Strong growth of user data platforms is expected ICT Business | TechBuzz

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Providers of user data platforms will generate $ 6 billion globally by 2027, a significant increase from $ 1.7 billion this year. That is, it is about 250 percent, according to Juniper Research.

The introduction of artificial intelligence-based services will be key to consolidating multiple data sources on a single platform, which means reducing isolated data and centralizing business access to user data.

Otherwise, customer data platforms are used to gain insight into user preferences by collecting and extrapolating transaction data, browsing history, and other online information.

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Also, this research encourages customer data platforms to increase the breadth of integration with third-party vendors, such as relationship management platforms, for better access to user data.

The ability of user data platforms to connect different data sources using artificial intelligence as the most important for “unlocking” more granular user insights to inform about highly targeted marketing campaigns and to enable greater personalization and increase returns on advertising was also highlighted.

The research assessed the leading customer data platforms in the market, assessing them based on key factors such as product offering, partnerships and innovation. And the top three vendors in that regard are Oracle, Salesforce and Adobe.

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“The breadth of high-value services supported by Oracle’s Unity CDP, including real-time data management, data aggregation capability and predictive analytics, is key to differentiating the platform from the competition. As a result, we expect Oracle’s Unity CDP to be in high demand for personalization services “, they emphasize in Juniper.

In addition, the report predicts that the retail and e-commerce sector will account for 35 percent of global customer data platform revenue this year, as online competition drives companies ’demands for deeper insights into customer habits.

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On the other hand, the report also calls on customer data platform providers to develop new services to serve online retailers and recommends that investments be focused on creating more efficient personalization services to make even better use of existing potential.

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