Strap: North America is expected to hold the largest size in the global CDP Market, while Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period.
Market Digits MR recently added Global Customer Data Platform (CDP) Market Study that gives deep analysis of current scenario of the Market size, demand, growth, trends, and forecast.
According to the report, the global CDP market size is expected to grow from USD 2.4 billion in 2020 to USD 10.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 34 per cent during the forecast period. The major growth factors of the CDP industry include the increasing spending on marketing and advertising activities by enterprises, changing landscape of customer intelligence, proliferation of customer channels, automated smart machines to drive consumer experience, and increasing investments and fundings in CDP start-ups is further expected to offer opportunities for the increased adoption of CDP Market.
Cloud deployment mode to grow at a rapid pace during the forecast period
Most vendors in the CDP Market offer cloud-based CDP solutions to maximize profits and automate the equipment maintenance process, effectively. The adoption of cloud-based CDP solutions is expected to grow, owing to benefits, such as easy maintenance of generated data, cost-effectiveness, agility, flexibility, scalability, and effective management of these solutions. Companies prefer to adopt cloud-based CDP solutions, as these support their regional, cross-regional, or cross-country data recovery strategies. This enables them to ensure resiliency in case of a disaster.
North America to hold the largest market size during the forecast period
North America is expected to hold the largest size in the global CDP Market, while Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. North America is the most significant revenue contributor to the global CDP market. The region is witnessing significant developments in the CDP industry. In North America, the high growth rate can be attributed to the increasing use of the big data technology, growing amount of data across verticals, and rising investments by companies in data analytics. Organisations especially in the US have started using CDP solutions to generate insightful information from structured and unstructured data and stay competitive in the market. Increasing generation of data, such as clickstream data, server logs, subscriber data, CRM, and Enterprise Resource Planning (ERP) are triggering vendors to launch a number of CDPs and services to cater to various needs of the organisations and their customers.
Key Customer Data Platform Market Players
Major vendors in the global CDP market include Oracle (US), SAP (Germany), Adobe (US), Salesforce (US), Microsoft (US), SAS (US), Teradata (US), Nice (Israel), Dun & Bradstreet (US), Leadspace (US), Zylotech (US), BlueVenn (UK), CaliberMind (US), Celebrus (UK), Tealium (US), AgilOne (US), BlueConic (US), Lytics (US), IgnitionOne (US) and Amperity (US). These vendors have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the global CDP market.