Introduction of Novel Industry Specific Customer Data Platforms to Accelerate the Demand at 13.8% CAGR in the U.S.
Burgeoning Trend of Personalization to Usher Growth, Assisting the Customer Data Platform Sales to Reach US$ 7.2 Bn by 2032
A comprehensive research by Fact.MR on the global customer data platform market provides an unbiased analysis on the leading factor facilitating the sales growth during the assessment period 2022-2032. The study also offers detailed insights into prominent drivers and opportunities that are elevating the sales across different segments including type and application.
NEW YORK, June 2, 2022 /PRNewswire/ -- The sales in the global customer data platform market are projected to reach US$ 1.9 Bn by 2022, exhibiting growth at an impressive CAGR of 14% during the forecast period (2022-2032).
Driven by the growing expenditure on promotion and marketing activities by organizations, the demand for customer data platforms is estimated to surpass US$ 7.2 Bn by the end of 2032, in comparison to the US$ 1.5 Bn registered in 2021.
In recent years, rising trend of personalization is being witnessed across diverse industries such as travel, BFSI, and others. Hence, numerous industry players are emphasizing on adopting customer data platforms for analyzing prevailing trends, real-time customer data collection, and determining changes in customer preference. This is expected to create lucrative growth opportunities in the global customer data platform market.
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Leading players in the market are focusing on introducing novel industry-specific customer data platforms with innovative features such as personalized data analysis to provide vital insights into interaction, intent, touchpoints, and behavior.
For instance, in October 2021, ActionIQ, an American Provider of Enterprise Customer Data Platform announced launching a new customer data platform for the healthcare industry by achieving their compliance audit across Type 1 standards of Health Insurance Portability and Accountability (HIPAA).
Driven by a slew of such new product launches across the U.S., the sales of customer data platforms in the country are expected to rise at a CAGR of 13.8% between 2022 and 2032.
Key Takeaways:
- The U.S. is estimated to dominate the market in North America, surpassing a valuation of US$ 2.6 Bn by the end of 2032.
- Demand for customer data platforms is expected to surge at a rapid CAGR across the U.K., assisting the market to reach US$ 299.1 Mn by 2022.
- China is forecast to emerge as a highly lucrative market, exhibiting growth at a remarkable CAGR of 13.4% over the assessment period.
- Japan is anticipated to account for a significant share in Asia Pacific market, projecting growth at a CAGR of 12.6% from 2022 to 2032.
- On the basis of type, the campaign segment is projected to account for maximum revenue share, expanding at a CAGR of 13.9% through 2032.
Growth Drivers:
- Growing emphasis on providing a personalized experience and better customer satisfaction is augmenting the adoption of customer data platforms.
- Increasing penetration of internet across the globe and rising importance of customer relationship management for customer retention are encouraging enterprises to adopt advanced customer data platforms.
Restraints:
- High cost of customer data platforms and frequent need for up-gradation are factors hindering sales in the global market.
- Implementation of strict regulations regarding the rights of enterprises on customer data across Europe is restraining the demand for customer data platforms in the regional market.
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Competitive Landscape:
Key companies in the global customer data platform market are aiming at launching novel platforms with innovative features to enhance their product portfolio. Besides this, some of the leading players are adoption strategies such as partnership, collaboration, and acquisition with other companies to gain edge in the market.
For instance,
- In June 2021, Adobe, a U.S.-based multinational computer software company announced the introduction of a new AI-based live search customer data platform for Adobe Commerce. This with assist adobe Commerce merchants to provide personalized search results to their shoppers as per their demand.
- In February 2020, Salesforce, an American cloud-based software company announced the acquisition of a Massachusetts based customer data platform provider, Evergage to expand its product portfolio.
Key Companies Profiled by Fact.MR
- ActionIQ
- Adobe
- AgileOne
- Ascent360, Inc.
- BlueConic
- Lytics Inc.
- mParticle Inc.
- NGDATA Inc.
- Oracle Corporation
- Salesforce
- SAP SE
- Tealium
More Valuable Insights on Customer Data Platform Market
In its recent survey, Fact.MR highlights crucial factors steering growth in the global customer data platform market for the forecast period of 2022 to 2032. The study also provides key insights into drivers that are expected to create growth prospects in customer data platform market through detailed segmentation as follows:
Type:
- Access
- Campaign
- Analytics
Application:
- Retail
- Banking, Financial Services, and Insurance (BFSI)
- Telecom, Media, and Technology (TMT)
- Travel
- Healthcare
- Discrete Manufacturing
- Others
Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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Key Questions Covered in the Customer Data Platform Market Report
- What is the estimated revenue of the customer data platform market during the forecast period?
- Which are the challenges faced in the customer data platform market?
- Which region is estimated to exhibit fastest growth rate in the global customer data platform market during 2022-2032?
- What is the projected market valuation of the customer data platform market in 2022?
- Which are the factors driving the customer data platform during 2022-2032?
- What is the expected growth rate of the customer data platform market until 2032?
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About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, chemical, and materials, to even the most niche categories. 80% of Fortune 1000's trusts us in critical decision making.
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