Customer Data Platform Market To Generate Revenue worth $48,559 Million by 2030

The global customer data platform market is projected to generate USD 48,559 million revenue in 2030, advancing at a CAGR of 33.70% during 2022–2030. This can be ascribed to the rising pace of digitalization, growing expenditure on strategies to attract more customers, surging investments in CDP startups, and increasing demand for omnichannel experiences from customers.

Platform Category To Hold Larger Revenue Share

Based on component, the platform category held the larger revenue share in 2022, and it is further expected to maintain its position during the forecast period. This is due to the rising demand for CDPs from enterprises that thrive on good customer experiences, for which they need accurate data about their customers; and the growing need for an easy-to-use platform. Moreover, such platforms can provide real-time and personalized solutions that integrate customer information from different channels, such as points of sale, product registrations, email sign-ups, and e-commerce, into a single database, to deliver a 360-degree view of customers to end users.

Based on deployment mode, the cloud category will witness the faster growth in the coming years, due to the user-friendliness of cloud platforms and the rising need for customer engagement amidst complete data privacy.

The SMEs category, based on organization size, accounts for a significant revenue share, due to the surge in the number of such organizations, increase in the government subsidies for them to be able to build business potential, and rise in their need to collect and maintain customer data.

Based on capability, the campaign category held the largest revenue share in 2022, and it is further expected to maintain its position in the coming years. This can be attributed to the ability of campaign CDPs to collect customer data from various sources, enable customer segmentation based on various parameters, and provide real-time insights for targeted marketing.

The analytics category will register substantial growth over this decade. This is due to the increasing investments by several companies in data analytics, owing to the burgeoning need for rich insights into the behavior of customers, with which companies can analyze customer segmentation and track them across channels.

The need for the automation of consumer profiling based on the customer lifecycle journey is essentially driving the demand for analytics platforms. Furthermore, based on segregation parameters, this platform can automatically generate profiles for targeted marketing, using personalized modeling and machine learning technology.

Based on vertical, the retail and e-commerce category held the largest revenue share in 2022, and it is further expected to maintain its dominance during the forecast period. This is due to the growing retail industry, booming e-commerce sales, and escalating concern of several businesses about retaining customers.

Geographically, North America was the major revenue contributor to the market in 2022, and it is expected to maintain its dominance throughout the forecast period. This is due to the high rate of adoption of advanced technologies, such as AI, ML, and IoT, across several industries, including retail and e-commerce, and the rising number of players in the region.

The APAC market is predicted to witness a significant CAGR during the forecast period. This can be attributed to the rising pace of technological advancements, growing number of IT companies, developing IT infrastructure, surging per capita income, and mounting need for advanced customer support platforms. Moreover, Japan, China, and India are the prime revenue contributors to the regional market owing to their advanced IT infrastructure.

Major players operating in the customer data platform market are Oracle Corporation, SAP SE, Adobe Inc., Salesforce Inc., Microsoft Corporation, SAS Institute Inc., Cloudera Inc., NICE Ltd., Twilio Inc., and Upland Software Inc.