Dublin, Nov. 16, 2021 (GLOBE NEWSWIRE) -- The "Global Customer Data Platform Market By Component, By Application, By Deployment Type, By Enterprise Size, By End User, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Customer Data Platform Market size is expected to reach $20.5 billion by 2027, rising at a market growth of 34% CAGR during the forecast period.
A customer data platform (CDP) is a software platform that assists in collecting and systemizing customer data across numerous touchpoints and thus, finds its application in other software, marketing efforts, and systems. This software aggregates and arranges real-time data into unique and centralized customer profiles. CDPs create customer profiles by incorporating data from various sources like first-, second-, and third-party. It also comprises transactional systems, web forms, Customer Relationship Management & Data Management Platform, website & e-commerce behavioral data, email & social media activity, and others.
There is a rise in the demand for studying consumer purchasing behavior across varied sectors due to which, the customer data platform market is witnessing a significant surge in its growth. In addition, several industries are pursuing a unified medium for managing data pertaining to their online and offline customers and determining apt marketing strategies for these categories, along with reducing redundancies in customer data. The growing adoption of account-based marketing among organizations is also anticipated to drive the market growth for the customer data platform.
Through the increasing usage of e-commerce channels, webs, blogs, and social media platforms by customers, the companies are able to collect insights from customer purchasing behavior. Using these insights, companies are able to analyze and understand the shifting preferences of customers to tackle and respond to the growing competition in the market. Companies take these efforts to stay in touch with their customers and to offer them personalized products. The process of gathering information about customers and then categorizing them manually is a long and time-consuming process, which also requires huge investment. To reduce such costs, the companies are focusing on adopting a data platform that automatically keeps customers engaged and provides them customized products.
COVID-19 Impact Analysis
The outbreak of COVID-19 has changed the working patterns of all industries. Also, it has highlighted the vulnerabilities existing in business models in several verticals. During the pandemic, there is a surge in the integration & adoption of technologies like artificial intelligence, machine learning, IoT, analytics, blockchain, and cloud. Due to the adoption and integration of such technologies, businesses across various regions have shifted to a digital platform. This shift towards digitalization has increased the volume of customer data generated from online platforms, which is anticipated to augment the growth of the customer data platform market.
Additionally, the pandemic and stringent government regulations forced people to stay inside their houses. This has compelled customers to spend their maximum time on the internet and led to an increase in sales through online platforms. A large number of customers have shifted their focus from conventional shopping to online shopping, which resulted in generating a huge volume of data across the world. This has compelled companies to adopt customer data platform solutions to smoothly perform tasks. This has also accelerated the demand for an omnichannel experience. Therefore, CDP solutions witnessed an upsurge in its demand during the pandemic, leading to a boost in the growth of the customer data platform market.
Market Growth Factors:
Omni-channel experience witnessing high demand
Omni-channel is a comprehensive and widespread approach for customer communications across varied channels exclusive of maintaining and saving customer data. This approach offers unified and easy customer communication over several channels and stores the overall customer data within the platform with the purpose that a third party or agent will be able to tackle their problems in an appropriate manner.
The growing investment by companies in advertising & marketing activities
Digital marketing is spreading its footprints and is gradually growing. As a result, the organizations are putting heavy investment in this relatively new concept. Customer data platforms assist in defeating tactic fatigue and take the program to another level, recognizing the capability of paid media, email marketing, and addressable channels.
Market Restraining Factor:
Adoption of CDP needs huge investment
As the technologies are getting advanced with the pace of time, consumers' expectations become high due to which, enterprises time-to-time update their customer engagement solutions to fulfill the expectations of their customers. Enterprises need to invest a huge amount for upgrading their solutions and that too for a short period because technology gets upgraded version frequently.
