Digital Experience Platform Market
Number of pages: 100 | Report Format: PDF | Published date: December 16, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
|
Market size value in 2021 |
US$ 10 billion |
|
Revenue forecast in 2030 |
US$ 28.86 billion |
|
Growth Rate |
CAGR of 12.5% from 2022 to 2030 |
|
Base year for estimation |
2021 |
|
Forecast period |
2022-2030 |
|
Segments covered |
component, deployment type, application, end user, and region. |
|
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global digital experience platform market was pegged at US$ 10 billion in 2021 and is expected to register a CAGR of 12.5% during the forecast period.
Market Fundamentals
Digital experience platforms are used to manage digital interaction between customers and businesses across a variety of platforms. It is a piece of software that helps companies build potential ties with customers, partners, staff members, and other target markets. A platform for digital experiences provides individualized interactions and complete touchpoint optimization across digital channels. The customer experience platform can be used to support customer data unification and comprehension, augment customer data with privacy-friendly insights from diverse sources, and assure compliance, provided the client's consent is honored.
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Market Dynamic
The expansion of the global digital experience platform market is expected to be fueled by the growing propensity of organizations to provide integrated, tailored, and streamlined client experiences and interactions across multiple marketing channels. In addition, market vendors' increasing use of digital experience platforms has given companies the ability to connect with customers through a variety of digital touchpoints, which facilitates upselling and cross-selling. Banks, financial institutions, and non-banking financial companies are expected to embrace digital platform experience at a high rate due to the popularity of self-service and interactive kiosks for financial services like online banking and mobile banking (NBFCs). Numerous businesses have begun implementing the digital experience platform (DXP) to improve their consumer engagement and interaction as siloed systems are eliminated.
However, it is projected that the legal issues relating to managing and preserving the enormous volumes of client data that has made accessible by digital experience analytics platforms would partially restrain the trajectory of the global market's expansion.
The global digital experience platform market is analyzed from five perspectives: component, deployment type, application, end user, and region.
Digital Experience Platform Market by Component
Based on component, the global digital experience platform market is divided into services and platforms.
Due to the growing need for services like training and consulting across numerous industries, the service segment is predicted to grow significantly during the projection period. Organizations frequently seek advice to successfully implement software, and even after implementation, they require support services for software maintenance. Organizations without a specialized analytics platform to build and monitor customer experience would find the services provided by digital experience platforms to be of great value. These factors are responsible for the expansion of the service segment.
Digital Experience Platform Market by Deployment Type
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Based on deployment type, the global digital experience platform market is divided into cloud deployment and on-premises deployment.
Over the forecast period, the on-premises deployment category, which currently accounts for more than half of the market share, is expected to rise significantly. Many businesses opt for on-premises deployment because it may be tailored to meet user needs throughout implementation. The on-premises implementation provides segmented information with the highest level of protection, allowing enterprises to better control sensitive data and ensure simple compliance with several government laws.
Digital Experience Platform Market by Application
Based on application, the global digital experience platform market is divided into business-to-business(B2B) and business-to-customer (B2C).
The business-to-consumer (B2C) application segment accounted for major share in the market in 2021. The digital experience platform gives customers a single view of their activities, the newest offers, and other crucial information. It also enables customers to interact and share their insightful comments via the interactive platform. Users may simply track the delivery process, make payments, get regular updates, and even pre-book things with the use of a digital experience platform. These are some of the important variables boosting users’ adoption.
Digital experience platform Market by End User
Based on end users, the global digital experience platform market is divided into, IT and telecom, healthcare, media and entertainment, education, BFSI, and retail.
By 2030, the retail segment is expected to dominate the market. The increasing number of clients that anticipate having digital journeys across several media is to blame for this. The retail sector is devoting resources to enhancing the consumer engagement and interaction process with a focus on a customer-driven marketing approach. Additionally, customer-specific pricing strategies, increased transparency, quicker product delivery, and customized product distribution are all helping to fuel the market's expansion.
Digital experience platform Market by Region
Based on region, the global digital experience platform market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America dominated the market for digital experience platforms. The growth of the retail industry in the region demands better experience platforms, the digital experience platform help to segregate customers based on their purchasing pattern thus it is widely used by retailers in the region. Additionally, because today's informed consumer wants to learn more about a product before making a purchase, businesses invest in resources to make that discovery possible through digital channels. To serve informed customers better, employees need to be equipped with the proper tools which is another factor supporting the revenue growth of DXP in North America
Competitive Landscape
Some of the prominent players operating in the global digital experience platform market are: -
Strategic Developments
IBM, Optimizely, Inc., Bloomreach, Inc., Oracle, and Acquia Inc. are a few key players in the global digital experience platform market
The services segment dominates the global digital experience platform market.
Asia Pacific region is expected to register the highest market revenue growth in the forecast period.
*Insights on financial permanence are subject to the availability of information in the public domain