Customer Data Platforms (CDP) Statistics


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Customer Data Platforms (Cdp) Statistics 2023: Facts about Customer Data Platforms (Cdp) outlines the context of what’s happening in the tech world.

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Top Customer Data Platforms (Cdp) Statistics 2023

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Customer Data Platforms (CDP) “Latest” Statistics

  • According to 2030 Today, 56.8% of respondents felt that the CDP’s ROI has significantly improved by 5-10 times.[1]
  • 51% of respondents stated that AI would be critical or crucial to their marketing performance, according to AI Institute.[1]
  • 58% of those surveyed who had a CDP in place thought that it had significantly increased value.[1]
  • Although contact centers, supply chains, inventory management, and product teams now utilize more than 40% of the customer data that marketing and sales departments claim to use heavily.[1]
  • To visualize customer journeys and customize digital ads, 63% of marketers utilize a CDP.[1]
  • In order to standardize data collecting and create a unified data environment, 65% of company executives think these are their top priorities.[1]
  • A CDP will be essential to businesses’ attempts to improve customer experiences, according to 73% of them.[1]
  • 74% of C-suite executives think that having high-quality data offers them an edge over other companies.[1]
  • Data assembling is the most frequent job (66%), followed by analytics (42%) and predictive models (35%).[1]
  • According to the CDP Institute’s prediction, as of July 2022, CDP industry revenue would be 2 billion, up 25% from 2021.[1]
  • Greater efficiency is provided by centralizing customer data, which also promotes company development (64%).[1]
  • According to Unified Data Operations and the Customer Experience in 2022, 33% are dissatisfied with their capacity to engage clients using data.[1]
  • 96% of businesses have plans to use a “digital first” business strategy, according to IDG 2021 Digital Business Study.[1]
  • 56% of CMOs’ total marketing spending will be spent on digital platforms, with social media being the most expensive.[1]
  • 10% of these businesses deployed a CDP in 2017, but according to a 2021 CDP Institute user survey, 24% did so.[1]
  • People support the use of AI by businesses to customize suggestions by 81%.[1]
  • Less than 50% of marketers have combined data from offline sources, third-party social media sites, and product use.[1]
  • According to 26% of CMOs, the largest competence gap is in marketing data and analytics, followed by 23% in customer understanding and experience management and 22% in marketing technology.[1]
  • By 2027, the size of the Global Customer Data Platform market is projected to reach 20.5 billion, growing at a market development rate of 34% CAGR.[1]
  • 65% of workers and 83% of financing come from the top 25% of CDP suppliers listed by employment.[1]
  • While 85% of businesses make an effort to abide completely by privacy laws, the percentage of businesses that go above and above what is required by law has decreased from 28% in 2020 to 22% in 2021.[1]
  • Unstructured and unstructured data depend on the CDP, such as social media feeds, product images, and barcodes, and may make up as much as 80% of all data by 2025, according to IDG.[2]
  • By the end of 2021, 90% of B2C brands are expected to have an app. If you are used to the area, you could notice a noteworthy missing.[3]
  • More than 1.5 times as many respondents participated in this poll at the time, 29% of respondents said they had already installed a CDP in 2020.[3]
  • 47% of respondents in a poll of 4,684 consumer data decision makers stated they would increase by more than 25% during the next five years.[3]
  • To better comprehend the whole client experience, over 6% of segments’ customer base imported data from SendGrid.[3]
  • According to 33% of top marketers, knowing clients best requires having the correct technology for data collecting and analysis.[4]
  • Customers believe they are willing to spend extra if it means having a better customer experience 86% of the time.[4]
  • Businesses with a designated leader for Data Governance or Data Management have 42% more confidence in the quality of their data than those without.[4]
  • Companies who have a Data Governance program in place see an increase in data analysis time of 2% and a 31% increase in trust in the quality of the data.[4]
  • IBM data quality and completeness are cited by 54% of firms as their biggest marketing data management challenges.[4]
  • When it comes to how company executives use data, they spend 70% of their time finding information and just 30% of their time really studying it.[4]
  • As a consequence of reading data incorrectly, 57% of marketers are seeing diminished outcomes.[4]
  • Businesses that prioritize enhancing customer experience see an 80% boost in revenue.[4]
  • Fantastic office after having a wonderful personalized personal encounter with a company, 49% of buyers admit to making impulsive purchases.[4]
  • Every two years, customers produce twice as much data, yet only 99% of that data is ever utilized, analyzed, or altered.[4]
  • With Acquia CDP in Action, Moosejaw saw an increase of 125% in conversion rates.[5]
  • According to projections, the size of the worldwide market for Customer Data platforms would increase at a CAGR of 15% between 2022 and 2028, from 1,905.7 million in 2021 to 5,110.6 million.[6]
  • According to Deloitte, a third of mid-market businesses invest at least 5% of their overall sales on technology.[7]
  • Marketers that have mastered personalisation improve sales by 5% to 15% and marketing spend efficiency by 10% to 30% .[8]
  • Revenue for the CDP market is expected to reach two billion dollars in 2022, up 25% from the reported value of 1.6 billion in the previous year.[9]

