Given the stratospheric rise in importance of customer data over the past few years it is unsurprising to discover that the customer data platform (CDP) sector is in rude health. A CDP is defined as packaged software that creates a persistent, unified customer database that is accessible to other systems.
The CDP Institute based in the US has released its latest global industry report which reveals a 71 per cent growth in employment in the sector since last year. Additionally the industry added nineteen vendors and raised $317 million in new capital during the period. Major shifts in the market included expansion in Europe, EMEA, and APAC. Fifteen of the nineteen new CDP vendors are from outside the U.S. The Institute also confirmed its projection for the CDP industry to reach the $1 billion revenue in 2019.
As the martech industry continues to grow, marketers can anticipate that CDPs will continue to expand their capabilities to serve their customers’ needs, something that we at Alchemetrics are constantly striving to achieve. We continue to ensure that Alchemetrics offers the most cutting edge solutions and that our platform integrates with all leading martech products in order to maintain our growth.
The term Customer Data Platform was coined in 2013 to describe several types of marketing systems that shared the ability to build a unified customer database. This was unusual at the time but something we were already offering to our clients. Most of these systems created the database to support an application such as predictive modelling, attribution, web site personalisation, or campaign management. The industry has grown quickly as marketers recognised the need for unified data. Growth in Europe has been further boosted by CDP features that help companies comply with the General Data Protection Regulation (GDPR).
The CDP Institute was founded in 2016 to educate marketers and technologists about CDP capabilities. The Institute published its first Industry Update report in January 2017. It has released updated versions at six-month intervals since that time. More information can be found at www.cdpinstitute.org.
What is clear from the report is that customer data is increasingly becoming a business fundamental and CDPs are crucial for helping organisations to extract the most value from their data. For more information about our award winning, cost effective CDP solution please don’t hesitate to contact us!
If you want to know and understand more about the way data is changing the world you live in, or would like to know how data can add value to your business, please email me at email@example.com