Customer Data Platform Market to Be Worth $19.7 Billion by 2027
Research firm MarketsandMarkets expects the gloabl customer data platform market to grow from $4.8 billion in 2022 to $19.7 billion by 2027 at a compound annual growth rate (CAGR) of 32.4 percent. Several factors, such as increased spending on marketing and advertising and a changing landscape of customer intelligence, will drive this growth of the market, it said.
Of all the technologies involved in CDPs, MarketsandMarkets expects predictive analytics to have the largest impact. "Predictive analytics can help in discovering the most loyal customers through the customer lifetime value calculation," it said in the report, noting that CDP "provides the backbone for successful predictive analysis, an actual unified view of customers, cross-departmental access to data, and real-time results."
The research firm also credits the penetration of smartphones and tablets as contributors to the growth of the CDP market. These devices generate huge amounts of data, and companies are willingly implementing CDP solutions to analyze smartphone data and monitor customer behaviors, trends, and interactions in real time.
Large enterprises are expected to contribute more to the growth of the CDP market as they continue to seek to ramp up business performance and productivity, the firm said.
Marketsand Markets also expects the healthcare and life sciences vertical to occupy the largest share of the CDP market through 2027. "The healthcare and life sciences vertical is under constant pressure to enhance the services delivered to patients. There are several advantages of using CDPs in healthcare," it said. "Patients expect personal and trusted interactions, but doing this at scale is hard. Using CDPs in healthcare is a proven way to deliver exceptional healthcare experiences at all stages of the journey.
The report identified Oracle, SAP, Adobe, Salesforce, Microsoft, and SAS as the most prominent players in the market.
CDPs to Grow 35 Percent Over the Next 5 Years
MarketsandMarkets expects the worldwide customer data platforms market to reach $15.3 billion by 2026.