(MENAFN- PR Newswire) Asia Pacific is witnessing significant growth in the Customer Data Platform (CDP) market. Asia Pacific is expected to grow at the highest rate during the forecast period. The region is expected to be the fastest growing in the Customer Data Platform (CDP) market; this growth can be attributed to the increasing adoption of IoT and smart technologies and growing government initiatives, such as smart cities, across Asia Pacific countries, including China and India.
Top Key Companies in Customer Data Platform Market:
Some major players in the Customer Data Platform (CDP) market include Oracle Corporation (US), SAP SE (Germany), Adobe Inc. (US), Salesforce, Inc. (US), Microsoft Corporation (US), SAS Institute (US), Twilio (US), Cloudera (US), Teradata (US), Nice Systems Ltd. (Israel), Dun & Bradstreet (US), Leadspace (US), Upland Software (US), CaliberMind (US), Celebrus (UK), Tealium (US), Acquia (US), BlueConic (US), Lytics Inc. (US), IgnitionOne, Inc. (US), Amperity, Inc. (US), Optimove (Israel), Totango (US), Insider (Singapore), Listrak (US), Simon Data (US), Ometria (UK), Treasure Data (US), Salesmango (US), and ActionIQ (US).
Recent Developments:
In November 2023, The latest version of SAS Viya incorporated SAS visual statistics and visual text analytics. The update includes enhanced ML capabilities, an SAS information catalog, SAS information governance, an SAS model manager, and an SAS Studio. In October 2023, In the latest version of SAP S/4HANA Cloud, a private edition released in 2023, a host of innovations is introduced. These include embedded AI, new predefined predictive scenarios, expansions to the predefined event catalog rooted in FI-CA processes and data, and augmentations to the predefined ML feature catalog based on FI-CA processes and data. In September 2023, Oracle and Microsoft announced Oracle Database Azure, which gives customers direct access to Oracle database services running on Oracle Cloud Infrastructure (OCI) and deployed in Microsoft Azure data centers. In June 2023, Microsoft and Moody's Corporation announced a new strategic partnership to deliver next-generation data, analytics, research, collaboration, and risk solutions for financial services and global knowledge workers. In May 2023, SAP and Google Cloud announced an extensive expansion of their partnership, introducing a comprehensive open data offering designed to simplify data landscapes and unleash the power of business data.
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Customer Data Platform Market Advantages:
Customer relationship platforms (CDPs) offer businesses a comprehensive picture of customer interactions, behaviours, and preferences across channels and touchpoints by combining and unifying customer data from several sources into a single, centralised platform. CDPs use machine learning and data analytics to analyse customer data and produce actionable insights. This helps businesses anticipate customer behaviour, identify customer wants, and customise marketing campaigns and customer experiences. By segmenting and targeting customers based on their distinct profiles, interests, and behaviours, CDPs offer personalised marketing and customer experiences that boost customer happiness, conversion rates, and engagement. By standardising, cleaning, and deduplicating consumer data, CDPs guarantee data quality and governance while also guaranteeing accuracy, consistency, and compliance with data privacy laws like the CCPA and GDPR. Through the support of CDPs, businesses are able to integrate and process data in real-time, enabling prompt replies, customised interactions, and dynamic campaign optimisations. By integrating with different marketing automation and engagement systems, CDPs make cross-channel orchestration easier and allow businesses to provide coherent and consistent customer experiences across email, social media, the web, mobile, and offline channels. By locating touchpoints, interactions, and pain points along the customer journey, CDPs assist businesses in optimising the customer journey. This allows businesses to streamline operations, eliminate bottlenecks, and provide seamless customer experiences.
Report Objectives
To describe and forecast the global Customer Data Platform (CDP) market by offering (platform and services), application, data channel, type, deployment mode, vertical, and region To forecast the market size of the five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America To analyze the subsegments of the market with respect to individual growth trends, prospects, and contributions to the overall market To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape of the major players. To comprehensively analyze the core competencies of key market players To track and analyze competitive developments in the market, such as mergers and acquisitions, product developments, partnerships and collaborations.
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