Digital Virtualocity – A must-attend cx event of 2021!

According to a new market research report "Customer Data Platform Market with COVID-19 Impact Analysis by Component, Application (Customer Retention and Engagement and Personalized Recommendation), Deployment Mode, Organization Size, Vertical, Capability, and Region - Global Forecast to 2026" published by MarketsandMarkets™, the Customer Data Platform Market size to grow from USD 3.5 billion in 2021 to USD 15.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 34.6% during the forecast period.

Nowadays, individuals are focusing majorly on online activities, such as eCommerce, and OTT platforms, which is expected to increase customer data worldwide.

Therefore, this significantly helps organizations work on CDP, which helps them make marketing strategies more efficiently.

This approach significantly drives the CDP market as it provides a broader customer behavior experience for enterprises to implement their marketing strategies more efficiently.

The services segment has been further divided into professional and managed services.

These services include assistance for troubleshooting, upgradation of existing software, problem-solving, emergency response management, software maintenance, proactive services, and technical support provided by CDP vendors.

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 Radiant Insights, Inc.

Currently, brands and marketers accumulate huge volumes of customer data in the form of demographic, behavioral, and transactional segments.

Furthermore, information gathering based on cross-platform and online activities for customer conversion and engagement also remains a challenge for marketers.

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.

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.

Further key findings from the report suggest: • The analytics segment growth can be attributed to the high demand for automating segmentation lists and marketing & analysis of products using predictive modeling & machine learning technology-based models • The retail application segment accounted for more than 28% of the market share 2018 owing to use of CDP to engage customers, improve customer loyalty, and enhance consumer experience • The North American regional market accounted for the largest revenue share in 2018 and is anticipated to continue to dominate the CDP market over the forecast period • The key industry participants include ActionIQ; Adobe; AgileOne; ENSIGHTEN; mParticle, Inc.; NGDATA, Inc.; Salesforce.com, Inc.; Segment.io, Inc.; and Tealium.