Global Digital Experience Platform Market, By Component (Platform, Services), Deployment Model (Cloud, On Premises), Organization Size (Small and Medium Enterprise, Large Enterprise), Application (Business to Customer, Business to Business), Vertical (Retail, BFSI, Travel and Hospitality, IT and Telecom, Healthcare, Manufacturing, Media and Entertainment, Education) – Industry Trends and Forecast to 2029.
Digital Experience Platform Market Analysis and Size
The various firms and organizations largely utilize digital experience platforms to launch, create, and improve their websites, portals, and other digital experiences. With the aid of DXPs, customer data are gathered and compiled from various digital channels. Web, mobile, and social media are becoming the most common means for customers to communicate with businesses. The digital experience platform market is expanding due to the growing need for big data analytics.
Global digital experience platform market was valued at USD 10.11 billion in 2021 and is expected to reach USD 25.03 billion by 2029, registering a CAGR of 12.00% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Digital Experience Platform Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Platform, Services), Deployment Model (Cloud, On Premises), Organization Size (Small and Medium Enterprise, Large Enterprise), Application (Business to Customer, Business to Business), Vertical (Retail, BFSI, Travel and Hospitality, IT and Telecom, Healthcare, Manufacturing, Media and Entertainment, Education)
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Countries Covered
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are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Adobe (U.S.), Oracle (U.S.), SAP SE (Germany), IBM (U.S.), Microsoft (U.S.), Salesforce Inc., (U.S.), Open Text Corporation. (Canada), SWEETYET DEVELOPMENT LIMITED (U.K.), Sitecore (U.S.), Acquia Inc., (U.S.), Jahia Solutions Group SA (Switzerland), Optimizely, Inc (U.S.), Squiz (Australia), Bloomreach, Inc. (U.S.), Firelay Liferay Services (U.S.), Kentico Software (Czech Republic), and censhare GmbH(Germany)
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Market Opportunities
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Market Definition
Platforms for managing digital experiences for various platforms where customers can connect with enterprises are known as digital experience management platforms. It is a software platform that aids businesses in developing their prospective connections with clients, partners, employees, and other target markets. A digital experience platform offers tailored experiences and end-to-end touchpoint optimization across digital channels. As long as the client's consent is respected, one can use the customer experience platform to fuel customer data unification and comprehension, enrich customer data with privacy-friendly insights from various sources, and ensure compliance.
Digital Experience Platform Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Expansion of Cloud Deployment
The cloud segment is predicted to expand at a greater pace during the projection period due to its low cost and simple integration. As cloud services offer so many advantages, many businesses increasingly prefer it over the on premises deployment. The small and medium enterprises (SMEs) prefer the cloud model as it takes less physical space and lowers early IT costs, such as those associated with setting up gear and power usage. With the ability to host a sizable number of apps in the cloud network, large businesses can use the cloud services, making managing applications easier. Businesses may increase collaboration through the use of the cloud while also experiencing faster performance, quicker response times, and higher agility without managing a server infrastructure. The use-based service model and pay-per-use capability offered by the cloud deployment type to clients. Consequently, the increased adoption of cloud deployment type will further foster the market’s growth over the forecast period.
Furthermore, the factors such as reducing the customer churn rate will accelerate the overall market expansion during the forecast period. Additionally, the growing propensity to give an integrated, tailored, and streamlined customer experience and interaction across various marketing channels is anticipated to drive the growth rate of the digital experience platform market. The rising demand for big data analytics will further positively impact the market's growth rate during the forecast period. The market is expanding as a result of a growing emphasis on creating platforms that are centered on the needs of the client. Furthermore, organizations now can reach clients through various digital touchpoints and apps that aid in upselling and cross-selling because of the market vendors' increasing usage of digital experience platforms.
Opportunities
- Investments And Integration of Technologies
The increased amount of the investments by the online service providers for digital experience platform content management is estimated to generate lucrative opportunities for the market, which will further expand the digital experience platform market's growth rate in the future. The integration of technologies like artificial intelligence (AI), big data, and machine learning (ML) further offer numerous growth opportunities within the market.
Restraints/Challenges
- Legal Issues and Dearth of Expertise
The complexities of the law surrounding the management and preservation of the vast amounts of client data made available by the digital experience analytics platforms are anticipated to limit the trajectory of the global market's growth to some extent. The market has been prevented from reaching its full potential by a vast population in predominantly low-income countries lacking adequate expertise about using multimedia devices or accessing any digital experience site. These factors will create growth restraints that will hinder the growth of the market over the forecast period.
- Lack of Infrastructure and Security Concerns
Furthermore, the digital experience platform CMS's ability to quickly install and analyze system gaps is essential to its success. A major barrier to the expansion of the worldwide market for digital experience platforms is any lack of infrastructure to solve the issues at hand. The majority of companies in the worldwide and regional digital experience platform market face a significant hurdle as a result of the growing concern over data privacy and security. These factors will further challenge the growth rate of the digital experience platform market over the forecast period.
This digital experience platform market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the digital experience platform market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Digital Experience Platform Market
The digital experience platform market was positively impacted by the outbreak of COVID-19. Digital initiatives have become digital imperatives according to COVID-19, putting pressure on HR directors to collaborate with their CEO, CFO, and CIO to reevaluate skills requirements as business models evolve quickly. Finding and acquiring the digital skills their firm needs to drive digital transformation as envisioned post-COVID-19 is not easy for this cohort. Digital platforms and technologies had an unavoidable boom during the Covid-19 epidemic years. These actions paved the way for new ways of working and living, giving the digitization of the majority of company processes a substantial boost. During the lockout period, the majority of market participants in every industry concentrated on enhancing the user experience for their clients on their digital platforms. The size of the digital experience platform market has expanded thanks to significant investment made by online service providers in digital experience platform content management. The pandemic had some detrimental effects on the commerce experience management platforms, though, as the success of any customer interaction service depends on the adequate availability of goods or services.
Recent Developments
- In February 2021, To grow their digital experience platform in the UAE, Sitecore teamed up with Microsoft Corporation. This relationship makes personalised digital experience capabilities possible with efficiency, scale, and dependability.
- In October 2020, at the virtual SAP Customer Experience Live conference, SAP SE unveiled its new customer data platform. By combining data from various internal and external sources, including web sources and social media channels, the new platform enables businesses to create anonymised 360-degree consumer profiles.
Global Digital Experience Platform Market Scope
The digital experience platform market is segmented on the basis of component, deployment model, organization size, application and vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Platform
- Services
- Professional Services
- Managed Services
Deployment Model
- Cloud
- On Premises
Organization Size
- Small and Medium Enterprise
- Large Enterprise
Application
- Business to Customer
- Business to Business
Vertical
- Retail
- BFSI
- Travel and Hospitality
- IT and Telecom
- Healthcare
- Manufacturing
- Media and Entertainment
- Education
Digital Experience Platform Market Regional Analysis/Insights
The digital experience platform market is analyzed and market size insights and trends are provided by country, component, deployment model, organization size, application and vertical as referenced above.
The countries covered in the digital experience platform market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the digital experience platform market because of the rapid adoption of advanced technologies in the advancing countries within the region over the forecast period of 2022 to 2029. Moreover, the travel and hospitality vertical is adopting the digital experience platforms, which is further estimated to accelerate the expansion over the forecast period.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to rising per capita income and increase in sales of smartphones and tablets within the region. The growth of online retailing is also a significant contributor to the regional market expansion.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Digital Experience Platform Market Share Analysis
The digital experience platform market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to digital experience platform market.
Some of the major players operating in the digital experience platform market are
- Adobe (U.S.)
- Oracle (U.S.)
- SAP SE (Germany)
- IBM (U.S.)
- Microsoft (U.S.)
- Salesforce Inc., (U.S.)
- Open Text Corporation. (Canada)
- SWEETYET DEVELOPMENT LIMITED (U.K.)
- Sitecore (U.S.)
- Acquia Inc., (U.S.)
- Jahia Solutions Group SA (Switzerland)
- Optimizely, Inc (U.S.)
- Squiz (Australia)
- Bloomreach, Inc. (U.S.)
- Firelay Liferay Services (U.S.)
- Kentico Software (Czech Republic)
- censhare GmbH(Germany)
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