The global digital experience platform market size is projected to reach USD 15.80 billion by 2025, expanding at a CAGR of 10.9% from 2019 to 2025, based on a new study conducted by Grand View Research, Inc. The growing inclination of companies for developing customer centric strategies to deliver superior customer interaction is expected to drive the growth. Furthermore, the adoption of digital platforms by large Multi-national Companies (MNCs) and Small and Medium Enterprises (SMEs) as the primary channel for customer service and engagement is also anticipated to propel the adoption Digital Experience Platforms (DXPs).
The
digital experience platform enables companies to design and deliver
personalized user experience across multiple channels, touchpoints, and devices
throughout the customer interaction and engagement process. DXP can be a single
offering, however, in most of the cases, it usually consists of integrated set
of technologies such as digital Content Management System (CMS), Web Experience
Management (WEM), and related services. The capability of the DXPs to provide
an architecture for companies to deliver connected customer experiences,
digitize business operations, and gather actionable customer insight is
expected to drive its adoption over the forecast period.
Due
to the confluence of factors, such as digital transformation and disruption,
many companies are now radically reengineering their business practices to be
extremely customer oriented. Hence, the companies focus on digital experience
platforms due to their omnichannel orchestrations and superior content
customization and management capability. They leverage these capabilities to
provide an integrated multi-channel experience spanning across applications,
portals, websites, and devices. Due to the growing demand for DXPs across multiple
end-use industries, the key solution providers in the digital experience
platform market are aggressively focusing on acquisitions and new product
development to establish a strong presence in the fragmented market.
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Further key
findings from the study suggest:
- Platform segment dominated
the digital experience platform (DXP) market in 2018 and is also
anticipated to emerge as the fastest-growing segment over the forecast
period owing to increasing adoption of the component by organizations to
deliver superior customer interaction and engagement
- The cloud segment is
expected to gain traction over the forecast period owing to the growing
preference for cloud based DXPs due to the rapid deployment capability and
reduced investments in physical infrastructure
- Business-to-Consumer (B2C)
application is anticipated to witness the fastest CAGR over the forecast
period due to the increasing demand for content personalization to enable
superior customer engagement
- The retail segment is
anticipated to witness significant growth over the next six years owing to
the rapid growth of online B2C and B2B e-tailers and the increased focus
on omnichannel marketing
- Asia Pacific is expected to
expand at the fastest CAGR from 2019 to 2025 owing to the growing consumer
preference coupled with high adoption of web and mobile shopping
applications in developing countries such as India and China
- Key players operating in the
market include Acquia Inc.; Adobe; CoreMedia AG; Episerver; IBM
Corporation; Liferay Inc.; Oracle Corporation; Microsoft Corporation; SAP
SE; Open Text Corporation; Salesforce.com, Inc.; and Sitecore among others
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Grand View Research has segmented
the global digital experience platform market on the basis of component,
deployment, application, end use, and region:
Digital Experience
Platform Component Outlook (Revenue, USD Million, 2016 - 2025)
- Platform
- Services
Digital Experience
Platform Deployment Outlook (Revenue, USD Million, 2016 - 2025)
- On-premise
- Cloud
Digital Experience
Platform Application Outlook (Revenue, USD Million, 2016 - 2025)
- Business-to-Consumer
- Business-to-Business
- Others
Digital Experience
Platform End Use Outlook (Revenue, USD Million, 2016 - 2025)
- BFSI
- Healthcare
- IT & Telecom
- Manufacturing
- Retail
- Others
Digital Experience
Platform Regional Outlook (Revenue, USD Million, 2016 - 2025)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East & Africa
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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