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.
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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.
Increasing Demand for Omni-channel Experience: Key Driver of the Customer Data Platform Market
- Omni-channel is a complete and holistic methodology for customer communications over different channels without maintaining and saving customer data. The omni-channel approach provides seamless and smooth customer communication through all channels and keeps the entire consumer data inside the platform so that a third party or agent can easily address their concerns in a proper manner.
- Omni-channel experience is a cross channel methodology that allows various interfaces such as web, social media, and mobile to incorporate for customer engagement. An omni-channel methodology increases the involvement of customers with enterprises, as the entire communication channel is employed in an integrated manner. Hence, this helps in widening the customer database.
- An omni-channel experience also improves user experience as it uses a customer-centric approach. This approach significantly drives the customer data platform market as it provides a broader customer behavior experience for enterprises to implement their marketing strategies more efficiently. An omni-channel methodology is utilized majorly in the retail industry as it facilities inventory management as well as order management by order allocation. Furthermore, consumers are shifting more toward digital resources that significantly help enterprises to adopt an omni-channel methodology.
- Impiger Technologies provides the omni-channel retail solution to streamlines the user’s supply chain management. On the other hand, IBM Corporation provides a three tiered omni-channel methodology for retail as well as banking industry that involves capturing customer data, managing customer engagement systems, and applying suitable actionable insights.
- Therefore, increasing demand for omni-channel experience is significantly driving the growth of the customer data platform market.
Key Players Operating in the Global Customer Data Platform Market
- Adobe Inc.
- BlueConic, Inc.
- Microsoft Corporation
- Oracle Corporation
- Salesforce.com, Inc.
- SAP SE
- SAS Institute
- Teradata Corporation
- The Dun & Bradstreet Corporation
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Global Customer Data Platform Market: Research Scope
Global Customer Data Platform Market, by Solutions
- Support & Maintenance
Global Customer Data Platform Market, by Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
Global Customer Data Platform Market, by End-user
- Banking, Financial Services and Insurance (BFSI)
- Retail & E-commerce
- Travel & Tourism
- Media & Entertainment
- IT & Telecom
- Others (Automotive, Agriculture)
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
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The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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