Also Read

How Useful is Customer Data Platforms Cdp

At their core, CDPs are designed to consolidate customer data from multiple touchpoints into a single, centralized database. This allows businesses to gain a more holistic view of their customers and deliver more personalized and targeted marketing campaigns. By analyzing this data, companies can tailor their messaging, offers, and strategies to better meet the needs and preferences of their customer base.

One of the major benefits of CDPs is the ability to segment customers based on various criteria, such as demographics, behavior, and preferences. This granular level of segmentation allows businesses to target specific groups with highly relevant messaging, leading to increased engagement and conversion rates. For example, a clothing retailer can use a CDP to segment customers based on their past purchases and send targeted promotions to customers who have previously bought a certain type of product.

In addition, CDPs allow companies to create a unified customer profile that captures a 360-degree view of each customer. By integrating data from various sources such as websites, mobile apps, email campaigns, and social media, businesses can gain valuable insights into customer behavior and preferences. This holistic view enables companies to deliver a seamless and personalized experience across all touchpoints, ultimately fostering stronger customer loyalty and increasing lifetime value.

Moreover, CDPs enable companies to track the customer journey from initial contact to conversion and beyond. By analyzing trends and patterns in customer behavior, businesses can optimize their marketing strategies and improve overall performance. For example, a travel company can use a CDP to identify common pain points in the booking process and make adjustments to enhance the customer experience.

Despite these benefits, implementing and managing a CDP can be complex and resource-intensive. Companies must invest in integrating data sources, training staff, and continually updating and maintaining the database. In addition, privacy concerns and compliance regulations, such as GDPR, can present challenges in collecting and storing customer data. Moreover, data quality issues, such as duplicates and inconsistencies, can arise and affect the accuracy and reliability of insights generated from the CDP.

Furthermore, the success of a CDP ultimately depends on the ability of businesses to effectively utilize the insights gained from the platform. Simply collecting data is not enough; companies must have a clear strategy in place to act on the information and drive meaningful results. Without a well-defined plan and the necessary resources, a CDP may not deliver the expected return on investment.

In conclusion, while CDPs offer significant value in enabling businesses to better understand their customers and deliver personalized experiences, their utility is contingent on various factors such as implementation, management, and utilization. When leveraged effectively, CDPs can undoubtedly drive improvements in marketing performance and customer engagement. However, companies must approach the adoption of a CDP with a strategic mindset and a clear focus on maximizing the platform’s capabilities to truly harness its potential.

Reference


  1. cdp – https://cdp.com/articles/basics/cdp-industry-statistics/
  2. martech – https://martech.org/martech-landscape-customer-data-platform/
  3. segment – https://segment.com/blog/cdp-report-2021/
  4. v12data – https://v12data.com/blog/customer-data-platforms-the-stats-you-cant-ignore/
  5. acquia – https://www.acquia.com/products/marketing-cloud/acquia-cdp
  6. globenewswire – https://www.globenewswire.com/news-release/2022/04/05/2416331/0/en/Customer-Data-Platforms-CDP-Market-2022-2028-Key-Business-Opportunities-Production-Revenue-Sales-Share-Trends-Business-Strategies-Top-Players-Key-Countries-Types-and-Applications.html
  7. insiderintelligence – https://www.insiderintelligence.com/topics/category/customer%20data%20platform
  8. oracle – https://www.oracle.com/cx/customer-data-platform/what-is-cdp/
  9. statista – https://www.statista.com/statistics/1293577/customer-data-platform-industry-revenue/

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