Customer Data Platform Industry Attracts New Participants: CDP Institute Report

MILFORD, Conn., Jan. 18, 2024 /PRNewswire/ -- The Customer Data Platform (CDP) industry continued to attract new participants in the second half of 2023 despite challenging business conditions, according to the CDP Institute's latest Industry Update report.  Most of ten companies added in the latest edition of the report were small firms started in the past five years and focused on profile building and analytics.  In previous reports, many added vendors were older, larger firms that adding CDP features to existing campaign and delivery products. 

"The CDP market still contains pockets of opportunity for new vendors to fill," commented CDP Institute Founder and CEO David Raab.  "Companies specializing in a particular region, industry, or price point continue to identify niches where they can compete."

Industry growth remained sluggish during the six--month report period.  Employment and cumulative funding both rose 2%, well below historical averages.  Total industry size was reported as 186 firms, 16,381 employees, and $6,917 million funding.  The CDP Institute estimates industry revenue will reach $2.5 billion in 2024.

There was some improvement in employment growth at previously listed companies, which rose by 1.1% compared with just over 0.5% in the preceding report.  The share of firms reporting an employment increase rose from 62% to 65%.  Larger companies showed better results than smaller firms: employment rose 2.1% at the largest 25% of firms, compared with a drop of 1% at the remaining 75%. 

About the Report

The CDP Industry Update Report provides detailed information on CDP vendors, employment, and funding by CDP type, location, founding year, and more.  It is based primarily on public data and includes eight years of information collected at six-month intervals.  The report can be downloaded for free at https://www.cdpinstitute.org/resources/industry-update-january-2024/

About the Customer Data Platform Institute

The Customer Data Platform Institute is a vendor-neutral organization that educates marketers and technologists about customer data management.   The Institute publishes industry news and educational materials, provides vendor comparison reports, builds directories of industry vendors and service firms, and offers Webinars, workshops, and consulting on related issues.  

Customer Data Platforms are defined as "packaged software that maintains a unified, persistent customer database which is accessible to external systems."  They are the only types of packaged software specifically designed to create and share a complete view of each customer. 

For more information, visit www.cdpinstitute.org.

SOURCE Customer Data Platform Institute