![Key Metrics for Social Media Marketing [Infographic]](https://www.socialmediatoday.com/imgproxy/nP1lliSbrTbUmhFV6RdAz9qJZFvsstq3IG6orLUMMls/g:ce/rs:fit:770:435/bG9jYWw6Ly8vZGl2ZWltYWdlL3NvY2lhbF9tZWRpYV9yb2lfaW5vZ3JhcGhpYzIucG5n.webp "Key Metrics for Social Media Marketing [Infographic]")
The CDP industry did see some growth in the second half of 2023, but it was small and sluggish according to the latest industry update from the CDP Institute. Both net employment and funding did grow, but at around 2% these were the lowest increases yet reported.
Nevertheless, 10 companies, mostly small, have entered the space since 2019. The CDP Institute is forecasting below average growth in revenues for 2024, $2.5 billion, up from $2.3 billion in 2023.
Why we care. It sometimes seems like the CDP space is at an inflection point. Most brands with sufficient digital maturity to extract value from a CDP must by now have considered implementing one. Strong growth surely requires more brands to ascend the digital maturity curve.
At the same time, we’re seeing CDPs being acquired and integrated with broader digital experience offerings, as well as a strong trend for CDPs to plug into external data sources like data lakes and warehouses rather than ingest all the needed data themselves. Let’s see where we are a year from now.
New CDPs in the space. Here are the 10 CDPs launched since 2019 that are featured for the first time in the Institute update:
- United States. Chord, DrivenIQ, Maestra, Rebid.
- Elsewhere. Custimy (Denmark), Dataware (Latvia), Pam Real CDP (Thailand), Pimcore (Austria), Tracardi (Poland), XCM Horizon (U.K.).
“Industry Update 2024” (gated resource).
Looking to take control of your data? Learn about trends and capabilities of customer data platforms in the latest edition of this MarTech Intelligence Report.
The post The CDP space saw sluggish growth in H2 2023 appeared first on MarTech.
