Retail & eCommerce demands are expected to drive global Customer Data Platform Revenue to $6 Billion by 2027, a new study by Juniper Research has found.
According to the study, titled ‘Customer Data Platforms: Key Strategies, Competitor Leaderboard & Market Forecasts 2022-2027’, this is a rise from $1.7 billion in 2022; representing a growth of 250%. The introduction of AI-based services will be key to unifying multiple data sources on a single platform; reducing siloed data and centralising enterprise access to customer data.
“The breadth of high-value services supported by Oracle’s Unity CDP, including real-time management of data, ability to unify data sources and predictive analytics, is key to differentiating the platform from its competition. As a result, we expect Oracle’s Unity CDP to be in high demand for personalisation services,” said Co-author Charles Bowman.
Customer data platforms are used to gain insight into customer preferences through collecting and extrapolating data on transactions, browsing history and other online information.
The study urges customer data platforms to increase the breadth of integrations with third-party vendors, such as relationship management platforms, for greater access to user data. It highlighted the ability of customer data platforms to merge different data sources using AI as critical to unlocking more granular user insights to inform highly targeted marketing campaigns, enable greater personalisation and increases return on advertising spend.
Meanwhile, the research assessed leading customer data platforms in the market; evaluating them on key factors, such as product offerings, partnerships and innovation. The top 3 vendors are ranked below:
The report predicts that the retail and eCommerce sector will represent 35% of global customer data platform revenue in 2022, as online competition drives enterprise requirements for in-depth customer insights. In turn, the report urges customer data platform providers to develop new services that cater to online retailers and recommends that investment be focused on creating more efficient personalisation services.