Customer Data Platform (CDP) Market Size is Projected to Reach USD 4,117.87 Million by 2025 - Valuates Reports
BANGALORE, India, Sept. 11, 2020 /PRNewswire/ -- The Global Customer Data Platform Market Size is expected to grow from USD 1,122.16 Million in 2019 to USD 4,117.87 Million by 2025 at a Compound Annual Growth Rate (CAGR) of 24.19% during the forecast period.
Major factors driving the growth of CDP market Size are, increasing corporate marketing expenditure, changing customer intelligence landscape, the proliferation of customer channels, and increased investment in CDP start-ups.
The Global Customer Data Platform (CDP) Market report provides comprehensive information on the key players' market, along with detailed information about new product launches, untapped geographies, recent developments, and investments.
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TRENDS INFLUENCING THE CDP MARKET SIZE
The adoption of cloud deployment mode is expected to increase the growth of the CDP market size. The CDP cloud deployment model offers advantages such as easy data maintenance, cost-effectiveness, agility, flexibility, scalability, and efficient management.
The growing awareness of customer satisfaction and the need for enhanced shopping experience will likely boost the Customer Data Platform adoption. Advertisers and marketers are focused on delivering real-time and personalized customer service. This factor is expected to increase the CDP market size during the forecast period. This helps to engage more with the customer and to develop an appropriate strategy for the customer experience.
The increasing Importance of Customer Satisfaction and Relationship Maintenance in the BFSI sector is expected to fuel the CDP market size. Increasing internet availability and affordability has boosted customers to opt for various online channels to engage with banks, insurance companies, and other financial institutions. This prompted financial organizations to adopt a strategy for customer engagement. To engage the company's customers online, each customer's entire information and buying behavior needs to be understood.
CDP MARKET SHARE ANALYSIS
North America is expected to hold the largest CDP market share during the forecast period. This dominance of CDP is attributed to the wide customer base of large companies that opted for CDP solutions to improve customer experience, the increasing use of big data technology, the growing amount of data across verticals, and rising investments by companies in data analytics.
Asia-Pacific is expected to witness the highest growth rate during the forecast period. India and China have the highest and second-highest number of internet users worldwide, backed by young users who access the internet at least once a week. For the brands, a customer data platform's need is increasing to understand such a dynami population.
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CUSTOMER DATA PLATFORM (CDP) MARKET SEGMENTATION & COVERAGE:
This research report categorizes the Customer Data Platform to forecast the revenues and analyze the trends in each of the following sub-markets:
Based on Type, the Customer Data Platform Market studied across Access Control, Analytics, and Engagement.
Based on Enterprise Size, the Customer Data Platform Market studied across Large Enterprises and Small and Medium-Sized Enterprises.
Based on Vertical, the Customer Data Platform Market studied across Automobile, Banking, Financial Services, and Insurance, Energy and Utilities, Healthcare and Life Sciences, IT and Telecommunication, Media and Entertainment, Retail and Ecommerce, and Travel and Hospitality.
Based on Delivery Mode, the Customer Data Platform Market studied across On Cloud and On-Premises.
Based on Application, the Customer Data Platform Market studied across Campaign Management, Customer Engagement and Retention, Marketing Data Segmentation, Personalized Recommendation, Predictive Analytics, and Security Management.
The report deeply explores the recent significant developments by the leading vendors and innovation profiles in the Global Customer Data Platform Market including
THE REPORT PROVIDES INSIGHTS ON THE FOLLOWING POINTERS
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SIMILAR REPORTS :
? Customer Data Platform (CDP) Software Market
The major factor that is driving the Customer Data Platform (CDP) Software Market size is the growing demand for determining consumer buying behavior across different industries. In addition, to reduce redundancies in customer data, various industries are looking for a unified medium to manage data pertaining to their online and offline customers and determine apt marketing strategies.
? Customer Data Platforms for Marketing Market
? Data Management Platform Software Market
? Autonomous Data Platform Market
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