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Healthcare Customer Data Platform Industry Overview
The global healthcare customer data platform market size is expected to reach USD 1.6 billion by 2028, based on a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 27.2% from 2021 to 2028. 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.
Healthcare Customer Data Platform Market Segmentation
Grand View Research has segmented the global healthcare customer data platform market based on component, deployment mode, organization size, application, and region:
Based on the Component Insights, the market is segmented into Software, Services.
- In 2020, the software segment dominated the market and held the largest revenue share of 77.6%. The segment is anticipated to showcase the fastest CAGR over the forecast period from 2021 to 2028.
- 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.
Based on the Deployment Mode Insights, the market is segmented into On-premise, Cloud-based.
- The cloud-based deployment model dominated the market and accounted for the largest revenue share of 72.1% 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.
Based on the Application Insights, the market is segmented into Personalized Recommendations, Predictive Analytics, Marketing Data Segmentation, Customer Retention and Engagement, Security Management, Others.
- In 2020, the predictive analytics segment dominated the market and accounted for the largest revenue share of 24.9%. 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 2028. The delivery of meaningful, tailored, and relevant insights from customer data are crucial for brands to understand their customer preferences.
Based on the Organization Size Insights, the market is segmented into Large Enterprises, Small Medium-sized Enterprises.
- 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. The small and medium-sized enterprises segment is anticipated to witness the highest CAGR over the forecast period.
Healthcare Customer Data Platform Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa (MEA)
Key Companies Profile Market Share Insights
The market is becoming diverse as customer data platform deployment has the potential to provide huge gains in the healthcare industry by increasing operational efficiencies. It can offer an incremental lift for every stage of the customer/patient lifecycle.
Some prominent players in the global 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
Order a free sample PDF of the Healthcare Customer Data Platform Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
