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Customer Data Platform Industry Update January 2021

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MILFORD, CT, United States, 4-Feb-2021 — /EPR INTERNET NEWS/ — Customer Data Platforms (CDPs) are increasingly embedded inside of larger systems, according to the CDP Institute’s latest Industry Update report. The semi-annual report found that ten of the 13 vendors entering the industry in the second half of 2020 provide campaign management or message delivery services in addition to the core CDP function of creating unified customer profiles. Such firms now account for 70% of the 133 CDP vendors identified in the report and 71% of industry employment.

Despite this trend, there is also strong demand for CDPs that provide only data management and analytics. Such firms actually grew the fastest of all CDPs types during the report period.

The report estimates CDP Industry revenue for 2020 at $1.3 billion and projects 2021 revenues will reach at least $1.55 billion. These figures measure revenues for all CDP product sales worldwide, including CDP components within other systems such as message delivery or ecommerce. It does not include related services or in-house customer data system development.

CDP employment grew by 25% in 2020, to just over 10,000, and the number of CDP vendors grew by 35% to 133. The COVID-19 pandemic resulted in deferred purchases by some potential buyers but accelerated purchases from buyers eager to improve their digital marketing capabilities.

The period saw several CDP acquisitions, most notably Twilio’s $3.2 billion purchase of Segment. In this and other deals, the buyer was a software company that planned to use the CDP as part of an integrated product stack. This contrasts with previous CDP purchases, which were often by firms outside of the software industry, such as Mastercard, who wanted to offer CDP capabilities to supplement other services.

About the Report

The CDP Industry Update Report provides detailed information on CDP vendors, employment, and funding broken by CDP type, location, founding year, and more. It includes four years of historical data collected at six month intervals. The report can downloaded for free at https://lp.cdpinstitute.venntive.com/DL2238-CDPI-Industry-Update-January-2021

SOURCE: EuropaWire

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Base Element, Cognigy partnership will enable the design and implementation of cutting-edge conversational AI solutions for clients and their brands

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LONDON, 16-Nov-2018 — /EPR INTERNET NEWS/ — Base Element, a European digital agency, and Cognigy, a leading conversational AI platform software provider have entered to a strategic partnership agreement. This partnership will enable the design and implementation of cutting-edge conversational AI solutions for clients and their brands. The teaming up of Base Element and Cognigy will provide marketers with valuable tools to drive customer engagement and increase conversions, while maintaining meaningful relationships with their audiences through conversational AI interfaces.

“Brands are dynamic and living organisations. Conversing with their clients and prospects needs to be an organic process rather than just an engagement metric on a dashboard. It is a vital part of the customer experience,” Antonis Neocleous, Co-Founder and Director of Base Element, pointed out. “We have been deeply committed to enabling our clients to provide a consistent brand experience across touch points. Partnering with Cognigy, a pioneer in conversational AI technology, significantly supports this commitment.”

Cognigy’s partner ecosystem is at the heart of value creation for clients. They operate as a trusted advisor to both enable and guide clients to realize their potential and to assist them in implementing solutions to seize new opportunities. According to Cognigy’s spokesperson, “This includes understanding what it means to build a conversational practice, as well as how to configure, extend and maintain successful conversational AI projects. The team at Base Element know both the data and experience management space very well. We have a lot of confidence in what they can develop, execute and deliver.”

SOURCE: EuropaWire