According to the Market Statsville Group (MSG), the global Customer Data Platform Software Market size is expected to grow from USD 2,081.2 million in 2021 to USD 6,889.6 million by 2030, at a CAGR of 33.7% from 2022 to 2030.

The importance of a customer data platform among industry participants has grown over the forecast period as marketers become more aware of the features and benefits of such platforms. A customer database was found to be the most important factor among marketers when modeling campaigns based on target customers. As a result, a data platform gradually evolved from access to analytics- and campaign-based CDPs. The development of real-time customer profiles and autonomous data collection from first, second, and third-party sources have increased the adoption of a customer data platform.

Global Customer Data Platform Software Market Definition

Increased enterprise marketing and advertising spending, a changing landscape of customer intelligence to drive the market, and the widespread availability of customer channels are anticipated to drive the implementation of customer data platform solutions and services. One of the key factors driving CDP market growth is the implementation of stringent regulatory mandates about consumer data privacy. Vendors are implementing GDPR tools and a CDP to assist providers in meeting the mandates. GDPR tools aid providers in establishing trust with their customers.

COVID-19 Impact on the Global Customer Data Platform Software Market

COVID–19 has altered the global dynamics of business operations. Though the COVID–19 outbreak exposed flaws in business models across industries, it also provided several opportunities for businesses to digitalize and expand across borders as the adoption and integration of technologies such as cloud, AI, analytics, IoT, and blockchain increased during the lockdown period. During the first and second quarters of 2020, the retail and manufacturing sectors experienced significant declines in business performance. However, with vaccines now available and the pandemic under control, these sectors are expected to see increased investment throughout the forecast period as customer data platform solutions gain prominence across various business functions.

Global Customer Data Platform Software Market Dynamics

Drivers: Enterprises are Increasing their Marketing and Advertising Spending

Several brands are seeing diminishing returns as digital marketing matures and more companies invest in it. CDP can assist in overcoming tactic fatigue and taking programs to the next level, allowing email marketing, paid media, and other addressable channels to reach their full potential. Regardless of the organizational and technological complexities that may lie beneath, CDP provides feed personalization algorithm capability to provide highly personalized experiences that people expect. According to industry experts, CDPs enable companies to hold marketing more accountable for product investment decisions by seamlessly integrating customer data across all analytics, measurement, media channels, and marketing automation tools. Companies that emphasize personalization are expected to outsell competitors.

Restraints: Data Privacy Laws and Customer Data Protection are Critical for CDP Adoption

Recently, major customer data providers ran into legal problems when it came to sharing customer insights within organizations. Internet users today are more concerned with the privacy of their personal information. In response to this growing concern, Europe's General Data Protection Regulation (GDPR) was enacted to safeguard customers' personal information. According to the law, organizations do not have legal rights to their customers' data. Furthermore, the customer has the right to know where, how, and why their personal information is being used. This has limited data sharing and is expected to stifle market growth.

Opportunities: Automated Smart machines to Improve the Customer Experience

The way brands and consumers interact has been transformed by modern technology. New products, services, consumers, and competitors have appeared and continue to evolve. Consumer preferences, likes, and dislikes are constantly evolving. The reimagined customer experience will be driven by technology; brands must rethink their customer ecosystems to keep up with empowered consumers and evolving consumer technologies. According to the SAS Institute, by 2030, 67 percent of brand-consumer engagement via digital devices (online, mobile, etc.) will be completed by smart machines rather than humans. By 2030, smart machines will complete 69 percent of customer engagement decisions. This agility and extreme automation will drive the customer experience.

As a result, CDP solutions that include data unification, people-based marketing, identity resolution, and cross-channel real-time engagement capabilities will evolve to meet the growing demand for real-time automated decision-making that directly or indirectly impacts customer experiences.

Scope of the Global Customer Data Platform Software Market

The study categorizes the customer data platform software market based on type, component, deployment, industry, organization size, and application at the regional and global levels.

