MarketsandMarkets forecasts the Customer Data Platform Market size to grow from USD 903.7 million in 2018 to USD 3,265.4 million by 2023, at a Compound Annual Growth Rate (CAGR) of 29.3% during 2018–2023.
An increasing demand for omni-channel experience and actionable insights by marketers and effective tracking of customers to understand their behavior for target marketing activities and increasing pressure on CMOs to deliver personalized content are major growth factors for the market. An increasing adoption rate of the CDP solutions for various applications, such as marketing data segmentation, personalized recommendation, predictive analytics, campaign management, customer engagement and retention, security management, data monetization, marketing automation, data enrichment, and customer analytics, would also drive the market.
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In the customer data platform market by application, the customer engagement and retention segment is expected to grow at the highest CAGR during the forecast period. All the marketing service firms are adopting the CDP solutions for their customer engagement and retention applications for improving customer acquisition, customer retention, and customer loyalty by delivering the enhanced customer engagement experience.
In the customer data platform market by enterprise size, the Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period. The increasing demand for scalable and cost-effective solutions is expected to accelerate the growth of CDP solutions in the SMEs segment.
The customer data platform by delivery mode has 2 segments: the cloud and on-premises. The cloud is projected to hold a larger market size by growing at a higher rate during the forecast period, as organizations are focusing on deploying cost-effective and scalable solutions.
North America is expected to hold the largest market size in the global customer data platform market, while APAC to grow at the highest CAGR during the forecast period. The presence of many CDP vendors in North America for delivering enhanced personalized customer experience is driving the adoption of CDP in the region. In APAC, the highest growth rate can be attributed to the heavy investments made by private and public sectors for enhancing their marketing technologies, resulting in an increased demand for CDP solutions and services.
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