Digital Experience Platform Market
Digital Experience Platform Market - Global Industry Analysis 2016 - 2020 and Opportunity Assessment 2021 - 2031
Digital Experience Platform Market Segmented By Digital Experience Platform and Services Component in Large, Small and Mid-Sized Enterprises (SMEs) Size
Digital Experience Platform Market to Grow by More than 19% CAGR
The digital experience platform market is projected to grow from US$ 10.1 Bn in 2020 to US$ 21 Bn by 2031, at an expected CAGR of 19.6% during the forecast period 2021-2031. Digital Experience Platform (DXP) is a platform that allow users to control and optimize their customers’ digital experiences across a vast range of digital touchpoints.
These platform are used by organizations to deploy, build, and to upgrade their portals, websites, and other digital experiences. Customer data are collected and aggregated across a range of digital channels with the help of DXPs. Digital channels like web, mobile, and social media are now the dominant ways, where customers can interact with companies. Rising demand for big data analytics is driving the growth of DXP market globally.
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What is Driving Demand for Digital Experience Platform Market?
DXP channels can integrate marketing strategies across different platforms in a single software. With the adoption of DXPs companies are reaching to their customers through multiple digital devices, this is helping them to promote upselling and cross-selling.
Users can build and deliver optimized, integrated user experiences across various digital channels with the help of digital experience platform. It also helps in collecting and analyzing the customer buying behavior. Further, the platform creates a centralized view by unifying customer data obtained from multiple touchpoints, this significant factor is driving the growth of digital experience platform market.
The integration of technologies like Artificial Intelligence (AI), big data, and Machine Learning (ML) is creating many opportunities for providers to upgrade their DXPs. This too is helping the digital experience platforms market to grow in upcoming years.
Due to Covid-19 pandemic, organizations are focusing on digital transformation and also they are becoming more digital with an increasing number of interactions. These efforts by the organizations will drive the growth of digital experience platform market globally.
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What are the Key Trends for Digital Experience Platform Market?
There is an increase in growing inclination for cloud-based DXPs from companies, as the platform has a reduced investments in physical infrastructure and rapid deployment capability. Various enterprises are preferring cloud services owing to their wide-ranging advantages.
SMEs as well as large enterprises are adopting the cloud-based model to reduce initial IT costs like power consumption and hardware setup. Also, the cloud based model enable hosting of large number of applications in the cloud network to ease application management. Thus, the increasing adoption of cloud based DXPs is driving the growth of market.
With the help of cloud-based DXPs, companies can access the platform from multiple devices such as smartphones, laptops, and desktop computers and can deliver customized content based on customer preferences, buying behavior, , and historical transactions.
Various benefits like quick responsiveness, faster performance, greater agility and improved collaboration are provided to enterprises with cloud deployment. Enterprises are becoming more digital without having to operate a server infrastructure. Trends lie these are likely to fuel market growth of digital experience platform.
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Asia-Pacific Demand Outlook for Digital Experience Platform Market
Asia-Pacific is going to witness the highest growth during the forecast period 2021-31 as there is an increase in adoption of technologies like cloud computing, Artificial Intelligence (AI) and analytics. Growing economy countries India and China are implementing the latest technologies, this too will contribute to the growth of the DXP market in the Asia-Pacific region.
Customers in India and China are rapidly adopting web and mobile shopping applications, this is one of the major factor fueling the growth of digital experience platform (DXP). Such penetration will create many opportunities for DXP technology in coming years.
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North America Demand Outlook for Digital Experience Platform Market
The North America region is going to hold a significant share of the digital experience platform market from 2020 to 2031 due to the rapid adoption of advanced technologies by rapid industries. Various digital channels, such as social media, web portals, mobile phones and call centers are opted by organizations in the region to collect customer feedback data.
The travel and hospitality vertical is adopting the digital experience platforms at great rate in the region. Due to customer-centric culture, the demand for digital experience platform technology will continue to grow.
Who are the Key Digital Experience Platform Vendors?
Some of the leading vendors of digital experience platform include
- Adobe Systems
are actively involved in offering digital experience platform solutions for different applications and focusing on new product launches, strategic expansions, acquisitions, product enhancements.
- Digital Experience Platform
- Cloud Based
- Professional Services
- Managed Services
By Enterprise Size:
- Small and Mid-Sized Enterprises (SMEs)
- Large Enterprises
By End-use Industry
- Travel & Hospitality
- IT & Telecom
- Media & Entertainment
- Public Sectors
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Pacific
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
Digital Experience Platform Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.