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Customer Data Platform Market Size to Reach $4,364.7 Mn by 2027; Growing Importance of Improved Customer Satisfaction to Encourage Growth

June 01, 2020 | Information & Technology

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/customer-data-platform-market-100633


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:



  • Microsoft Corporation (US)

  • Segment.io, Inc.(US)

  • SAP SE (Germany)

  • Oracle Inc. (US)

  • Salesforce.com, Inc. (US)

  • Leadspace, Inc. (US)

  • SAS Institute Inc. (US)

  • Ignitionone.com (US)

  • Kabbage Inc. (Radius Intelligence) (US)

  • Tealium Inc. (US)


Further Report Findings:



  • Regional Analysis: Asia Pacific is likely to hold the largest market share during the forecast period owing to the booming retail & E-commerce sector. Advancement and investment in BFSI and healthcare will aid growth in the region. The growing digitalization and popularity of Big Data and analytics will further enable growth in Asia Pacific.

  • Leading Segment: The retail and e-commerce segment is expected to witness a high demand during the forecast period owing to the rising polarity and competition within the retail and e-commerce sectors.


This Market is Segmented into:














































 ATTRIBUTE



 DETAILS



Study Period



  2016–2027



Base Year



  2019



Forecast Period



  2020–2027



Historical Period



  2016– 2018



Unit



  Value (USD million)



Segmentation



By Component



  • Platform

  • Services



By Deployment



  • Cloud

  • On-Premises



By Type



  • Access

  • Analytics

  • Campaigns



By Industry



  • Banking, Financial Services and Insurance (BFSI)

  • Retail and ecommerce

  • Information Technology (IT) and Telecom

  • Media and Entertainment

  • Travel and Hospitality

  • Healthcare

  • Others (Government and Education)



By Region



  • North America (the US and Canada)

  • Europe (UK, Germany, France, Italy, Spain and Rest of Europe)

  • Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)

  • Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico and Rest of Latin America)


Customer Data Platform Market
  • PDF
  • 2018
  • 2016-2018
  • 150

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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