The global customer data platform market size is expected to reach USD 5.66 billion by 2025, registering a CAGR of 27.5% from 2019 to 2025, according to the new study conducted by Grand View Research, Inc. The growing demand for assimilating and storing unstructured and structured consumer data, automatically obtained from various media touchpoints, is driving the adoption of CDP among B2B and B2C marketers. Furthermore, the need to engage and improve customer lifecycle by comprehending the collected insights is also contributing to the growth of the market.
Currently, brands and marketers accumulate huge volumes of customer data in the form of demographic, behavioral, and transactional segments. The collected data points are either stored as databases by a different organization or by departments of the company. This poses challenges pertaining to data tracking and data redundancy. Furthermore, information gathering based on cross-platform and online activities for customer conversion and engagement also remains a challenge for marketers. These factors are driving the demand for a customer database platform, which can assimilate and store data points in a unified behavior.
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Unified customer profiles enable marketers to enhance their marketing strategies and improve customer experience. Retail and consumer goods were the early adopters of customer data platforms and the adoption gradually increased among the financial services, travel, IT and Telecom, and healthcare verticals. The growing importance of first-party customer data and the rise in adoption of omnichannel media among marketers are the other factors contributing to the market growth. The addition of machine learning and AI technologies is expected to enable enterprises to easily select a list of profiles using predictive modeling and other tactical applications, further driving the customer data platform market growth.
The increasing number of CDP vendors, who are raising higher funds, is driving the market growth. In 2018, CDP vendors generated funds worth more than USD 1.5 billion and registered a growth by 48% in funding as compared to the previous year. As per the CDP Institute’s study, the industry witnessed an increase in the number of CDP vendors from 77 vendors in 2018 to 96 vendors in July 2019. These factors are expected to lead to considerable growth of the CDP market over the forecast period.
Key Companies & Market Share Insights:
The market is fragmented owing to the presence of numerous CDP vendors, who are striving to implement a mix of advanced technologies to gain a competitive edge. Established and key CDP vendors are entering into strategic alliances and partnerships with the technology and service providers to improve and update their existing platform. For instance, in 2019, AgileOne entered into a strategic partnership with Snowflake Inc. to develop a unified solution. The solution increases the accessibility of processed customer data, which is enhanced using predictive & behavioral analytics and offline & online identity resolution.
The CDP market is characterized by the presence of major vendors such as Tealium; Segment.io, Inc.; NGDATA, Inc.; ENSIGHTEN; Salesforce.com, Inc.; and Adobe. The major vendors are engaged in strategic partnerships, acquisitions, and integration of additional capabilities to strengthen their market presence. For instance, in 2018, ARM acquired Treasure Data, a provider of access platform, and Salesforce.com, Inc. acquired Datorama, a provider of the analytics platform. The market also envisages the entry of other marketing automation platform providers such as Oracle and SAP SE, along with other CDP pure play vendors.
Some of the prominent players in the customer data platform market include:
Oracle, Salesforce.com, Inc., SAP SE, Adobe, Tealium, Segment.io, Inc., AgileOne, mParticle, Inc.
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