224 Users Online
Customer Data Platform Market Segmented By Deployment in On-premise and Cloud with Type such as Access, Analytics, Engagement
Customer data platform is a database software through which accurate, persistent profiles can be built. A customer data platform develops a complete picture of customers on an individual level. Customer data platform collects demographic data, transactional and behavioral data from various sources and systems.
Data collected and organized with customer data platform is visualized through individual data profiles for each user. Data contained in customer data platform is used by 3rd party marketing automation tools to execute marketing activities and analyze the performance. Customer data platform integrates and consolidate data in one single database.
Customer data platform is used as system of records, storing both known and unknown customer profiles in a central hub that integrates data from various software systems of organization. This data is used for marketing analysis, insight discovery and segmentation to increase effectiveness of omnichannel marketing campaigns.
The key players in the Customer Data Platform are Oracle Corporation, SAP SE, Adobe, Teradata, Microsoft, Salesforce, SAS, AgilOne, BlueVenn, CaliberMind are among others.
Impact of COVID-19 Pandemic Outbreak on Customer Data Platform Market
The COVID-19 pandemic is spreading worldwide which is affecting various sectors. The pandemic has changed the world as people are living, buying and thinking differently. There is major impact on supply chains and retailers had to closed the doors. Due to which consumers are shifting to e-commerce for shopping.
Before the COVID-19 pandemic the global ecommerce sale was expected to grow at approximately 15% Y-o-Y. But due to COVID-19 pandemic the global ecommerce sale is expected to witness the 25% Y-o-Y growth as the consumers are worried and panic to go out to purchase things.
According to the survey by National Retail Federation, nearly 6 in 10 consumers say that are worried about going to the store due to the fear of being infected and are buying things online. The trend of digitalization has resulted in a new generation of customer that use different channel and devices for purchasing.
Due to the trend of digitalization companies with strong omnichannel customer engagement are able to retain 89% their customers. Companies are adopting the customer data platform to retain their customers has it gives insight into how customer behave and what are their preferences and it also helps companies to focus on entire lifecycle of customer’s action.
The customer data platform has generated revenue of 1 Bn in 2019 and is expected to witness growth of approximately 11% to 12% in 2020 Q2-Q4. However, the longevity of the COVID-19 crisis will lead consumers to adopt online shopping for ensuring safety so there would be surge in demand for customer data platform market in 2021 as well.
Adoption of Customer Data Platform in Omnichannel Marketing is Spurring the Market Growth
Adoption of omnichannel marketing is increasing since customers’ experience has become the top priority for all types of businesses. Omnichannel marketing is all about targeting the right customer at the right time via every channel. A customer data platform is essential for omnichannel strategy as it unifies all the online and offline information into one place and makes it accessible to marketing channels.
This provide organizations information regarding each customer so that they can connect with their customers in most personalized way possible. Customer data platform empowers organizations to create omnichannel marketing campaigns and spend less time on focusing how to send message out and more time in creating the message.
This is done because customer data platform has ability to send messages through separate channel from one location. Customer data platform allows organization to fully optimize the omnichannel marketing with unified data, unified channels and unified decision.
Lack of Skilled Workforce to Use the Customer Data Platform is Restricting the Market Growth
Customer data platform helps organization to create a complete view of an individual customer by collecting data from a variety of sources. It provides actionable direction to the marketers and other professionals in the organization.
Major requirement for organization is to use the customer data platform more effectively. Due to lack skilled workforce that cannot use the customer data platform to handle and adapt change in the customer behavior has been restricting the market growth.