Customer data platform revenue reaches US$ 6 billion by 2027- Juniper research
KUALA LUMPUR - A new study by Juniper Research has found customer data platform providers will generate US$6 billion globally by 2027, rising from US$1.7 billion in 2022; representing growth of 250 per cent, with the introduction of AI-based services being key to unifying multiple data sources on a single platform; reducing siloed data and centralising enterprise access to customer data. (US$1 = RM4.392).
According to a statement, 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.
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 increase return on advertising spend.
The research assessed leading customer data platforms in the market; evaluating them on key factors, such as product offerings, partnerships and innovation, with the top three vendors ranked as Oracle; Salesforce; and, Tealium.
In addition, the report predicts that the retail and eCommerce sector will represent 35 per cent of global customer data platform revenue in 2022, as online competition drives enterprise requirements for indepth 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.
Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary. - BERNAMA