Due to the growing demand for analyses of consumer behavior across industries, the market is likely to grow at a higher rate during the forecast period. Moreover, the changing landscape of customer intelligence, the proliferation of customer channels, and increasing investments and funding in CDP startups further boost the market growth.
New York, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Customer Data Platform Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06321510/?utm_source=GNW
- The increasing demand for omnichannel experience will likely boost the market growth as it uses a customer-centric approach that improves user experience. This approach significantly drives the market’s growth, providing a broader customer behavior experience for businesses to implement their marketing strategies more efficiently.
- Real-time and personalized data analysis offered by the customer data platform will likely drive market growth. The platform provides insights about the customer and its choices when the data is fed into it and helps the organization engage customers and create a suitable customer experience strategy.
- Key players that are significantly active in the market include Oracle Corporation, Salesforce.com Inc., Adobe Inc., Segment.Io Inc (Twilio), Tealium, and Zeta Global Corp. These companies are making significant efforts in the global customer data platform market to create the next big thing by engaging in partnerships and making frequent product developments.
- For instance, In July 2022, Oracle partnered with Microsoft to provide access to Oracle Database Service for Microsoft Azure. This partnership aims to offer Microsoft Azure customers to easily provision, access, and monitor enterprise-grade Oracle Database services in Oracle Cloud Infrastructure (OCI) with a familiar experience. Users can migrate or build new applications on Azure and then connect to high-performance, high-availability managed Oracle Database services such as Autonomous Database running on OCI. The migration to multi-cloud capabilities will bring new growth opportunities in the customer data platform market.
- Moreover, In July 2022, Salesforce Japan entered into a collaboration agreement with Fujitsu Limited, a ??medical and pharmaceutical data and computing technologies company. This collaboration aims to establish new, transformative digital products for insurance companies and promote the broad use of personalized insurance products in Japan. This collaborative effort will bring new customer tracking solutions across healthcare industries.
- Data privacy and security would be essential, as the data could be generated from millions of users worldwide. However, not many enterprises are equipped with such security measures, thus, hampering operational efficiency and business continuity.
- During COVID-19, the customer data platform market was impacted positively. Due to COVID-19 lockdown measures, most businesses were forced to interact digitally with their customers, there has been a great influx of customer data, and brands have turned to CDPs for collating, sanitizing, and using this data.
Key Market Trends
Healthcare is Expected To Drive The Market Growth
- Traditional data management systems only collect summary information. However, CDPs have the ability to make completely linked customer information that is easily accessible to businesses. The efficient use of CDP provides a foundation for marketing activities by connecting multiple information sources.
- Various developments are taking place in the CDP market to meet the customers’ requirements for a comprehensive data platform. For instance, In July 2022, Tealium, the customer data platform (CDP) company, announced the launch of its Tealium for Pharma solution. This platform fully automates an enhanced customer experience for Pharma audiences while accounting for the industry’s continuously changing privacy and security regulations.
- Similarly, in June 2022, Adobe announced innovations for its customer data platform (CDP), Adobe Real-Time CDP, to help brands transition from third-party cookies to first-party data. As businesses across all industries adopt Adobe Real-Time CDP, Adobe is introducing enriched customer profiles with commerce, AI-powered targeting, new privacy and security tools, and Segment match across channels.
- Moreover, telemedicine is growing worldwide, owing to various advantages, such as consumers from any region gaining access to the required doctor. It is an efficient method, as both money and time are being saved, owing to the change in the typically scheduled visits, thereby generating huge data and thus, emphasizing the need for customer data platforms.
- The customer data platform implemented at a hospital could significantly support a data scientist team in a precision medicine scenario. The customer data platform helps during the governance requirements phase as follows: the data scientist registers the project’s primary data, including its purpose, project duration, patient registration process, and describes the genomic datasets required for each registered patient, and requests to take ownership, and the approval of the project and points to references within the catalog to the governing data policies.
North America to Account for Highest Market Share
- North America is presumed to be the most significant revenue-generating region, as there is a particular focus on innovations in the U.S. and Canada. These nations have the world’s most competitive and quickly changing customer data platform(CDP) markets. A higher rate of infrastructure growth and the massive growth of data from all industry verticals are expected to make North America one of the top potential markets for growth.?
- The presence of major solution providers of data catalogs in North America is also driving the growth of the customer data platform market. According to Treasure Data, there are 72 CDP vendors headquartered in the United States. Some of the major players in the region are Salesforce, Oracle, and Tealium, among others.?
- The companies in North America look forward to enhancing their customer offerings by reaching out to the analytics platforms to utilize the benefits, such as leveraging the customers’ historical and real-time data, ensuring data protection and privacy, building omnichannel customer experiences, increasing operational efficiency, and accelerating revenues.
- For instance, In May 2022, Amplitude, Inc., a system software company based in the United States, announced the launch of Amplitude CDP, the first insights-driven customer data platform (CDP). This will offer product and marketing teams to proactively improve data quality, analyze and discover new audiences, and sync data across their marketing and data stack.
- Similarly, in February 2021, a startup, Blueshift, announced that it had raised USD 30 million for its AI-based, integrated approach to marketing. Blueshift team can accelerate the adoption of its SmartHub CDP platform, where users can integrate different data feeds from multiple sources, which Blueshift crunches and organizes for a structured view.
- The industries in the United States, such as BFSI, Retail, and eCommerce, are adopting this platform at a higher pace due to the increased focus on increased customer satisfaction and providing better-personalized experiences. For instance, U.S. Bank partnered with Salesforce to personalize its offering and improvise its customer relationship with the bank.
The Customer Data Platform Market is dominated by the major players, such as SAP, Oracle, Salesforce, Adobe, and many more, that have a strong client base in the market. These players are constantly providing increased and enhanced offerings. The market poses high barriers to the entry of new players. However, several new entrants have been able to gain traction in the market.
Additionally, in order to sustain in the market and retain their clients, the companies are employing powerful competitive strategies. This factor intensifies the competitive rivalry in the market. Overall, the degree of competition is high and expected to remain the same throughout the forecasted period.
- August 2022 - Oracle has renewed a strategic agreement with AT&T to help the company’s database and applications running in Oracle Cloud gain new capacity and capabilities. AT&T’s use of Oracle Fusion Cloud Enterprise Resource Planning (ERP), Oracle Fusion Cloud Customer Experience (CX), Oracle Cloud Infrastructure, and other Oracle Cloud services will be expanded under the new five-year agreement.
- June 2022 - Adobe announced upgrades for its customer data platform (CDP), Adobe Real-Time CDP, to assist brands in switching from third-party cookies to first-party data. By adopting Adobe Real-Time CDP by companies from all sectors, Adobe delivers enriched customer profiles with commerce, AI-powered targeting, additional privacy and security capabilities, and segment match across channels.
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