By Component Outlook (Sales, USD Million, 2017-2030)

• Platform
• Services

By Deployment Outlook (Sales, USD Million, 2017-2030)

• Cloud
• On-premises

By Type Outlook (Sales, USD Million, 2017-2030)

• Access
• Analytics
• Campaign

By Industry Outlook (Sales, USD Million, 2017-2030)

• Banking
• Financial Services and Insurance (BFSI)
• Retail and E-commerce
• Information Technology (IT) and Telecom
• Media and Entertainment
• Travel and Hospitality
• Healthcare
• Others

By Organization Size Outlook (Sales, USD Million, 2017-2030)

• Large enterprises
• Small and medium-sized enterprises (SMEs)

By Application Outlook (Sales, USD Million, 2017-2030)

• Personalized Recommendations
• Predictive Analytics
• Marketing Data Segmentation
• Customer Retention and Engagement
• Security Management
• Others( data monetization and data enrichment)

By Region Outlook (Sales, USD Million, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Platform segment is projected to account for the largest market share, by component

Based on component, the global customer data platform software market is divided into platforms and services. The platform segment is witnessed a larger market share. Platforms analyze the data generated by the Internet of Things devices, sensors, clickstreams, and social media platforms. They present data results in the form of interactive dashboards. However, services associated with such platforms are an integral part of the market, ensuring that customer data platform solutions are used effectively.

Access type segment is projected to account for the largest market share, by type

Over the forecast period, the access type is expected to have the highest revenue share because the access type distributes customer data throughout the organization and at customer touchpoints such as email and phone calls.

Further, the analytics provide granular insights into customer behavior, aiding customer segmentation and cross-channel tracking. Organizational investment in this type has also increased. Analytics goes beyond campaign-centric solutions by delivering more strategic solutions such as understanding a company's values and laying a foundation of insights using first and third-party data. Businesses are focused on engaging with specific customers based on their needs. As a result, over the forecasted period, the analytics segment is expected to grow exponentially.

North America is projected to account for the largest market share, by Region

Based on the regions, the global Customer Data Platform Software Market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. North America is expected to have the largest market share in the customer data platform market. The increasing technological advancements in the region are key factors favoring the growth of North America's customer data platform market.

However, the Asia Pacific is expected to grow rapidly with the highest CAGR in the customer data platform software market. India and China are the most populated countries with the second-most internet users worldwide, with young Indian users accessing the internet at least once a week. For brands to understand such a diverse population, such platforms are becoming increasingly important. These countries are investing significantly to understand better customer data in retail and e-commerce, banking and finance, and healthcare. Over the forecast period, Japan is expected to grow steadily. Growing big data, digitalization, and data analytics in the Asia Pacific encourage marketers to invest in the market.

Competitive Landscape - Global Customer Data Platform Software Market

The global customer data platform software market is highly competitive, with key industry players adopting strategies such as partnerships, product development, acquisitions, agreements, and expansion to strengthen their market positions. Most companies in the market are indulged in expanding operations across regions, augmenting their capabilities, and building strong partner relations.

Major players in the global customer data platform software market are:

• Salesforce.com, Inc
• Exponea s.r.o
• Segment.io, Inc
• Optimove Inc
• Oracle Inc
• Leadspace, Inc
• Ignitionone.com
• Kabbage Inc. (Radius Intelligence)
• Tealium Inc
• CaliberMind

Recent Developments

• In April 2021, Adobe introduced the next generation of its real-time customer data platform, the only enterprise application built from the ground up for first-party data-driven customer engagement and acquisition. It will assist marketers in activating known and unknown user information, enabling them to assist the entire customer profile and journey in a single system without using third-party cookies.
• In January 2021,  Bloomreach acquired Exponea, the customer data and experience platform (CDXP). The acquisition aims to accelerate the rate at which businesses personalize, create, and optimize strong commerce experiences and boost revenue growth for B2C and B2B brands.

Key Issues Addressed

• What is the market size by various segmentation of the customer data platform software by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the customer data platform software market ?
• What are the key opportunities and trends for manufacturers involved in the customer data platform software supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of customer data platform software in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market