The market for Customer Data Platforms is growing. According to a recent report, the global Customer Data Platform (CDP) market size is expected to grow from $2.4B (nearly €2B) in 2020 to $10.3B (approx €8.5) by 2025, at a Compound Annual Growth Rate (CAGR) of 34 per cent during the forecast period. The report suggests that the driving factors behind this massive growth are “increasing spending on marketing and advertising activities by enterprises, changing landscape of customer intelligence, the proliferation of customer channels, automated smart machines to drive consumer experience.”
Furthermore, as per the report, the increasing investments and fundings in CDP startups is another major factor contributing to the growth of the global CDP market. Indicative of the above-mentioned factor, Belgian Customer Data Platform Journy.io has just raised funding.