Customer Data Platform Market
Customer Data Platform Market Study by Access, Campaign, and Analytics for Retail, Discrete Manufacturing, Healthcare, Travel, Telecom, Media, Technology, Banking, and Finance from 2024 to 2034
Analysis of Customer Data Platform Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Customer Data Platform Market Outlook (2024 to 2034)
A noticeable shift to data-driven advertising and marketing is driving demand for customer data platform (CDP) services. The global customer data platform market is valued at US$ 2.6 billion in 2024 and has been projected to expand at a CAGR of 13% to reach a valuation of US$ 8.7 billion by 2034.
In recent years, the landscape of customer intelligence has been changing. In addition, the growing volume and complexity of data and the increasing requirements for matching set regulatory norms are widening the application of customer data platforms. At present, the increasing need for an improved shopping experience is contributing to the popularity of customer data platforms. The concentration of marketers and advertisers on offering personalized and real-time customer services is influencing customer data platform market trends positively.
There is an increasing presence of consumers on different platforms and channels for various activities, including social medical apps, online shopping for apparel and food, online payments, checking emails, and reading books. Therefore, it is pivotal for businesses to keep a record of their respective data, which is further used by them to make valuable recommendations and offers to target respective clients based on their website and app usage.
- Demand for customer data platforms in South Korea is estimated to increase at a CAGR of 13.8% from 2024 to 2034.
- East Asia is projected to hold a 23.1% share of the global market by 2034-end.
- Global demand for analytics-based customer data platforms is evaluated to accelerate at 12.3% CAGR and reach a market valuation of US$ 4.2 billion by 2034-end.
It is very important to collect and analyze consumer data to improve client interaction. The increasing affordability and availability of the internet are stimulating more individuals to use multiple online channels to interact with insurance firms, banks, and various other financial institutions. Thus, numerous financial institutions are encouraged to implement strategies for customer engagement.
| Report Attributes | Details |
|---|---|
| Customer Data Platform Market Size (2024E) | US$ 2.6 Billion |
| Forecasted Market Value (2034F) | US$ 8.7 Billion |
| Global Market Growth Rate (2024 to 2034) | 13% CAGR |
| North America Market Share (2034E) | 24.3% CAGR |
| Market Share of Retail Segment (2034F) | 21% |
| Japan Market Growth Rate (2024 to 2034) | 13.5% |
| Key Companies Profiled |
|
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Why are Customer Data Platforms in Such High Demand?
“Rising Importance of Personalized and Real-time Engagement”
Personalized and real-time data analysis offered by CDM solutions is anticipated to contribute to customer data platform market growth. This platform offers observations and estimations related to consumers and their preferences with the assistance of stored data. This is further expected to help organizations to get a better understanding of their consumers’ behavior. Customer data platforms help enterprises collect critical information and data about customers before making and implementing strategies. With the assistance of customer data platforms, an absolute analysis is possible, which is further helping in the expansion of consumer engagement and the development of suitable strategies.
Agility and automation of customer data platforms are projected to help in driving market growth. With increasing requirements for real-time automated decision-making, cross-channel engagement capabilities are expected to evolve going forward. In addition, this platform helps enhance relationships between customers and vendors through targeted and transparent interactions.
“Increasing Concentration on Customer Satisfaction in BFSI Sector Strengthening Market Growth”
There is an increase in the emphasis on online client interaction in the BFSI sector. Affordability and availability of the internet are estimated to motivate customers to use multiple online channels for interacting with banks, insurance, and other institutions. Increased investment in this sector for customer relationship management, customer engagement strategies, and approaches to strengthening partnerships is leading to a growing concentration on offering personalized experiences.
Which Challenges are Pulling Back Demand for Customer Data Platform Solutions?
“Privacy Concerns Limiting Adoption of Customer Data Platforms”
Customer data platform is highly vulnerable to cyberattacks and breaches. Therefore, the chances of data stealing are comparatively high, which is anticipated to limit the expansion of the customer data platform market size to a certain extent in the coming 10 years.
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Which Global Market Trends are Turing Out to Be Rewarding for Startups?
“Active Involvement of Startups in Developing Automated Smart Machinery”
An increasing number of startups is anticipated to support the market growth by dealing with countering effects. They are actively involved in the development of automated smart machinery for enhancing customer experiences, which is ultimately contributing to strengthening their presence in this business.
Country-wise Insights
North America is evaluated to account for 24.3% share of the global market by the end of 2034, as asserted in a research report by Fact.MR, a market research and competitive intelligence provider. Increasing concentration on personalization and improved customer experience is projected to increase demand for multiple platforms. More businesses in the region are recognizing the requirements to gain thorough insights and unify disparate customer data for enhancing loyalty and delivering targeted interactions.
What Makes the United States a Prominent Market in This Space?
“Presence of Established Players Contributing to Market Expansion”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 300 Million |
| Growth Rate (2024 to 2034) | 13.5% CAGR |
| Projected Value (2034F) | US$ 1.06 Billion |
The United States is evaluated to contribute 45.6% share of the market in North America by 2034-end. The presence of some of the prominent established players, including Salesforce, Oracle, and others, is helping the market flourish there. Further, market players are taking up numerous initiatives and activities to strengthen their position and augment market size. Multiple sectors, such as e-Commerce, healthcare, BFSI, etc. are adopting this platform due to increasing inclination to customer satisfaction and offering more personalized experiences.
What is the Market Scope for Companies in China?
“Increasing Internet Penetration Contributing to Adoption of Customer Data Platforms”
| Attribute | China |
|---|---|
| Market Value (2024E) | US$ 300 Million |
| Growth Rate (2024 to 2034) | 13% CAGR |
| Projected Value (2034F) | US$ 1.02 Billion |
China is projected to hold 47.5% of the East Asian market share by the end of 2034. An expansion of various sectors, such as healthcare, BFSI, e-commerce, retail, etc. is anticipated to play a salient role in the deployment of customer data platforms. The implementation of big data, digitalization, and data analytics is stimulating players to invest more in customer data platforms.
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Category-wise Insights
As per Fact.MR’s report, increased demand for customer data platforms in the retail sector is owing to the growing emphasis of retailers on improving customer experience while offering enhanced services.
Why is Analytics Anticipated to Hold a Larger Revenue Share of the Global Market?
“Preference for Analytics for its Ability to Offer Granular Insights”
| Attribute | Analytics |
|---|---|
| Segment Value (2024E) | US$ 1.3 Billion |
| Growth Rate (2024 to 2034) | 12.3% CAGR |
| Projected Value (2034F) | US$ 4.2 Billion |
Analytics-based consumer data platform are estimated to account for 49% of the global market revenue share by the end of the assessment period in 2034. Analytics provide granular insights about customer behavior, which is anticipated to assist in observing customer segmentation. Growing investments by numerous organizations in digitalization are also projected to contribute to increased demand for customer data platforms.
What is Use of Customer Data Platforms High in the Retail Sector?
“Emphasis of Retailers in Improving Customer Experience with Advanced Solutions”
| Attribute | Retail |
|---|---|
| Segment Value (2024E) | US$ 600 Million |
| Growth Rate (2024 to 2034) | 12% CAGR |
| Projected Value (2034F) | US$ 1.8 Billion |
The retail sector is anticipated to enjoy 21% of the customer data platform market share by the end of 2034. Increased demand for customer data platforms in the sector is attributed to the concentration of retailers in enhancing customer experience with the assistance of advanced solutions. CPD assists them in offering a unified brand view and having a competitive edge.
Competitive Landscape
Companies operating in the global market are concentrating on providing enhanced services and innovative products to help them get a competitive edge in the market.
For instance :
- Adobe, in June 2021, introduced a live search based on artificial intelligence (AI) for Adobe Commerce. Merchants of Adobe Commerce provide personalized search outcomes according to requirements.
- Salesforce CDP, in May 2021, came up with its new update, which assists the organization in prioritizing first-party data, which helps in making individual customer interaction personalized.
Key players in the consumer data platform industry are NGDATA Inc., ActionIQ, Tealium Adobe, AgileOne, SAP SE, Ascent360, Inc., Salesforce, BlueConic, Oracle Corporation, Lytics Inc., and mParticle Inc.
Segmentation of Consumer Data Platform Market Research
-
By Type :
- Access
- Campaign
- Analytics
-
By Application :
- Retail
- Discrete Manufacturing
- Healthcare
- Travel, Telecom, Media, & Technology (TMT)
- Banking, Financial Services, & Insurance (BFSI)
- Others
-
By Region :
- North America
- Europe
- East Asia
- Latin America
- Middle East & Africa
- South Asia & Oceania
- FAQs -
How big is the customer data platform market size in 2024?
The global customer data platform market is anticipated to reach US$ 2.6 billion in 2024.
What is the demand projection for customer data platforms for 2034?
Worldwide demand for customer data platforms is projected to reach a valuation of US$ 8.7 billion by 2034.
What is the expected CAGR for customer data platforms from 2024 to 2034?
The global market is forecasted to advance at a CAGR of 13% from 2024 to 2034.
How much share of the global market is North America estimated to account for?
North America is expected to hold 24.3% share of the global market by the end of 2034.
At what rate is the demand for customer data platforms anticipated to increase in South Korea?
Demand for customer data platforms in South Korea is approximated to accelerate at a CAGR of 13.8% through 2034.
What is the market scenario for customer data platforms in the retail sector?
Worldwide demand for customer data platforms in the retail sector is evaluated to increase at a CAGR of 12% and reach a value of US$ 1.8 billion by 2034.
What is a customer data platform?
The customer data platform combines data from various tools for creating a centralized customer database, which contains data on all interactions and touch points with services and products.
Customer Data Platform Market
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