Increasing Importance of Real-Time and Personalized Engagement to Boost the Market Real-time and personalized data analysis provided by CDM is expected to boost the market in the forecast period. The platform gives estimations and observations about the customer and their preferences when the data is stored. This helps organizations to understand their customers in better way. Owing to such benefits, players in the market adopt various strategies to strengthen the market position. For instance, in May 2021, Salesforce upgraded its customer data platform solution to assist organizations in prioritizing first-party data and offer more personalized interaction with customers. CDP helps enterprises in collecting important information and data about customers before implementing the marketing strategy. Initially, the data was stored in a decentralized system, which made it difficult and tedious to collect data in a single frame and analyze it. CDP stores data in single platform from where an absolute analysis is performed. The moment data is stored into CDM, it offers various analysis about the customer and its preferences. This helps in expanding customer engagement and develop a suitable customer experience strategy. As per an analysis, by 2030, 69% of decisions made during customer engagement will be accomplished by machines. The automation and agility is likely to drive the market in the forecast period. As the need for real-time automated decision making is increasing, CDP solutions with people-based marketing, cross-channel real-time engagement capabilities will evolve. The platform enhances the relationship between vendors and customers through transparent and targeted interactions. This is expected to strengthen the customer data platform market growth in the forecast period. Also, with players taking several efforts to expand their reach, the market size is likely to bolster. For instance, in January 2020, Tealium, Inc. and Invoca Inc. disclosed a partnership to assist enterprises with customer data and real-time analytics. Increasing Importance of Customer Satisfaction and CRM in BFSI Sector to Strengthen the Customer Data Platform Market BFSI is witnessing a rise in online client interaction over the last few years. The increasing availability and affordability of internet has motivated customers to use various online channels to interact with insurance, banks, and other institutions. The BFSI sector is making heavy investments in customer engagement strategies, customer relationship management and approach to strengthen their partnership. Also, with rising pressure of online engagement, the BFSI sector is focusing to offer personalized experience across all channels. In addition, banking sector is taking several initiatives to avail benefits of CDM. For instance, on May 4th, 2022, Marble Financial Inc., an AI-based FinTech company, announced that it had entered into a licensing agreement with thirdstream to offer Marble’s innovative financial technology solutions to more than 50 banks, financial services and insurance enterprises on thirdstream’s platform. Thirdstream has more about 50 BFSI clients. As per reports by Federation of Indian Chambers of Commerce & Industry, by 2030, 80% of traditional financial firms would cease to exist and firms that would be yet to adopt the modern technology would lag behind in the competition. CDM has helped the banking sector understand their customers’ preferences through integrated systems, security standards, self-service capabilities and availability of live agents and experts, and the omnichannel banking. Owing to aforementioned factors, CDM is expected to gain significant popularity in the BFSI sector in the coming time.
