PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401775
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401775
Healthcare Customer Data Platform Market size was valued at USD 410.2 Million in 2022, expanding at a CAGR of 26.5% from 2023 to 2030.
Customer data platforms combine different types of data both structured and unstructured, and work with different kinds of data to convert the findings into actionable insights that support business expansion. Customer data platforms use sources like personally identifiable information, data from third parties, and streaming customer journey data to extract insights.
Healthcare Customer Data Platform Market- Market Dynamics
Increasing prevalence of chronic diseases and high demand for digital customer experience to propel market demand
As healthcare institutions realized that unified data is the cornerstone of the digital customer experience, there was a surge in demand for customer data platforms. For example, according to a study showed in March 2021 by PubMed, a greater grasp of healthcare customers' behavioral intents for adopting digital healthcare platforms during COVID-19 pandemic. A customer data platform may be able to help businesses recover from the pandemic's effects. Interest in information technology-based patient data management systems has increased due to the epidemic. The market is anticipated to grow because of increased adoption of digital health technologies and improvements in healthcare consumer data platforms.
Healthcare Customer Data Platform Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 26.5% over the forecast period (2023-2030)
Based on Component segmentation, software was predicted to show maximum market share in the year 2022, owing to high demand for software solutions for data management.
Based on Deployment segmentation, cloud-based segment was the leading segment in 2022, mainly due to increasing demand from non-invasive hemodynamic devices in clinical settings.
Based on Application segmentation, predictive analytics was the leading application in 2022, mainly due to high demand for predictive modeling.
On the basis of region, North America was the leading revenue generator in 2022, owing to rising adoption of advanced technology in healthcare sector.
The Global Healthcare Customer Data Platform Market is segmented on the basis of Component, Deployment, Application, and Region.
The market is divided into two categories based on Component: software and services. The software segment dominates the market. Software assembles a comprehensive view of each customer and unifies the data for different analysis.
The market is divided into two categories based on Deployment: on-premises and cloud-based. The cloud-based segment dominates the market and is likely to maintain its dominance during the forecast period. The real-time data tracking and storing capabilities is expected to fuel the market growth.
The market is divided into five categories based on Application: predictive analytics, marketing data segmentation, customer retention & engagement, security management, and others. The predictive analytics dominate the market and is likely to maintain its dominance during the forecast period. The predictive analytics helps in identifying patterns of data which is estimated to boost the market growth.
Healthcare Customer Data Platform Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to propel the market growth over the forecast period. The increased use of technology, rising levels of digital literacy, the construction of infrastructure for information technology, and the presence of major companies in the industry in the area are all factors contributing to the market's expansion. On the other hand, when it comes to the increasing uptake of cutting-edge healthcare IT solutions, Asia Pacific is anticipated to have the fastest CAGR over the projection period.
Customer data platform adoption has the potential to significantly increase operational efficiencies in the healthcare sector, leading to a diversification of the market. The market participants will be reliant on data personalization, multichannel marketing, and consent management for customer information. Product development and related technology innovation may also provide additional benefits and solve current problems, resulting in profitable market expansion. For example, Audiencerate introduced its CDP in April 2022 and claims to drastically simplify the process of coordinating first-party data. These developments are expected to bode well with the market growth.
In March 2022, Adobe expanded the availability of Adobe Experience Cloud for Healthcare, a solution that empowers healthcare enterprises to deliver seamless experiences.
In June 2021, Cloudera formed a definitive agreement to be acquired by affiliates of Clayton, Dubilier & Rice, and KKR in an all-cash transaction of USD 5.3 billion.
The scope of this report covers the market by its major segments, which include as follows: