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The global customer data platform market size is predicted to reach USD 4,364.7 million by 2027. The rising advancement in data analysis and intelligence is likely to favor the healthy growth of the market during the forecast period. Besides, the rising focus towards customer satisfaction and enhanced customer experience by organizations will spur demand for the market in during the forecast period, mentioned in a report, titled “Customer Data Platform Market Size, Share & COVID-19 Impact Analysis, By Component (Platform and Services), By Deployment (Cloud, On-premises), By Type (Access, Analytics, and Campaign) By Industry (Banking, Financial Services and Insurance (BFSI), Retail and ecommerce, Information Technology (IT) and Telecom, Media and Entertainment, Travel and Hospitality, Healthcare, and Others (Government and Education)), and Regional Forecast, 2020-2027” the market size stood at USD 772.1 million in 2019 and is predicted to exhibit a CAGR of 24.5% between 2019 to 2027.
Partnership between Tealium and Invoca to Aid Market Expansion
Tealium, an American provider of enterprise tag management system and marketing software announced its collaboration with Invoca, a leader in AI-powered call tracking and conversational analytics to allow organizations to combine customer data and conversational analytics insights in real-time for better inform contact center interactions and optimize the caller experience. The strategic partnership will help channels that engage with consumers through both digital channels and high-touch human interactions. The new development between the companies is predicted to create lucrative growth opportunities for the market owing to its integration, which will allow. personalized experiences across online and offline touchpoints martech. Moreover, the high demand for customer data platforms such as financial services, health care, telecommunications, home services, travel, and hospitality will subsequently promote the growth of the market.
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Rising Apprehensions about Data Privacy to Retard Growth
The major challenges faced by data providers are issues related to customer data and privacy. The growing concerns regarding data privacy among consumers will consequently restrict the growth of the market. For instance, Europe’s General Data Protection Regulation (GDPR) was implemented to secure private data of the public. Organizations are facing major drawbacks because of this issue, as the law does not allow them to extract personal and private data from customers without their permission. The surge in data sharing and exchange will dwindle the adoption of customer data platform, which, in turn, will restrict the growth of the market during the forecast period.
Focus of Salesforce.com towards Customer Relations to Spur Business Opportunities
Salesforce.com, Inc., one of the leading players in the market is fixed on customer relationship management (CRM) and aims to expand its core solutions and technological expertise in this area. The company is also focused on providing enhanced customer experience with its innovative. The rising investment in the integration of the customer 360 platform with CDP will reinforce its position in the market. In June 2019, Salesforce.com, Inc launched the customer data platform with the next generation customer 360 technology. Salesforce’s Customer 360 will offer capabilities beyond traditional CDP. It will be an extended solution to CRM software. It will help organizations to gain a single view and unified data. The organizations with the Salesforce platform will be able to provide personalized customer engagement on a large scale. In addition, the company is expanding its network through and acquisitions partnerships with providers of AI, cloud solutions, data analytics and more. For instance, in July 2018, the company acquired Datorama, providers of analytic CDP offerings, to expand its reach globally.
The Report Lists the Main Companies in the Customer Data Platform Market:
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Value (USD million)