Global Customer Data Platform Market - Introduction
- Customer data platform (CDP) is a packaged software that creates a unified, persistent customer database, accessible to other systems. This customer data originates from various sources, to create a particular customer profile. Customer data platform (CDP) provides some functionality of customer engagement and customer behavior.
Impact of Coronavirus (COVID-19) on the Customer Data Platform Market
Lockdown due to an increase in the spread of Coronavirus (COVID-19) across major regions such as Europe, Asia, and North America, has a positive impact on the customer data platform market. Nowadays, individuals are focusing majorly on online activities such as e-commerce, and OTT platforms, which is expected to increase the customer data worldwide. Therefore, this is significantly help organizations to work on customer data platform, which helps them to make marketing strategies more efficiently.
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Increasing Demand for Omni-channel Experience: Key Driver of the Customer Data Platform Market
- Omni-channel is a complete and holistic methodology for customer communications over different channels without maintaining and saving customer data. The omni-channel approach provides seamless and smooth customer communication through all channels and keeps the entire consumer data inside the platform so that a third party or agent can easily address their concerns in a proper manner.
- Omni-channel experience is a cross channel methodology that allows various interfaces such as web, social media, and mobile to incorporate for customer engagement. An omni-channel methodology increases the involvement of customers with enterprises, as the entire communication channel is employed in an integrated manner. Hence, this helps in widening the customer database.
- An omni-channel experience also improves user experience as it uses a customer-centric approach. This approach significantly drives the customer data platform market as it provides a broader customer behavior experience for enterprises to implement their marketing strategies more efficiently. An omni-channel methodology is utilized majorly in the retail industry as it facilities inventory management as well as order management by order allocation. Furthermore, consumers are shifting more toward digital resources that significantly help enterprises to adopt an omni-channel methodology.
- Impiger Technologies provides the omni-channel retail solution to streamlines the user’s supply chain management. On the other hand, IBM Corporation provides a three tiered omni-channel methodology for retail as well as banking industry that involves capturing customer data, managing customer engagement systems, and applying suitable actionable insights.
- Therefore, increasing demand for omni-channel experience is significantly driving the growth of the customer data platform market.
High Capital Cost Expected to Hamper the Global Customer Data Platform Market
- Customer expectations increase with developing technologies, and companies have to continuously update their customer engagement solutions to satisfy these expectations.
- The investment cost associated with the modification of customer experience solutions with constantly changing technology is very high and is a short term investment. This makes it difficult for small and medium enterprises to constantly update the solutions according to customer requirements.
- Updating any solution with advance technology makes the solution complex at the backend. Making major changes in these complex solutions is expensive and requires an efficient and highly trained workforce, which is a major investment. Moreover, implementation of security in these advanced solutions is a major concern which also increases expenses considerably. Therefore, high capital cost is expected to hamper the customer data platform market.
North America to Account for Major Share of the Global Customer Data Platform Market
- In terms of region, the global customer data platform market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global customer data platform market during the forecast period due to growing investments by companies in customer data analytics, growing usage of big data technology, and increasing amount of customer data across various verticals, indicating potential growth of the customer data platform market in the region. Europe is expected to be the second largest market for customer data platform from 2020 to 2030.
- Asia Pacific is projected to be a rapidly growing market for customer data platform during the forecast period due to rising spending on advertising & marketing activities by enterprises, specifically in India, Japan, and China.
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Key Players Operating in the Global Customer Data Platform Market
- Adobe Inc.
- BlueConic, Inc.
- Microsoft Corporation
- Oracle Corporation
- Salesforce.com, Inc.
- SAP SE
- SAS Institute
- Teradata Corporation
- The Dun & Bradstreet Corporation
Global Customer Data Platform Market: Research Scope
Global Customer Data Platform Market, by Solutions
- Support & Maintenance
Global Customer Data Platform Market, by Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
Global Customer Data Platform Market, by End-user
- Banking, Financial Services and Insurance (BFSI)
- Retail & E-commerce
- Travel & Tourism
- Media & Entertainment
- IT & Telecom
- Others (Automotive, Agriculture)
Global Customer Data Platform Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.