customer Data Platform MarketGrowing Adoption of Omni Channel MarketingOmni channel marketing emphasizes on the use of multiple channels but the making the best fit for the customers’ need as the first priority thereby improving the customer experience significantly.
Since customer experience is becoming the top priority for all types of businesses, the need the unified data portals is growing which can collect and correlate customer data from multiple channels which can be accessed from and at any point to gain insights or single view of the customer data.
