San Francisco, 19 March 2030: The Report Customer Data Platform Market Size, Share & Trends Analysis Report By Component, By Enterprise Size, By Deployment, By Type (Analytics, Campaign, Access), By End Use, By Region, And Segment Forecasts, 2024 - 2030
The global customer data platform market size is expected to reach USD 51.95 billion by 2030, registering a CAGR of 39.5% from 2024 to 2030, according to a new report 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.
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 2024. These factors are expected to lead to considerable growth of the CDP market over the forecast period.
Request sample report of Customer Data Platform Market@ https://www.grandviewresearch.com/industry-analysis/customer-data-platform-market/request/rs1
The increasing demand for effective analytics to determine consumer behavioral trends is the primary factor driving market growth. The growing inclination towards Al-driven unified and personalized data management solutions and services has also contributed to the development of this industry in recent years.
The market is driven by the activities included in the primary focus of CDP platforms, such as collecting data, resolving unified customer profiles, pulling insights from gathered data, and facilitating the management of complex data. The increased customer engagement using several tools such as blogs, social media platforms, promotional websites, and e-commerce websites has also enabled companies to gain valuable insights related to consumer behavior.
These observations assist the major market participants in understanding evolving customer preferences to cope with the market's competitive environment. Organizations actively establish better connections with consumers and offer personalized products. It encourages organizations to invest in customer data platforms that enable continuous customer engagement and provide unified consumer profiles.
Furthermore, rising digital engagement and various digital platforms are considered key points of contact, and they generate vast amounts of data, encouraging businesses to adopt CDP solutions. CDPs offer access to extensive data assets by utilizing data management features such as identity resolution and unification. Moreover, CDP solutions also help adhere to compliance standards and manage data governance, mainly through strict regulations such as the Central Consumer Protection Authority (CCPA) and the General Data Protection Regulation (GDPR).
These solutions provide customer data that can be used for strategic marketing and decision-making. Growing dependence on data, increasing demand for reliable and actionable data assets, and unceasing opportunities developed in multiple industries with increasing digitization and technology use are expected to generate greater demand for the customer data platform market.
