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New York, Sept. 07, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Customer Data Platforms Global Market Report 2022” – https://www.reportlinker.com/p06318576/?utm_source=GNW
, Segment.Io Inc., CaliberMind, Celebrus, Ascent360 Inc, Lytics Inc., ActionIQ Inc, Optimove, Exponea Ltd, and Ensighten Inc.
The global customer data platform market is expected to grow from $2.65 billion in 2021 to $3.50 billion in 2022 at a compound annual growth rate (CAGR) of 32%. The customer data platform market is expected to grow to $10.29 billion in 2026 at a CAGR of 30.9%.
The customer data platform market consists of the sales of customer data platform software and related services by entities (organizations, sole traders, and partnerships) that are used to track, analyze, and manage customer interactions.A customer data platform refers to software that gathers and organizes first-party customer data from many sources to provide a single, coherent, and comprehensive view of each customer to generate more personalized marketing campaigns.
This integrates data from several platforms to produce a single consolidated customer database with information on all contact points and engagements.
The main types of customer data platforms are analytics, access, and campaigns.The analytics customer data platforms are used to analyze customer behavior and patterns.
Analytics is the process of discovering, interpreting, and communicating significant patterns in data.The various components include solutions and services that are deployed on the cloud and on-premises.
The several organizations for the customer data platform are large enterprises and small and medium-sized enterprises that have various end users, including BFSI, retail and ecommerce, healthcare, manufacturing, media and entertainment, IT and telecom, and others.
North America was the largest region in the customer data platform market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the customer data platforms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The customer data platform market research report is one of a series of new reports that provides customer data platform market statistics, including customer data platform industry global market size, regional shares, competitors with a customer data platform market share, detailed customer data platform market segments, market trends and opportunities, and any further data you may need to thrive in the customer data platform industry. This customer data platform market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Growth in the retail and e-commerce industry is expected to propel the growth of the customer data platform market going forward.Ecommerce is the buying and selling of goods and services over the internet whereas the retail industry consists of all companies that sell goods and services to consumers.
A customer data platform (CDP) is helpful for retail and e-commerce marketing as it makes data available to marketers and helps in personalized and targeted marketing campaigns.For instance, according to India Brand Equity Foundation, an Indian government export promotion agency, India’s e-commerce market is expected to reach US$ 111 billion by 2024 and US$ 200 billion by 2026.
The retail industry achieved 96% of pre-COVID-19 sales in September 2021, driven by the rising demand from consumers. Therefore, the growth in the retail and e-commerce industry will drive the growth of the customer data platforms market.
The AI-driven customer data platform is a key trend gaining popularity in the customer data platform market.Strong data architectures and robust AI and customer analytics solutions enable better kinds of experiences and deliver brand loyalty and growth.
The major players in the market are focusing on AI-driven customer data platforms for market growth.For instance, in July 2021, Adobe Inc, a US-based computer software company providing customer data platform services introduced a new service for adobe commerce called Live Search.
Adobe’s official search solution aims to take search to the next level by using AI (Adobe Sensei) and other cutting-edge technology, which will help use data and insights to drive real-time relevance and personalized experiences for the users.
In February 2020, Salesforce, a US-based cloud-based software company acquired Evergage for an undisclosed amount.With this acquisition, Salesforce aims to deliver data-driven experiences and personalization to its users.
Evergage is a US-based provider of real-time personalization and customer data platforms.
The countries covered in the customer data platforms market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06318576/?utm_source=GNW
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