Customer Data Platform Market

Key Players adopted the growth strategies of new product launches, product enhancements, acquisitions, collaborations, and partnerships in Customer Data Platform Market

MarketsandMarkets forecasts the global Customer Data Platform (CDP) 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 the forecast period.

The CDP is a marketing technology that collects customer data (structured or unstructured) from multiple sources including online and offline to enable users to customer modeling and optimize target marketing. CDPs have the capability to collect and integrate customer data from various sources into a single unified profile that provides a holistic view of customers and enable marketers to understand customers’ preferences and tastes. The CDP also provides marketers with unified and real-time customer data for gaining actionable insights. It helps marketers to deliver personalized experience to customers, improve customer loyalty, and increase revenues. The CDP assists marketing executives to design and execute data-driven marketing campaigns and enable them to deliver omnichannel customer experience.

Major vendors in the global customer data platform market include Salesforce (US), SAS Institute (US), Oracle (US), SAP (Germany), NICE (Israel), Adobe (US), Tealium (US), BlueConic (US), Ascent360 (US), Lytics (US), mParticle (US), Amperity (US), Reltio (US), Ensighten (US), Fospha (UK), SessionM (US), RedPoint Global (US), Segment (US), Zaius (US), AgilOne (US), ActionIQ (US), Evergage (US), NGDATA (Belgium), IgnitionOne (US), Signal (US), and Usermind (US). These vendors have adopted the growth strategies of new product launches, product enhancements, acquisitions, collaborations, and partnerships to offer feature-rich products, solutions, and services to their customers and venture into untapped regions.

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Salesforce is focused on developing Customer Relationship Management (CRM) solutions. It offers a technology platform for customers and developers to build and run various applications. It is a dynamic player in the data management marketspace, as it offers strong features of customer experience. It has adopted organic and inorganic growth strategies to improve and expand its customer data platform product portfolio. For instance, in July 2018, Salesforce acquired Datorama, a leading provider of the cloud-based marketing intelligence and analytics platform, for helping marketers integrate and gain insights from one single source of data. In March 2018, Salesforce acquired Mulesoft, a data integration vendor providing connectors between separate systems. The acquisition would enable Salesforce to help marketers to unlock data across legacy systems, cloud apps, and devices to make smarter, faster decisions and create highly differentiated and connected experiences for their customers.

SAP has a diversified portfolio consisting of applications, technologies, and services; and SAP business network segments. It is one of the leading global providers of customer engagement and data management solutions and services. It is also investing in the customer engagement and data management solutions to deliver personalized customer experience. It has adopted organic and inorganic growth strategies to further strengthen its position in the global CDP market. In September 2017, SAP acquired Gigya, a customer identity and access management provider, to strengthen its position in the customer experience marketspace. The introduction of innovative products and product enhancements is helping the company maintain its leading position in the market.

Related Reports:

Customer Data Platform Market by Type, Application (Marketing Segmentation, Personalized Recommendation, Campaign Management, Customer Engagement & Retention), Component, Delivery Mode, Enterprise Size, Vertical, and Region - Global Forecast to 2023

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Report Code
TC 6601
Published ON
Sep, 2018
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