Healthcare Customer Data Platform Market Definition, Opportunities and Outlook 2028

Posted on 2022-09-13 by researchinsights in Biotech // 0 Comments

Healthcare Customer Data Platform Industry Overview

The global healthcare customer data platform market size was valued at USD 215.4 million in 2020 and is expected to expand at a CAGR of 27.2% from 2021 to 2028.

Customer data platforms integrate a variety of information, structured as well as unstructured, and work with various data sets to transform the results into useful insights to drive the growth of the business. Customer data platforms draw out the insights with the help of sources such as personally identifiable information, third-party data, and streaming data of customer journey. The customer journey sources include user-level data, email cookies, contact numbers, social media profiles, purchase history, website trackers, emails, and CRM data.

Gather more insights about the market drivers, restrains and growth of the Global Healthcare Customer Data Platform Market

The COVID-19 pandemic has had a dampening effect on business operations. Customer data platform offers potential solutions for businesses to recover from the impact of the pandemic. The pandemic has raised interest in information technology solutions to manage patient data. The social distancing and stay-at-home norms encouraged customer interactions B2B as well as B2C. Marketers are interested in technologies to collect customer data from digital channels. Customer data platforms work on the collection, unification, and workable data insights.

In response to the pandemic, customer needs and behavior patterns have shifted, especially in the healthcare industry. As the current scenario continues to impact customer behavior worldwide, brands must establish a process to keep up with the change. Hence, businesses need to re-evaluate their data analytics practices to keep pace with changing business environment. Customer data platforms are now offering COVID-19 impact strategies to help businesses in assessing their shifts and understand customer insights. Understanding customer preferences through predictive modeling of their data is key to success for businesses.

According to the estimates, over 90% of the data was created in the past few years alone. The huge data also presents some challenges such as storage issues, increased security risks, and privacy threats. In recent times, data security has become a crucial issue as many employees are now working from home due to the ongoing pandemic, on potentially unsecured networks.

In addition, customers use a variety of channels to interact with businesses. For instance, hospitals generate huge volumes of patient data through various departments. Customer data platforms create a widespread view of the individual customers by capturing information from multiple channels, linking data from those channels related to the same customer, and storing the data to track customer behavior over time. Hence, the information on those channels needs to be tracked carefully to unify the profile for individual customers. Otherwise, it can result in multiple profiles for the same patient and can be challenging for the customer data platform to draw insights.

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