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Global Customer Data Platform Market

  • 4100.00 Dollar US$
  • Published date: April 2, 2019
    • Pune, Pune, Maharashtra, India [ Ads Views - 13 ]
  • Call : 9607065656

Global Customer Data Platform Market is expected to reach the US $7.04 Bn by 2026 at a CAGR of 29.2% during the forecast period. Customer data platforms (CDP) are used to integrate and consolidate customer data into one single database. Major growth drivers for the market include an increase in pressure on CMOs to deliver personalized content spurring the demand for real-time data availability, an increase in demand for actionable insights by marketers and omni-channel experience and effective tracking of customers to understand their behavior for target marketing activities. Major restraining factors include less knowledge and lack of awareness among marketers may affect the growth of the customer data platform market in the future. Customer data platform market is segmented by type, application, component, organization size, delivery mode, industry vertical, and region. While using type segment, the analytics segment is likely to reach at the highest CAGR during the forecast period. An increase in demand for omni-channel experience and personalization by marketing executives to reduce customer churn rates and increase their revenues is a growth driver for the segment. Based on application segment, the personalized recommendation application is likely to have the larger customer data platform market share during the forecast period, owing to an increase in demand for retention, customer conversion, and engagement. In the customer data platform market by components, the services segment is expected to be the fastest growing region during the forecast period, owing to an increase in technology advancements and investments in start-ups. While using delivery mode, the customer data platform market is classified into a cloud customer data platform segment and on-premises customer data platform segment. The cloud customer data platform segment is estimated to have a large market size during the forecast period, as it has the scalable solution and it is cost-effective. By organization size, the small and medium-sized enterprises (SMEs) segment is likely to reach at the highest CAGR during the forecast period, owing to an increase in demand for the cost-effective and scalable solution. Among regions, North America is estimated to hold larger customer data platform market share during the forecast period, due to the presence of many customer data platform vendors for delivering personalized customer experience. The Asia Pacific is likely to record the highest growth rate during the forecast period. An increase in heavy investments made by public and private sectors for enhancing their marketing technologies is a factor expected to increase the growth of customer data platform market during 2018-2026.

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