Cardinal Matrix - Customer Data Platform Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunners in the Customer Data Platform Market. Companies such as Upland Software, Inc., Acquia, Inc., SAS Institute, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SAP SE, Oracle Corporation, Microsoft Corporation, Adobe, Inc., Salesforce.com, Inc., Teradata Corporation, Totango, Ltd., Upland Software, Inc., Acquia, Inc. and SAS Institute, Inc.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
184.108.40.206 COVID-19 impact
220.127.116.11 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Product Launches and Product Expansions : 2019, Jun - 2021, Aug) Leading Players
Chapter 4. Global Customer Data Platform Market by Component
4.1 Global Customer Data Platform (Without Services) Market by Region
4.2 Global Customer Data Platform Services Market by Region
Chapter 5. Global Customer Data Platform Market by Application
5.1 Global Customer Data Platform Personalized Recommendations Market by Region
5.2 Global Customer Data Platform Predictive Analytics Market by Region
5.3 Global Customer Data Platform Marketing Data Segmentation Market by Region
5.4 Global Customer Data Platform Customer Retention & Engagement Market by Region
5.5 Global Customer Data Platform Security Management Market by Region
5.6 Global Other Application Customer Data Platform Market by Region
Chapter 6. Global Customer Data Platform Market by Deployment Type
6.1 Global On-premise Customer Data Platform Market by Region
6.2 Global Cloud Customer Data Platform Market by Region
Chapter 7. Global Customer Data Platform Market by Enterprise Size
7.1 Global Large Enterprises Customer Data Platform Market by Region
7.2 Global Small & Medium Enterprises Customer Data Platform Market by Region
Chapter 8. Global Customer Data Platform Market by End User
8.1 Global BFSI Customer Data Platform Market by Region
8.2 Global Retail & eCommerce Customer Data Platform Market by Region
8.3 Global Media & Entertainment Customer Data Platform Market by Region
8.4 Global Healthcare Customer Data Platform Market by Region
8.5 Global Travel & Hospitality Customer Data Platform Market by Region
8.6 Global Telecom & IT Customer Data Platform Market by Region
8.7 Global Others Customer Data Platform Market by Region
Chapter 9. Global Customer Data Platform Market by Region
Chapter 10. Company Profiles
10.1 SAP SE
10.1.1 Company Overview
10.1.2 Financial Analysis
10.1.3 Segmental and Regional Analysis
10.1.4 Research & Development Expense
10.1.1 Recent strategies and developments:
10.1.1.1 Acquisitions and Mergers:
10.1.1.2 Product Launches and Product Expansions:
10.1.2 SWOT Analysis
10.2 Oracle Corporation
10.2.1 Company Overview
10.2.2 Financial Analysis
10.2.3 Segmental and Regional Analysis
10.2.4 Research & Development Expense
10.2.5 Recent strategies and developments:
10.2.5.1 Partnerships, Collaborations, and Agreements:
10.2.5.2 Product Launches and Product Expansions:
10.2.6 SWOT Analysis
10.3 Microsoft Corporation
10.3.1 Company Overview
10.3.2 Financial Analysis
10.3.3 Segmental and Regional Analysis
10.3.4 Research & Development Expenses
10.3.5 Recent strategies and developments:
10.3.5.1 Partnerships, Collaborations, and Agreements:
10.3.5.2 Product launches and Product Expansions:
10.3.6 SWOT Analysis
10.4 Adobe, Inc.
10.4.1 Company Overview
10.4.2 Financial Analysis
10.4.3 Segmental and Regional Analysis
10.4.4 Research & Development Expense
10.4.5 Recent strategies and developments:
10.4.5.1 Partnerships, Collaborations, and Agreements:
10.4.5.2 Product Launches and Product Expansions:
10.4.6 SWOT Analysis
10.5 Salesforce.com, Inc.
10.5.1 Company Overview
10.5.2 Financial Analysis
10.5.3 Regional Analysis
10.5.4 Research & Development Expense
10.5.5 Recent strategies and developments:
10.5.5.1 Partnerships, Collaborations, and Agreements:
10.5.5.2 Product Launches and Product Expansions:
10.5.5.3 Acquisition and Mergers:
10.5.6 SWOT Analysis
10.6 Teradata Corporation
10.6.1 Company Overview
10.6.2 Financial Analysis
10.6.3 Regional Analysis
10.6.4 Research & Development Expense
10.6.5 Recent strategies and developments:
10.6.5.1 Partnerships, Collaborations, and Agreements:
10.6.6 SWOT Analysis
10.7 Totango, Ltd.
10.7.1 Company Overview
10.8 Upland Software, Inc.
10.8.1 Company Overview
10.8.2 Recent strategies and developments:
10.8.2.1 Acquisitions and Mergers:
10.9 Acquia, Inc.
10.9.1 Company Overview
10.9.2 Recent strategies and developments:
10.9.2.1 Acquisitions and Mergers:
10.9.2.2 Product Launches and Product Expansions:
10.10. SAS Institute, Inc.
10.10.1 Company Overview
10.10.2 Recent Strategies and Developments:
10.10.2.1 Acquisitions and Mergers:
10.10.2.2 Product Launches and Product Launches:
For more information about this report visit https://www.researchandmarkets.com/r/r5ve4w
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