Data Solutions Providers Set To Shine in 2024
In the coming year, data solutions providers are anticipated to experience significant growth. Recent developments have propelled one company to achieve a remarkable 400% expansion, and this success can be attributed to several key factors.
The widespread shift to a digital lifestyle, accelerated by the global pandemic, has highlighted the paramount importance of user privacy in the digital age. Governments across the world have recognised the need for stricter data protection measures, with India introducing the Digital Personal Data Protection Act (DPDP) in August as a notable example.
In response to the growing concern over data security, governments are increasing their scrutiny of major tech companies, such as Google and Meta. Google has taken a lead role in phasing out third-party cookies through initiatives like the “Privacy Sandbox” extension for its Chrome browser.
To adapt to this changing landscape, marketers are now compelled to collect their own first-party data. This process involves visitors to their websites willingly sharing their email addresses and phone numbers, facilitating a consensual exchange of information. First-party data has become a valuable resource, enabling tailored advertising efforts across various channels like ads, email, and SMS. Without this strategy, marketers are left with limited targeting options within closed ecosystems like Google and Facebook.
It is increasingly evident that adopting customer data platforms (CDPs) is not merely a choice but a necessity. These platforms allow for the structured collection of customer data, providing brands with a comprehensive understanding of their audience. The future seems promising for data solutions providers as they navigate the evolving landscape where privacy and progress intersect.
The CDP offered by various companies centers around customer-centric data consolidation, empowering businesses to collect, enrich, manage, and activate first-party data across their consumer base. This platform ensures the compliant collection of customer data and includes tools for consent management, serving as the cornerstone for targeted marketing efforts.
In order to address the challenge of organising diverse first-party data originating from various platforms, this company has introduced an Advertising Data Platform (ADP). ADP is designed specifically to consolidate and harmonise data from various advertising platforms. It provides marketers with a comprehensive view of their advertising campaigns, allowing them to analyse performance metrics from ad impressions to transactions. The platform enables marketers to gain insights at both granular and macro levels, offering a holistic understanding of the customer”s journey from ad interaction to transaction.
The rationale behind developing this company”s Advertiser CDP lies in bridging the gap between marketing technology (martech) and advertising technology (adtech). As these two domains have traditionally evolved separately, they are now intricately intertwined in an era of cookieless browsing. Understanding each customer”s journey, whether it involves a website, app, or any digital platform, has become critical. First-party data collection is indispensable for effective targeted marketing, necessitating a robust martech infrastructure.
The forthcoming year appears promising for data solutions providers as they navigate the evolving landscape of data privacy and regulation. The companies, with its innovative approach to data collection and management, is well-positioned to thrive in this changing environment.
