Customer data platform providers will generate $6 billion globally by 2027, rising from $1.7 billion in 2022; representing growth of 250 percent.
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.
According to Juniper, 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 new research, Customer Data Platforms: Key Strategies, Competitor Leaderboard & Market Forecasts 2022-2027, 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.
The report 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.
Leading Platforms Revealed
The research assessed leading customer data platforms in the market; evaluating them on key factors, such as product offerings, partnerships and innovation. The top three vendors are ranked as Oracle, Salesforce and Tealium.
Co-author Charles Bowman said, “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.”
Retail, eCommerce to hit 35 percent of revenue
In addition, 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.