Customer Data Platform Market will reach sales of $7.09

Westford, USA, Sep 01, 2022 (GLOBE NEWSWIRE) — As the world becomes increasingly connected, businesses around the world global customer data platform market are now able to better understand their customers and how they interact with their products. By collecting customer data, businesses can improve customer service, provide better products, and geographically target their advertising. A recent study by SkyQuest found that, globally, 46% of organizations use or plan to use Customer Data Platform (CDP) solutions within the next two years. This number is increasing every year as companies see the benefits of improved customer experience and revenue growth. The top three drivers of CDP are improving customer retention (43%), increasing revenue (42%) and reducing costs (28%).

The study on the Customer Data Platforms market also revealed that Salesforce and Oracle’s Fusion Middleware are getting huge end-user attention and hold a major share of the global Customer Data Platforms market. These platforms offer a wide range of features, including the ability to capture customer contact information, billing information, product data, engagement data, among others.

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Data management is one of the critical business areas that requires efficient and accurate systems to store, retrieve and analyze data. Overall, customer data management platforms (CDMPs) provide a central repository for customer information, including name, contact information, product preferences, and purchase histories.

Our analysis suggests that the demand for the customer data platform market has increased in recent times, as companies have realized the importance of leveraging this type of information to better understand their customers and respond to their needs. This gave impetus to the development of different CDMPs from different vendors. Some popular solutions include Salesforce’s CRM offering and Oracle’s Customer Relationship Management (CRM) offering.

Another key area of ​​the customer data platform market where customer data can be used is fraud detection. Often, malicious actors use customer information to commit fraud or trick customers into making fraudulent purchases. By leveraging customer data platform solutions, businesses can identify potential fraudsters faster and prevent them from harming their brand or customers in any way.

SkyQuest has published a report on the global customer data platform market. The report provides information on market revenue, market forecast, key players, market share analysis, price analysis, trends, opportunities, competitive landscape, market dynamics and consumer behavior, among others.

Rapid Growth of Digital Businesses Boost Customer Data Platform Market

With more and more companies turning to digital methods of doing business, the online landscape has never been richer. From online advertising to e-commerce platforms, digital businesses are growing at a staggering rate. In fact, the global customer data platform market saw a 10-year growth in just 3 months in 2019. In 2021, the number increased by almost 400% compared to 2018, according to the SkyQuest analyst.

Another reason for the growth of digital businesses is the growing demand for online services. Almost every sector of the economy is experiencing an increase in demand for digital products and services, which is fueling rapid growth of digital businesses. Transport, banking, insurance… the list goes on. In today’s fast-paced environment, every business is behind in growing their business and revenue by establishing an online presence or listing them on e-commerce sites. This, in turn, fueled the growth of the customer data platform market.

Customer data platforms make it easy for businesses to get a complete picture of their customers, which can help them improve customer engagement, understand customer needs and preferences, and build better products. Additionally, data platforms allow for the monetization of customer data in a variety of ways, including through targeted advertising and market analytics. As a result, data platforms are increasingly used by digital businesses of all sizes.

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Top 3 Global Customer Data Platform Market Trends

As data becomes more readily available and accessible, companies are scrambling to find ways to use it to their advantage. In fact, the customer data platform is now considered a key part of any organization’s strategy for customer relationship management. Here are some recent trends in CDP adoption:

  • Increased focus on predictive analytics. In order to identify and resolve customer issues before they become too large or costly, companies are turning to predictive analytics platforms to make predictions about customer behavior. These platforms can help identify patterns in customer data that can be used to predict future behavior or suggest new sales campaigns.
  • Increased focus on CRM integration. Many companies in the global customer data platform market are realizing that they need a comprehensive customer data platform in order to manage all aspects of their relationship with their customers. This includes everything from customer profile creation and management to dealer management and retail engagement modules. In order to make this process as smooth and transparent as possible, many CDPs now come with built-in CRM software features.
  • Integration of AI in CDP: AI is quickly becoming a key part of customer data platforms (CDPs), helping organizations make better decisions about their customers and increase sales. While there are many different AI-based approaches to CDPs, a few common AI strategies include using natural language processing (NLP) to understand customer interactions and sentiments, and using machine learning algorithms to optimize customer interactions.

Startups are budding on the void left by the giants of the customer data platform market

The customer data platform market is changing rapidly with startups springing up to fill a void of available solutions. The problem with the larger CDPs is that they are siled, meaning they focus exclusively on one type of data or customer segment. However, by integrating all customer types and data sets, businesses can create a more holistic view of their customers and improve customer engagement.

Some startups in the customer data platform market such as Amperity, Invoca, MobFox, Getjar, GREE, Yahoo Japan, and Cresta are all AI-based. CDP is now focused on making it easier for businesses to extract customer information from a variety of sources, including marketing automation technologies. (MAT) like Hubspot and Act-On, CRM software like Salesforce and Oracleifter, omnichannel platforms like UberEats and Deliveroo, and social media platforms like Facebook and Twitter using AI.

By doing so, these companies hope to make extracting customer information less cumbersome and provide a more unified view of the customer that can be used to improve business results.

Funding for Top Startups in the Global Customer Data Platform Market

  • In June 2022, Invoca successfully secured $83 million in funding to expand the conversational intelligence platform
  • In 2021, Amperity raised approximately $100 million at a $1 billion valuation. Most of the funding came from Series C. As of July 2021, the company had raised $50 million
  • In May 2021, Invoca acquired DialogTech for $100 million to enhance its ambitious conversational intelligence platform

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Key Players of Global Customer Data Platform Market

  • Oracle Corporation (USA)
  • SAP SE (Germany)
  • Adobe Inc. (US)
  • Salesforce.com, Inc. (USA)
  • Microsoft Corporation (USA)
  • SAS Institute (USA)
  • Teradata (US)
  • Nice Systems Ltd. (Israel)
  • Dun & Bradstreet (USA)
  • Leadspace (US)
  • Zylotech (USA)
  • Blue Venn (USA)
  • CalibreMind (US)
  • Celebrus (UK)
  • Tealium (USA)
  • AgilOne (USA)
  • BlueConic (USA)
  • Lytics Inc. (USA)
  • Ignition One, Inc. (USA)
  • Amperity, Inc. (USA)
  • Optimove (USA)
  • Totango (USA)
  • Insider (Singapore)
  • Segment (US)
  • Listrak (USA)
  • Simon Data (USA)
  • Ometria (UK)
  • Treasury Data (US)
  • Salesmango (USA)
  • ActionIQ (US)

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