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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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 2024 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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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.
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