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

CDPs are designed to centralize and consolidate customer data from various sources, such as website interactions, email marketing campaigns, social media, and more. This data is then used to segment customers, create targeted marketing campaigns, and personalize the overall customer experience.

One of the main advantages of CDPs is their ability to provide a comprehensive view of each customer, allowing businesses to better understand their preferences, behaviors, and needs. By harnessing this data, companies can tailor their marketing efforts and product offerings to better meet the individual needs of customers, thus building stronger customer loyalty and increasing revenue.

Furthermore, CDPs can help businesses streamline their marketing operations by automating the process of collecting, managing, and activating customer data. This not only saves time and resources but also ensures that marketing efforts are more efficient and effective.

Another key benefit of CDPs is their scalability. As businesses grow and acquire more customers, CDPs can easily accommodate larger volumes of data and still provide valuable insights. This scalability is crucial in today’s fast-paced business environment, where companies need to quickly adapt to changing customer preferences and market trends.

However, despite the many advantages of CDPs, they are not without their challenges. One common issue businesses face is the complexity of implementing and integrating CDPs with existing systems and processes. This can be a time-consuming and costly endeavor, especially for smaller businesses with limited resources.

Additionally, the quality of the data being collected and stored in CDPs can vary greatly. Businesses must ensure that the data is accurate, up-to-date, and compliant with data privacy regulations. Failure to do so can lead to inaccurate insights and potential legal troubles.

Moreover, while CDPs can provide a wealth of customer data, businesses need to have the necessary expertise and resources to interpret and act on this data effectively. Simply collecting data without understanding its implications or how to use it strategically is a wasted opportunity.

Ultimately, the usefulness of CDPs depends on how well businesses leverage the insights gleaned from customer data to drive business growth and improve the overall customer experience. While CDPs offer valuable tools for businesses to better understand and engage with their customers, success ultimately lies in how businesses integrate these platforms into their overall marketing strategies and operations.

In conclusion, while CDPs offer significant benefits in terms of data consolidation, personalization, and efficiency, businesses must be mindful of the challenges and complexities associated with these platforms. By investing in the right technology, resources, and expertise, businesses can harness the power of CDPs to gain a competitive edge in today’s digital marketplace.

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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