The global market for customer data platforms is expected to rise dramatically over the next few years. The CDP Institute pegged industry revenue for 2019 at $1 billion and it expects the sector to reach at least $1.3 billion in 2020. Meanwhile, Research and Markets predicts the industry will grow from $2. billion in 2020 to $10.3 billion by 2025, expanding at an astounding compound annual growth rate (CAGR) of 34.0% during the forecast period.
What’s behind the hype about Customer Data Platforms? by Pamela Parker on Martech Today
This growth is being driven by the proliferation of devices and customer touchpoints, higher expectations for marketers to orchestrate real-time personalized experiences across channels and the need to navigate complex privacy regulations.
Customer data security and governance have leapt to the forefront of marketer concerns, as the alphabet soup of data regulations — from HIPAA (Health Insurance Portability and Accountability) to HITECH (Health Information Technology for Economic and Clinical Health) to GDPR (General Data Protection Regulation), CCPA (California Consumer Privacy Act) and CASL (Canada Anti-Spam Legislation)
