global customer data platform market size to grow from USD 903.7 million in 2018 to USD 3,265.4 million by 2023, at a Compound Annual Growth Rate (CAGR) of 29.3% during 2018–2023.
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According to new market research report "Customer Data Platform Market by Type, Application (Marketing Segmentation, Personalized Recommendation, Campaign Management, Customer Engagement & Retention), Component, Delivery Mode, Enterprise Size, Vertical, and Region - Global Forecast to 2023", MarketsandMarkets expects the global customer data platform market size to grow from USD 903.7 million in 2018 to USD 3,265.4 million by 2023, at a Compound Annual Growth Rate (CAGR) of 29.3% during the forecast period.
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Major growth factors for the market include increasing pressure on CMOs to deliver personalized customers experience leading to an increased demand for the availability of real-time data, and a growing demand for omni-channel experience and actionable insights by marketers.
Personalized recommendation application to hold the largest market size during the forecast period
Marketers use the personalized recommendation application for analyzing customers’ past and current behavior and identify their prefrences to deliver personalized experience to them.
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The customer data platform enables marketers to pull highly specific segments of customers and target them with relevant, personalized information, and track customer behavior across all channels and intelligent recommendations based on customer-journey.
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Small and Medium-sized Enterprises (SMEs) segment to grow at a higher CAGR during the forecast period
The customer data platform market by enterprise size has 2 segments: SMEs and large enterprises. The SMEs segment is expected to grow at a higher CAGR during the forecast period.
An increasing demand for omni-channel customer experience for effective marketing activities would drive the adoption of the customer data platform across SMEs.
North America to hold the largest market size and Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
North America is expected to hold the largest market size in the global customer data platform market, while APAC to grow at the highest CAGR during the forecast period. The presence of many of customer data platform vendors in North America for delivering enhanced personalized customer experience is increasing the adoption of customer data platforms in the region.
In APAC, the highest growth rate can be attributed to the heavy investments made by private and public sectors for enhancing their marketing technologies, resulting in the increasing demand for customer data platforms and services.
The customer data platform market report provides the competitive landscape and company profiles of the key vendors by their product offerings and business strategies. Major vendors in the global customer data platform market include NICE Ltd.
(Israel), SAP (Germany), Salesforce (US), Adobe (US), SAS Institute (US), Oracle (US), Agilone (US), Tealium (US), IgnitionONE (US), Blueconic (US), RedPoint Global (US), Ascent360 (US), Segment (US), Lytics (US), Zaius (US), mParticle (US), ActionIQ (US), Amperity (US), Evergage (US), Reltio (US), Signal (US), Ensighten (US), UserMind (US), Fospha (UK), NG Data (Belgium), and SessionM (US).
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