27th September 2023
Juniper Research has found that the use of CDPs(Customer Data Platforms) will generate an additional $70bn in retail spend by 2028; rising from $6.7bn in 2024.
CDPs collate first-party consumer data from a variety of sources to target high-value customers. Specifically, tailored recommendations and customer segmentation are leveraged to increase customer lifetime value; thus driving a significant growth of 1,700% in additional consumer spend over the next five years.In its new report, "A turning point for offshore wind", Allianz Commercial highlights growth opportunities, tech innovations, risk trends, and loss patterns for the global industry:
-Damage to cables is the top cause of insurance claims, followed by turbine failure.
-Speed of build-out is creating pressure on materials and supply chains, port infrastructure, and available construction and maintenance vessels.
-Bigger turbines and new technology drive bigger exposures for insurers which need to be understood in partnership with developers.
-Weather and natural catastrophe risks are increasing as sector expands into new territories.
The research ranked 14 leading CDP vendors on which platforms are best positioned to benefit from this $70mbn additional spend. It used a number of criteria including product innovation, platform capabilities and future business prospects. The top five vendors for 2023 are:
The research identified that established CDP vendors offer generative AI capabilities; widening the ability for enterprises to individualise content recommendations, monetise first-party data, and manage data governance. For example, Tealium’s PredictML solution provides a propensity score to customer profiles that are automatically created by its CDP. Maximising this targeted approach will be vital in capitalising on the additional consumer spend enabled by CDPs.
Report author Elisha Sudlow-Poole commented: “Automating the process of identifying and targeting high-value customers will allow brands to personalise services to generate cross-selling and up-selling opportunities. These opportunities will impact consumer retail spend as it targets consumers on preferred channels at peak times with selective products.”
This new market research suite, "Customer Data Platforms: Market Forecasts, Business Strategies & Country Readiness Index 2023-2028", offers the most comprehensive assessment of the CDP market to date, providing over 22,500 market statistics and five-year forecasts across 60 countries. It includes a ‘Competitor Leaderboard’ and ‘Country Readiness Index’.
Juniper Trends(30 articles)
AI Trends(483 mentions in Insirance Newslink)