The growing investment by companies in advertising & marketing activitiesĭigital marketing is spreading its footprints and is gradually growing.
This approach offers unified and easy customer communication over several channels and stores the overall customer data within the platform with the purpose that a third party or agent will be able to tackle their problems in an appropriate manner. Omni-channel is a comprehensive and widespread approach for customer communications across varied channels exclusive of maintaining and saving customer data. Omni-channel experience witnessing high demand Therefore, CDP solutions witnessed an upsurge in its demand during the pandemic, leading to a boost in the growth of the customer data platform market. This has also accelerated the demand for an omnichannel experience. This has compelled companies to adopt customer data platform solutions to smoothly perform tasks. A large number of customers have shifted their focus from conventional shopping to online shopping, which resulted in generating a huge volume of data across the world. This has compelled customers to spend their maximum time on the internet and led to an increase in sales through online platforms. This shift towards digitalization has increased the volume of customer data generated from online platforms, which is anticipated to augment the growth of the customer data platform market.Īdditionally, the pandemic and stringent government regulations forced people to stay inside their houses. Due to the adoption and integration of such technologies, businesses across various regions have shifted to a digital platform. During the pandemic, there is a surge in the integration & adoption of technologies like artificial intelligence, machine learning, IoT, analytics, blockchain, and cloud.
Also, it has highlighted the vulnerabilities existing in business models in several verticals.
The outbreak of COVID-19 has changed the working patterns of all industries. To reduce such costs, the companies are focusing on adopting a data platform that automatically keeps customers engaged and provides them customized products. The process of gathering information about customers and then categorizing them manually is a long and time-consuming process, which also requires huge investment. Companies take these efforts to stay in touch with their customers and to offer them personalized products. Using these insights, companies are able to analyze and understand the shifting preferences of customers to tackle and respond to the growing competition in the market. Through the increasing usage of e-commerce channels, webs, blogs, and social media platforms by customers, the companies are able to collect insights from customer purchasing behavior. The growing adoption of account-based marketing among organizations is also anticipated to drive the market growth for the customer data platform.
In addition, several industries are pursuing a unified medium for managing data pertaining to their online and offline customers and determining apt marketing strategies for these categories, along with reducing redundancies in customer data. There is a rise in the demand for studying consumer purchasing behavior across varied sectors due to which, the customer data platform market is witnessing a significant surge in its growth. It also comprises transactional systems, web forms, Customer Relationship Management & Data Management Platform, website & e-commerce behavioral data, email & social media activity, and others. CDPs create customer profiles by incorporating data from various sources like first-, second-, and third-party.
This software aggregates and arranges real-time data into unique and centralized customer profiles. The Global Customer Data Platform Market size is expected to reach $20.5 billion by 2027, rising at a market growth of 34% CAGR during the forecast period.Ī customer data platform (CDP) is a software platform that assists in collecting and systemizing customer data across numerous touchpoints and thus, finds its application in other software, marketing efforts, and systems. 16, 2021 /PRNewswire/ - The "Global Customer Data Platform Market By Component, By Application, By Deployment Type, By Enterprise Size, By End User, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to 's offering.