The customer data platform market will reach USD 48,559 million by 2030, powering at a rate 33.70% in the years to come.
The prime factors powering the industry are the increasing digitalization rate and urbanization, snowballing income, evolving telecom & IT sector, and growing funding by public and private sectors for improving marketing capabilities.
Cloud will grow faster in the years to come, with a rate of 33.9%. This is because cloud-based software is easy to handle, more scalable, affordable, and can be quickly integrated with AI and ML.
Moreover, these kinds of technology breaks data silos at speed with automatic transfers of data, drives predictive engagements faster with combined AI/ML, augments consumer info with diverse public datasets, and democratizes the access to insights.
BSFI had a substantial share of revenue in 2022. This is as a result of the growing use of CDPs for handling customers’ info for more than a few purposes, for example engagement, retention, and personalized recommendations.
Moreover, the requirement for these platforms is powered by the mounting dependence of the BFSI industry on the computer technology for marketing to a specific consumer base.
The travel & hospitality sector will grow the fastest in the years to come, for about 34%. This has a lot to do with the increasing need for enhanced customer experience, on the basis of which companies are frequently judged; retaining customers, and comforting repeat dealings.
Furthermore, it is essential for businesses to guarantee loyalty of the customers, for which decent travel experiences are compulsory; this can be done through this kind of platforms.
The platform category had the larger revenue in 2022, and it will continue to dominate in the future. This will be because of the increasing requirement for immediate and personalized analysis of data.
Furthermore, CDPs offer understandings about the user choices, therefore helping businesses in appealing to them and developing an appropriate plan for boosting consumer experience.
Moreover, the most of the CDP solution vendors offer a platform or software package combining customer info from numerous channels, for example POS, ecommerce, email signups, and registrations of product, into a combined database, for providing a 360- degree customer view.
North America customer data platform market was dominant with a share of 46% in 2022, and it will maintain its position in the years to come as well, as stated by P&S Intelligence.
This is as a result of the occurrence of pure-play vendors and providers of CDP as a sub-product, recognized IT infra, and high acceptance rate of cutting-edge technologies.
It is because of the requirement for analyzing the behavior of customers, the need for customer data platforms will continue to increase.
