The global customer data platform is estimated to reach US$ 7.2 Billion while recording a CAGR of 14% during the forecast period from 2022-to 2032. During the said period of assessment, the market is projected to grow nearly 4x. Growing expenditure on marketing and advertising initiatives by various enterprises is expected to play a salient role in driving the market in the forecast period.
The market is valued at US$ 1.5 billion in 2021, against US$ 1.9 billion in 2022. From 2015- to 2021, the market exhibited a CAGR of 28.1%. The growth of the market during the prior mentioned period can be attributed to the rising proliferation of customer channels. The increasing importance of real-time and personalized engagement is projected to augment the market size in the forecast period. Owing to various benefits provided by the platform, the market is set to flourish in the forthcoming time. Players in the market are adopting various strategies to enhance the industry size in the assessment tenure. For instance, in May 2021, Salesforce updated its customer data platform solution to help enterprises in targeting first-party data and provide better-personalized interaction with customers.
In addition, BFSI is witnessing significant online interaction in the forecast period. The surging internet penetration and affordability of the internet across the globe have encouraged users to use online channels to interact with banks, insurance, and other institutions. The banking sector is adopting several initiatives to avail benefits of CDM, for instance, on May 04, 2022, Marble Financial Inc., an AI-based FinTech company, disclosed that it had inked licensing agreement with thirdstream to offer Marble’s innovative financial technology solutions to more than 50 banks, financial services and insurance enterprises on thirdstream’s platform. Thirdstream has more than 50 BFSI clients.
Key Takeaways from the Market Study:
- The campaign segment to expand at a CAGR of 13.9% during the forecast period
- The U.S market to hold a value of US$ 2.6 Billion by 2032
- The market in the U.K to garner US$ 299.1 Million during the forecast period
- Chinese market to exhibit a CAGR of 13.4% during the assessment period
- Market in South Korea to flourish at a growth rate of 11.5% during the forecast period
“Increasing importance of real-time and personalized data is expected to benefit the market in the forecast period. Also, with rising penetration of internet in the BFSI sector, the market is set to flourish in the forthcoming time.”
Players in the global customer data platform market are focusing to offer enhanced services and provide innovative products which would give them a competitive edge in the market. Key players in the market include ActionIQ, Adobe, AgileOne, Ascent360, Inc., and BlueConic among others. Recent developments in the industry are:
- In May 2021, Salesforce CDP disclosed its new update that aids enterprises prioritize first-party data that would make every customer interaction personalized.
- In June 2021, Adobe introduced an AI-based live search for Adobe Commerce. Adobe Commerce merchants can provide their shoppers with personalized search results as per their requirements.