Employment and funding were up marginally and start-ups continue to enter the space.
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).
The post The CDP space saw sluggish growth in H2 2023 appeared first on MarTech.
MarTechAbout the author
Kim Davis is currently editor at large at MarTech. Born in London, but a New Yorker for almost three decades, Kim started covering enterprise software ten years ago. His experience encompasses SaaS for the enterprise, digital- ad data-driven urban planning, and applications of SaaS, digital technology, and data in the marketing space. He first wrote about marketing technology as editor of Haymarket’s The Hub, a dedicated marketing tech website, which subsequently became a channel on the established direct marketing brand DMN. Kim joined DMN proper in 2016, as a senior editor, becoming Executive Editor, then Editor-in-Chief a position he held until January 2020. Shortly thereafter he joined Third Door Media as Editorial Director at MarTech.
Kim was Associate Editor at a New York Times hyper-local news site, The Local: East Village, and has previously worked as an editor of an academic publication, and as a music journalist. He has written hundreds of New York restaurant reviews for a personal blog, and has been an occasional guest contributor to Eater.
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