The customer data platform market size to grow from USD 3.5 billion in 2021 to USD 15.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 34.6% during the forecast period. Various factors such as increasing spending on marketing and advertising activities by enterprises, Changing landscape of customer intelligence to drive market, and Proliferation of customer channels are expected to drive the adoption of customer data platform solutions and services.
The services segment to hold higher CAGR during the forecast period
Based on components, the customer data platform is segmented into solutions and services. The services segment has been further divided into professional and managed services. These services play a vital role in the functioning of customer data platforms, as well as ensure faster and smoother implementation that maximizes the value of the enterprise investments. The growing adoption of customer data platform is expected to boost the adoption of professional and managed services. Professional service providers have deep knowledge related to the products and enable customers to focus on the core business, while MSPs help customers improve business operations and cut expenses.
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The Predictive Analytics application to hold the largest market size during the forecast period
With the advancements of CDPs, AI-powered predictive analytics are more accessible, more applicable, and more powerful than ever before. It provides the next advantageous step toward unlocking unprecedented growth. Predictive customer analytics is backed by real data, providing the closest possible answer to desired questions. Predictive analytics helps marketers decide what value, marketing spend, and energy should be invested into each customer segment. Analyzing the customer journey via decision trees can help marketers visualize the process. It provides useful insights between those customers who purchased a second time and those who did not, unlocking access to improved workflows. Together with CDP, predictive analytics utilizes attributes found in customers’ profiles and analyzes recent events to assign the probability of the next event. It also helps companies take customer knowledge even further by uncovering insights found in decision trees. Since every company relies on its own unique combination of KPIs, the flexibility of predictive customer analytics helps in detecting unique specification parameters. CDP enables companies to see campaign results in real-time so that they can observe data as it moves down each stage of the marketing funnel. In terms of long-term strategies, predictive analytics can assist in discovering the most loyal customers through the customer lifetime value calculation. Therefore, CDP provides the backbone to create successful predictive analysis, a unified view of customers, cross-departmental access to data, and real-time results.
CDP is a newly emerged data management platform, which is used to provide prepackaged data lake, advanced data integration and management capabilities to build unified customer profiles, and deep analytics for segmentation and reporting. CDP provides an environment where organizations can get a better view of their customers in a single and actionable dashboard, thus helping them make better decisions on how, when, and why to interact with the customer. CDP has capabilities of consolidating and integrating data, such as identity data, quantitative and behavioral data, and qualitative data regardless of the data’s format, into a marketing-controlled platform. CDP also enables organizations to improve their customer experience by integrating their customer database with an omnichannel marketing platform.
Some of the key players operating in the customer data platform market include Oracle Corporation (US), SAP SE (Germany), Adobe Inc. (US), Salesforce.com, Inc. (US), Microsoft Corporation (US), SAS Institute (US), Teradata(US), Nice Systems Ltd. (Israel), Dun & Bradstreet(US), Leadspace(US), Zylotech(US), BlueVenn(US), CaliberMind(US), Celebrus(UK), Tealium(US), AgilOne(US), BlueConic(US), Lytics Inc. (US), IgnitionOne, Inc. (US), and Amperity, Inc. (US), Optimove(US), Totango(US), Insider(Singapore), Segment(US), Listrak(US), Simon Data (US), Ometria(UK), Treasure Data(US), Salesmango(US), ActionIQ(US). These customer data platform vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the customer data platform market.
Oracle was incorporated in 1977 and is headquartered in California, US. The company is a global leader in delivering a broad spectrum of products, solutions, and services designed to meet the requirements of corporate IT environments, such as platforms, applications, and infrastructure. It caters to its diverse clientele across the globe. It specializes in developing; manufacturing; and marketing hardware systems, databases and middleware software, and application software. It operates through three business segments: cloud and license, hardware, and services, in more than 175 countries and caters to 4,30,000 customers across industries, such as banking, telecommunications, engineering and construction, financial services, healthcare, insurance, public sector, retail, and utilities. It offers its solutions to customers present in more than 145 countries across the Americas, Europe, APAC, and MEA. Oracle offers a customer data platform through Oracle CX Unity. The platform brings together online, offline, and third-party customer data sources to create a single, dynamic view of customers. The company offers a wide range of functionalities to clean, consolidate, and enrich customer information, creating a trusted master customer profile.
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SAP was founded in 1972 and is headquartered in Walldorf, Germany. The company is a leading provider of enterprise application solutions and services. It is a global company providing its products and services to major regions, such as the Americas and APAC, including Japan and EMEA. It segments its diverse portfolio into applications, technology and services, and SAP business networks. SAP’s core business consists of selling software licenses and providing services, such as consulting, training, and maintenance. The company caters to various industries, including BFSI, public services, media and entertainment, and telecommunications. SAP, through its product offerings in the CDP market, helps marketers execute personalized marketing campaigns and provides transparency to customers and control over the use of their personal data. It also helps its customers maintain compliance with data protection laws.
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