Using AI to centralise silo-ed data in ecommerce is set to boost the customer data platform industry to $6bn a year from $1.7bn in 2022, a study suggests.
Customer data platforms are used to gain insight into customer preferences through collecting and extrapolating data on transactions, browsing history and other online information.
The new research, Customer Data Platforms: Key Strategies, Competitor Leaderboard & Market Forecasts 2022-2027, urges customer data platforms to increase the breadth of integrations with third‑party vendors, such as relationship management platforms, for greater access to user data. It highlighted the ability of customer data platforms to merge different data sources using AI as critical to unlocking more granular user insights to inform highly targeted marketing campaigns, enable greater personalisation and increase return on advertising spend.
The research assessed leading customer data platforms in the market; evaluating them on key factors, such as product offerings, partnerships and innovation. The top three vendors are:
The report’s co-author Charles Bowman comments: “The breadth of high-value services supported by Oracle’s Unity CDP, including real-time management of data, ability to unify data sources and predictive analytics, are key to differentiating the platform from its competition. As a result, we expect Oracle’s Unity CDP to be in high demand for personalisation services.”