Customer Data Platforms Market Is Projected To Reach A Valuation Of US$ 8.7 Billion By 2034

The usage of consumer data platforms for better shopping experiences is growing as a result of growing participation on online shopping platforms and the global expansion of e-Commerce. The global customer data platform market is anticipated to reach US$ 2.6 billion in 2024 and then grow at a double-digit CAGR of 13% from 2024 to 2034, according to this new Fact.MR analysis.

Data-driven marketing choices are receiving more weight, which is resulting in a greater use of customer analytics and data to improve and execute marketing plans and initiatives. Furthermore, data-driven marketing enables the aforementioned companies to gain in-depth understanding of the requirements, preferences, and expectations of their target audience and, in turn, tailor their offers, communication strategies, and services.

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Rising use of machine learning and artificial intelligence in customer data platforms is anticipated to generate lucrative opportunities for players. These innovations and techniques enable machines to carry out operations without any call for human intelligence and judgment.

Key Takeaway from Market Study

Demand for customer data platforms is estimated to reach a market value of US$ 2.6 billion in 2024. The global customer data platform market is forecasted to climb to US$ 8.7 billion by the end of 2034.

The market has been analyzed to exhibit 13% CAGR from 2024 to 2034. The retail sector is projected to account for 21% share of the global market by 2034-end.

Demand for customer data platforms in South Korea is approximated to accelerate at a CAGR of 13.8% from 2024 to 2034. North America is evaluated to account for 24.3% share of global market revenue by 2034.

“Digitalization, expansion of e-Commerce platforms, and preference for data-driven marketing decisions are driving demand for customer data platforms,” says a Fact.MR analyst.

High Emphasis on Personalization and Improved Customer Experience in North America

Demand for customer data platforms in North America is evaluated to accelerate at a CAGR of 13.2% and reach a value of US$ 2.1 billion by 2034-end. Growing emphasis on personalization along with improved customer experience is estimated to generate requirements for customer data platforms. Various businesses in North America are understanding the vital role of thorough insights for enhancing loyalty. In addition, they are trying to unify customer data for improved interactions.

Key Market Players

Some leading customer data platform solution providers include NGDATA Inc., ActionIQ, Tealium Adobe, AgileOne, SAP SE, Ascent360, Inc., Salesforce, BlueConic, Oracle Corporation, Lytics Inc., and mParticle Inc.

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“Increasing Significance of Personalized and Real-Time Engagement”

Personalized and real-time data analysis offered by CDM solutions is expected to significantly drive the growth of the customer data platform market. These platforms provide insights and predictions about consumers and their preferences by utilizing stored data, helping organizations gain a deeper understanding of consumer behavior. Customer data platforms enable enterprises to gather essential information about customers, aiding in the formulation and implementation of effective strategies. By leveraging these platforms, comprehensive analysis becomes possible, which enhances consumer engagement and facilitates the development of appropriate strategies.

The agility and automation of customer data platforms are anticipated to further propel market growth. As the demand for real-time automated decision-making increases, cross-channel engagement capabilities are likely to advance. Additionally, these platforms improve relationships between customers and vendors through targeted and transparent interactions.

Insights by country:

According to a research report by Fact.MR, a market research and competitive intelligence provider, North America is projected to account for a 24.3% share of the global market by the end of 2034. This growth is driven by an increasing focus on personalization and enhancing customer experience, which is expected to boost the demand for various platforms. More businesses in the region are recognizing the need to gain comprehensive insights and integrate disparate customer data to improve loyalty and deliver targeted interactions.

In the United States, the market share is expected to reach 45.6% of the North American market by the end of 2034. The presence of prominent players such as Salesforce and Oracle is contributing to the market’s growth. Additionally, these market players are undertaking numerous initiatives to strengthen their positions and expand market size. Various sectors, including e-Commerce, healthcare, and BFSI, are adopting these platforms to increase customer satisfaction and provide more personalized experiences.

FAQ

How big is the customer data market?
The global customer data platform market is valued at US$ 2.6 billion in 2024 and has been projected to expand at a CAGR of 13% to reach a valuation of US$ 8.7 billion by 2034.