Customer Data Platform Market to Be Worth $10.3 Billion by 2025
Research firm MarketsandMarkets valued the worldwide customer data platforms market at $2.4 billion in 2020 and expects it to reach $10.3 billion by 2025, growing at a compound annual rate of 34 percent.
Among the major growth factors affecting the CDP market are increased spending on marketing and advertising, the changing landscape of customer intelligence, and proliferation of customer channels, the firm concluded.
The company lists Oracle, Adobe, Salesforce, Microsoft, SAS, Teradata, and Dun & Bradstreet as the key prominent players in the market.
Large enterprises are expected to have a larger share of the market due to the large volumes of data they generate and increasing demand to store, manage, and analyze this data. Large enterprises also have huge corporate networks and organize a large number of events.
CDPs enable large enterprises to gain cheap storage solutions and fast and reliable access to processed data, which can help organize corporate data and generate insights, MarketsandMarkets concluded in the report.
The report segments the CDP market by application into five categories: personalized recommendations, predictive analytics, marketing data segmentation, customer retention and engagement, security management, and data monetization and data enrichment. Of those, it expects the customer retention and engagement segment to grow quickly as companies look to learn more about and engage their loyal and prospect customers than ever before.
These solutions offers more flexible, scalable, and cheaper data storage solutions than traditional data warehousing solutions, along with improved analytics capacity, it said.