Organizations lack a centralized data repository, due to which valuable data residing in cross-organizational silos remains out of reach for marketers. As a result, marketers face difficulty in understanding their customers, their actions, and expectations. Organizations also suffer due to such data silos, as the absence of data-driven insights regarding core business processes often leads to ineffective decision-making and implementation. Brands are evaluating CDPs that can support their business objectives by offering rich and unified customer data, actionable data insights, and leverage these insights across their marketing initiatives. While organizations are making constant efforts to capture data from multiple sources, effective utilization of this data is a priority. Advanced artificial intelligence (AI) and machine learning (ML) capabilities can help them achieve this. In addition, the ongoing disruption due to the global pandemic has urged organizations to understand unprecedented levels of customer behaviors and expectations. Therefore, a majority of the organizations are looking at CDPs embedded with one or more artificial intelligence (AI) and machine learning (ML) capabilities to help them drive value from the data across their business.
Quadrant Knowledge Solutions has been evaluating the CDP market for the past few years and has observed that the adoption of AI and ML capabilities to drive customer engagement and increase ROI is the most important trend. The trend is anticipated to impact the customer experience and the commerce domain in the coming years.
This Market Insight delves about understanding the importance of AI and ML capabilities in the CDP market, ongoing AI/ML enhancements to gain a competitive edge amid the pandemic, and how AI/ML support is driving increased adoption of CDPs. This Market Insight will highlight:
- How are AI/ML and its advancements impacting the CX space?
- How are brands benefiting from the adoption of AI and ML-powered CDPs?
- Challenges organizations face prior adoption of the CDP.
- Vendor landscape and market development with advancements in CDP capabilities driven by intelligent AI and ML models.
“Due to the rise in digitalization and constant need to sustain in the uncertain and disrupted environment brought on by the global pandemic, brands are urged to shift to Martechs such as CDP to decode unprecedented customer behavior observed during the pandemic,” according to Priyanka Panhale, Analyst at Quadrant Knowledge Solutions. With brands increasingly focusing on the adoption of the AI-first approach, CDP vendors are planning to invest in AI/ML enhancements to offer intelligent CDPs heavily and meet the ever-evolving needs of the customers. The demand for smart CDP with sophisticated AI/ML capabilities is rising beyond prominent industry verticals such retail and media sectors”, Priyanka adds.
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