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, ResearchandMarkets 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.
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. Let’s explore each of these factors in greater detail.