Customer Data Platform Market Will Reach USD 48,559 Million by 2030, Says P&S Intelligence

NEW YORK, June 7, 2023 /PRNewswire/ -- As per the latest forecast by P&S Intelligence, the global customer data platform market is projected to be worth USD 48,559 million by 2030, growing at a CAGR of 33.70%.

This growth will be because of the increasing rate of urbanization and digitalization, increasing disposable income, progressing telecom and IT sector, and escalating investments by the public and private sectors in order to advance their marketing abilities.

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Cloud-Based Solutions To Gain Vast Popularity

In the coming years, the cloud category is set to experience the higher growth rate, of 33.9%. This can be credited to the fact that cloud-based software is more scalable, cost-effective, simple to handle, and swiftly being combined with ML and AI.

Moreover, this technology breaks data silos at speed with computerized information transfers, drives predictive actions quicker with integrated AI and machine learning, enriches customer data with diverse public datasets, and democratizes access to insights.

BFSI Sector Generates Highest Demand for Customer Data Platforms 

In 2022, the BSFI category held the major revenue share in the customer data platform market. This is mainly because of the growing utilization of CDPs to handle client data for numerous purposes, including engagement, retention, and personalized recommendations.

Moreover, the requirement for these platforms is boosted by the increasing reliance of the BFSI sector on computer technology for product/service promotion to a certain customer base.

Platforms Are in Higher Demand than Associated Services

In 2022, the platform category led the market, and the same is projected to be dominant in the future as well. This is mainly because of the growing requirement for personalized and real-time data analysis.

Furthermore, CDPs provide data on internet users' choices, thus helping businesses in appealing to them and developing a suitable client experience plan.

CDP Usage Remains Most Extensive in North America

In 2022, North America dominated the market with a share of 46%, and the region is projected to be in the leading spot throughout the forecast period. This is mainly because of the existence of pure-play vendors and companies that offer CDPs as a sub-product, well-rooted IT infrastructure, and a high acceptance rate of progressive technologies.

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Moreover, the advanced healthcare industry, rising requirement for customized recommendations in the media and entertainment and BFSI industries, and mounting adoption of predictive analytics in the healthcare industry result in the high income generation in the continent.

In 2022, the U.S. generated the majority of the revenue in the region, and it is projected to be dominant in the future as well. This can be credited to the existence of a vast count of key players, well-established healthcare infrastructure, and increasing investments in the development of such platforms.

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