The data platform market has demonstrated high degree of growth owing to rapidly escalating demand levels. Market Research Future which concentrates on market reports linked to the Information and Communications Technology sector amongst others recently made available a report on this sector. The global market for data management platform is anticipated to achieve USD 3 billion by the year 2023 while growing with a 15 per cent CAGR during the forecasted period.
Data management platform is an intelligent form of a data warehouse. It collects the data from sources like mobile apps, mobile web, CRM, social networks, and stores that data and provides the useful information for the users such as ad agencies, marketers and publishers. The data management platform is majorly used to expand the audience segmentation by understanding the structure of audience by device, application and environment of usage to increase the effectiveness of the audience engagements.
This is also to monitor the ad campaign strategies to identify the points of conversion and also to personalize the campaigns to increase the effectiveness. The Data Management Platform also benefits the end users to analyze the data and match the consumers across various devices. It also helps the marketers to increase the conversion at each stage.
The major factor for the growth of the Data management Platform is for the marketers and agencies to get the detailed information about the customer to create personalized and strategically driven ads for higher conversion rates, ROI and customer retention.
The Data Management Platform Market includes many of the features such as data collection, data classification, data analysis, data transfer and scalability allowing the users to target the clients anytime and anywhere to make the real time and long term campaigns. Some of the advanced features that Data management Platform offers is Tag Management, Audience segmentation, media integration, campaign analysis, and audience analytics.
Detailed Regional Analysis:
The market for Data Management Platform Market is divided into Europe, North America, Asia Pacific and Rest of the world. Among these regions, North America is estimated to dominate the market with Asia pacific region closely following in the second position. This is primarily owing to increase in the internet usage and online customers. As the market further experiences further development in technological advancements, the rise of connected devices are increasing the usage of data sharing across different platforms. The market due to the rise in the cloud services globally, will lead to a majority of data management platform to migrate effectively to the cloud.
The segmentation of the Data Management Platform is done on the basis of Data type, Data Source, End Users and region. On the basis of Data type the segmentation is further divided into first party, second party and third party data. Out of these the first party data is most valuable data because of the source of data collection have some form of direct connection with the brand. They are either the existing customers or the potential customers. Marketers use this type of data to convert the potential users into customers and sell products to existing customers. The first party data holds the highest share in the current market. However, the third party data share continues to grow.
On the basis of Data source the data management platform is divided into web analytics tools, mobile web, mobile apps, CRM data, POS data, and social networks among others. Out of these, web analytics tools, mobile apps, Social network and POS data show a significant share in terms of data collection. The data management platform market targets majorly the ad agencies, marketers and publishers as the end users.
The market for Data management Platform is segmented under North America, Europe, Asia Pacific and Rest of the world. Among these, North America is estimated to dominate the market following Asia pacific. This is majorly due to rise in the online customer and internet usage. As growth in technological advancements, the rise of connected devices increase the usage of data sharing across different platforms.
The Data Management Platform market is expected to reach approximately USD 3 billion by the end of 2023 with approximately 15 % CAGR during the forecasted period from 2017 – 2023.