The new report by Expert Market Research titled, ‘Global Digital Experience Platform Market Size, Share, Price, Trends, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global digital experience platform market, assessing the market based on its segments like components, deployment type, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028):
- Historical Market Size (2020): USD 7.3 Billion
- Forecast CAGR (2023-2028): 11.8%
- Forecast Market Size (2026): USD 14.35 Billion
Companies may use, develop, and manage content across several digital platforms with the help of the digital experience platform. The platform hosts digital content on the internet to store, handle, and critically process information.
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The growing amount of website and mobile app information, a growing focus on providing customer-centered apps to provide customer satisfaction, and a growing need to regulate and reduce capital and operational spending are just a few of the factors driving the implementation of digital experience platforms.
Industry Definition and Major Segments
The digital experience platform is a rapidly expanding category of corporate software that strives to address the needs of digitally transformed businesses with the ultimate goal of improving client experience. Although a digital experience platform can be used as a standalone product, it is commonly combined with additional products to build a suite.
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The industry can be divided based on components as:
- Professional Services
- Managed Services
The industry can be divided based on its deployment type as:
The industry can be broadly categorised based on its application sectors into:
- IT and Telecom
- Travel and Hospitality
- Media and Entertainment
- Public Sector
Based on region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
DXP channels may combine marketing techniques from several platforms into a single piece of software. Companies are reaching out to their customers through different digital devices as a result of the adoption of DXPs, which helps them boost upselling and cross-selling. With the support of a digital experience platform, users may create and deliver optimal, integrated user experiences across many digital channels. It also aids in the collection and analysis of customer purchasing patterns.
Companies are showing a rising preference for cloud-based DXPs, owing to the platform’s lower investment in physical infrastructure and flexibility to deploy quickly. Cloud services are becoming increasingly popular among businesses due to their numerous benefits. The cloud-based strategy is being used by SMEs and large companies to save early IT costs such as power usage and device setup. In addition, the cloud-based architecture allows for the hosting of a large number of apps in a single cloud network, making application management easier.
As a result, the market is growing due to the increased acceptance of cloud-based DXPs. Companies can use cloud-based DXPs to access the platform from a variety of devices, including smartphones, laptops, and desktop computers, and deliver personalized content based on consumer preferences, purchasing behavior, and previous transactions. Enterprises benefit from cloud adoption in a variety of ways, including increased responsiveness, faster performance, better agility, and improved collaboration.
Without needing to manage server infrastructure, businesses are becoming more digital. These trends are projected to boost the expansion of the digital experience platform industry. During the projected period, Asia-Pacific will experience the fastest growth due to increased usage of technologies such as cloud computing, artificial intelligence (AI), and analytics. India and China, both developing economies, are embracing cutting-edge technology, which will help the DXP market in the Asia-Pacific region flourish.
Key Market Players
The major players in the market are Adobe Inc., Oracle Corporation, International Business Machines Corporation, SAP SE, Microsoft Corporation, Salesforce.com, Inc., Censhare AG. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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