The Asia Pacific Customer Data Platform Market would witness market growth of 36.1% CAGR during the forecast period (2021-2027).
The rising awareness related to the advantages and features of data platforms across key players has surged the importance of customer data platforms in the last couple of years. A customer database is playing a vital role for players as it helps in displaying campaigns to the target customers. This could be seen as a slow transformation of a data platform, from access type to analytics & campaign-based CDPs. The customer data platform helps in independent data collection from various sources such as first-, second-, and third-party and the advancement of real-time customer profiles is attributed to a surge in the adoption rate of the customer data platform.
In addition, the implementation of strong regulatory measures about maintaining the privacy of customer’s data are the major factor accountable for boosting the growth of the customer data platform market. Several vendors are integrating General Data Protection Regulation tools in CDP to assist companies to obey the implemented regulations. This helps companies to gain the trust of their customers. For example, Piwik PRO, a tag management & enterprise analytics platform-based provider, incorporated a customer data platform with a GDRP consent manager to generate customer profiles from first-party data sources while following compliances and regulations.
There is a significant surge in the investment in advertisement and marketing activities by companies, particularly in nations like China, India, and Japan, which is anticipated to swiftly raise the growth of the customer data platform market over the forecasting years. In addition, the growing requirement to improve customer satisfaction, engagement, and retention for enhancing the customer experience is accountable to boost the customer data platform market in this region. Moreover, the rising need to understand, track, and determine customer behavior would open new growth avenues for the regional market in the upcoming years.
Whereas, lack of awareness among marketers regarding the availability of such platforms and absence of expertise & skilled professional, particularly in developing nations could hinder the growth of the regional market over the forecast period. Thus, Asia-Pacific is projected to witness a gradual rise in the demand for the CDP, therefore, would offer lucrative opportunities to the customer data platform market.
The China market dominated the Asia Pacific Cloud Customer Data Platform Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $773.9 million by 2027. The Japan market is showcasing a CAGR of 36.9% during (2021 - 2027). Additionally, The India market is anticipated to grow at a CAGR of 38.5% during (2021 - 2027).
Based on Component, the market is segmented into Platform (Without Services) and Services. Based on Application, the market is segmented into Personalized Recommendations, Predictive Analytics, Marketing Data Segmentation, Customer Retention & Engagement, Security Management and Others. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into BFSI, Retail & eCommerce, Media & Entertainment, Healthcare, Travel & Hospitality, Telecom & IT and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Customer Data Platform Market is Projected to reach USD 20.5 Billion by 2027, at a CAGR of 34%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SAP SE, Oracle Corporation, Microsoft Corporation, Adobe, Inc., Salesforce.com, Inc., Teradata Corporation, Totango, Ltd., Upland Software, Inc., Acquia, Inc. and SAS Institute, Inc.
By Component
By Application
By Deployment Type
By Enterprise Size
By End User
By Country
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