Increasing expenditure on marketing and advertising activities by organizations is projected to be the key player in spiking the revenue of customer data platform market from US$ 1.5 Billion in 2021 to US$ 1.9 Billion in 2022.

As per Fact. MR, the market is expected to record a CAGR of 14% during the forecast period from 2022 to 2032. Expansion of the market during the forecast period can be attributed to the rising governments and other stakeholders’ investment in digitization to augment their business operations. End-users are expected to show an inclination for real-time data to enhance ROI during the work from home culture\

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Market drivers:

1. Increasing Demand for Personalized Customer Experiences: Businesses are striving to deliver personalized and tailored experiences to their customers. A CDP enables companies to collect, unify, and analyze customer data from multiple sources, such as CRM systems, transactional data, website interactions, and social media, to create a comprehensive view of individual customers. This unified data enables businesses to deliver highly targeted and personalized experiences across various touchpoints.
2. Data-driven Decision Making: With the abundance of customer data available, organizations recognize the value of leveraging data-driven insights to make informed decisions. A CDP enables businesses to analyze customer behavior, preferences, and patterns, providing actionable insights for marketing, sales, and customer service strategies. This emphasis on data-driven decision making drives the adoption of CDPs as a foundational technology.
3. Regulatory Compliance and Data Privacy Concerns: The increasing focus on data privacy regulations, such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), has prompted businesses to implement robust data management practices. A CDP helps organizations comply with these regulations by providing mechanisms for data consent management, data governance, and customer data protection, thus driving its adoption.
4. Integration Challenges with Legacy Systems: Many businesses operate with a complex ecosystem of legacy systems, including CRM systems, marketing automation tools, and data warehouses. Integrating and unifying customer data from these disparate sources can be a significant challenge. CDPs address this challenge by acting as a central repository for customer data, facilitating seamless data integration and enabling organizations to leverage their existing systems more effectively.
5. Omnichannel Customer Engagement: Customers now interact with businesses through multiple channels, such as websites, mobile apps, social media platforms, email, and physical stores. CDPs enable organizations to track customer interactions across these channels, providing a holistic view of customer behavior. This comprehensive understanding helps businesses deliver consistent and seamless experiences across all touchpoints, driving the adoption of CDPs.

Competitive Landscape:

Players in the global customer data platform market are focusing to offer enhanced services and provide innovative products which would give them a competitive edge in the market. Recent developments in the industry include:

• In June 2021, Adobe introduced an AI-based live search for Adobe Commerce. Adobe Commerce merchants can offer their shoppers with personalized search results as per their demand.
• In May 2021, Salesforce CDP announced its new update that helps organizations’ prioritize first-party data that would make every customer interaction personalized.

Key Players:

• ActionIQ
• Adobe
• AgileOne
• Ascent360, Inc.
• BlueConic
• Lytics Inc.
• mParticle Inc.
• NGDATA Inc.
• Oracle Corporation
• Salesforce
• SAP SE
• Tealium

Key Segments Profiled in the Global Customer Data Platform Market:

·         By Type:

• By Access
• By Campaign
• By Analytics

·          By Application:

• in Retail
• in Banking, Financial Services, and Insurance (BFSI)
• in Telecom, Media, and Technology (TMT)
• in Travel
• in Healthcare
• in Discrete Manufacturing
• in Others

·          By Region:

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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How will be insights and market estimations provided in the Fact.MR report on the Demand of Customer Data Platform make a difference?

• The study takes a closer look at the major economic turmoil, with a focus on the recent COVID-19 pandemic disruptions
• The assessment of key growth dynamics highlights the attractiveness of new automation technologies and offers readers insight on the prospect of these during the forecast period
• The study tries to offer a balance perspective of the opportunities in mature and the most lackluster markets
• Provides scrutiny of the industry trends that have shaped recent government policies
• Provides an account of major breakthroughs in all segments that might change the course of the market considerably
• Provides an incisive analysis of socio-political milieu in which the key markets operate, and how will that influence the lucrativeness of the overall Customer Data Platform Market
• Analyzes how collaborations and partnerships among players from different industries shape the key growth dynamics in the near future
• Evaluates the role of various stages of funding on new growth avenues in key regional markets

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