Healthcare Customer Data Platform Market size And Forecasts 2027
The global Healthcare Customer Data Platform market gathered revenue around USD 219.3 Million in 2020 and market is set to grow USD 1.2 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 27.0% during the prediction period 2021 to 2027.
Growth Factors:
Due to the ongoing COVID-19 pandemic, patient needs and customer behavior patterns have changed and this trend is likely to continue until the pandemic is completely contained. The companies or brands require a structured approach to deal with the changing industry trends. The Customer Data Platform (CDP) systems have the potential to offer help in healthcare operations. Understanding patient preferences through predictive analytics is crucial for healthcare organizations. CDPs are now offering COVID-19 impact strategies to understand insights related to patient preferences.
CDPs can improve compliance with information privacy regulations such as the General Data Protection Regulation (EU) (GDPR) and the California Consumer Privacy Act (CCPA). These regulatory laws need companies to provide customers with the right to access their information. Meeting these regulatory requirements can be challenging for healthcare providers in case the patient data resides in different systems. CDPs create a unified view of each patient by capturing information from multiple channels, by linking data from those channels related to the same patient.
Traditional data management systems only collect summary information. However, CDPs have the ability to make completely linked customer information that is easily accessible to businesses. The correct use of CDP provides a foundation for marketing activities by connecting multiple information sources.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Healthcare Customer Data Platform market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Healthcare Customer Data Platform market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
Report Coverage
| Report Scope | Details |
| Market Size | USD 1.2 Billion by 2027 |
| Growth Rate | CAGR of 27.0% From 2021 to 2027 |
| Base Year | 2020 |
| Forecast Period | 2021 to 2027 |
| Historic Data | 2017 to 2020 |
| Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
| Segments Covered | Component, deployment mode, organization size, application and Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | Microsoft; Mercury Healthcare, Inc.; Tealium, Inc.; Innovaccer Inc.; Adobe; Treasure Data, Inc.; Skypoint Cloud Inc.; Solix Technologies, Inc.; Salesforece.com, Inc.;Reltio |
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Healthcare Customer Data Platform market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
By Component analysis:
In 2020, the software segment dominated the market and held the largest revenue share of 77.5%. The segment is anticipated to showcase the fastest CAGR over the forecast period from 2021 to 2027. Customer data platforms are packaged software that assembles a comprehensive view of each customer and unifies the data for analysis. They fill the gap between missing data points, by acquiring fragments of customer data from various source channels. Some customer data platform systems go beyond just assembling customer data to include analysis and offer campaign functions of their own.
By Deployment Mode analysis:
The cloud-based deployment model dominated the market and accounted for the largest revenue share of 72.2% in 2020. The segment is likely to witness the fastest CAGR over the forecast period due to the quick access, higher flexibility, easier data back up, and lower handling costs. The real-time data tracking and storing, large storage spaces for humongous data, and remote access from any location and device are likely to drive the growth of the segment.
By Application analysis:
In 2020, the predictive analytics segment dominated the market and accounted for the largest revenue share of 24.7%. With the help of predictive modeling, customer data platforms can turn big volumes of data into usable insights that can guide business marketing decisions. Predictive analytics helps in identifying patterns from the processed customer data, which in turn, helps businesses in understanding what is most likely to happen next in a customer journey.
The personalized recommendations segment is anticipated to witness the fastest growth rate over the forecast period from 2021 to 2027. The delivery of meaningful, tailored, and relevant insights from customer data are crucial for brands to understand their customer preferences. Over the past few years, expectations of customers have increased. Hence, the brands are focusing on personalized customer data to understand individual customer patterns.
By Organization Size analysis:
In 2020, the large enterprises segment dominated the market and held the largest revenue share of 64.2%. This is owing to the growing demand for data platforms by larger organizations. Larger enterprises, such as big hospitals, deal with a huge volume of patient data and they require data being tracked across various channels. Moreover, as the scale of customer data continues to grow, the demand for sorting and unifying customer information is likely to grow at a significant rate.
Regional analysis:
In 2020, North America dominated the healthcare customer data platform market and accounted for the largest revenue share of 50.1%. The segment is likely to maintain its position throughout the forecast period. The market growth can be attributed to the higher adoption of technology, growing digital literacy, development of information technology infrastructure, and the presence of key market players in the region. On the other hand, Asia Pacific is expected to witness the fastest CAGR over the forecast period pertaining to the rising adoption of advanced healthcare IT solutions.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Some of the prominent players in the Healthcare Customer Data Platform Market include: Microsoft; Mercury Healthcare, Inc.; Tealium, Inc.; Innovaccer Inc.; Adobe; Treasure Data, Inc.; Skypoint Cloud Inc.; Solix Technologies, Inc.; Salesforece.com, Inc.;Reltio
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
By Component
Software
Services
By Deployment Mode
On-premise
Cloud-based
By Organization Size
Large Enterprises
Small & Medium-sized Enterprises
By Application
Personalized Recommendations
Predictive Analytics
Marketing Data Segmentation
Customer Retention and Engagement
Security Management
Others
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Highlights of the Report:
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Healthcare Customer Data Platform market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Healthcare Customer Data Platform market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Healthcare Customer Data Platform markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Healthcare Customer Data Platform Market Study:
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers