Digital Experience Platform Industry Overview
The global digital experience platform market was valued at USD 10.11 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.3% from 2022 to 2030. Due to the COVID-19 pandemic, the digital transformation initiatives grew across industries that lead businesses to respond to the disruptions and adopt DXP to guarantee business coherence and process optimization. The increased inclination of organizations to deliver integrated, customized, and streamlined client experience and engagement across various marketing channels are expected to drive market growth. Moreover, the growing adoption of digital experience platforms by market vendors has empowered organizations to reach customers through various digital touchpoints and helps in upselling and cross-selling. A digital experience platform provides end-to-end touchpoint optimization and customized experience across digital channels.
The rise in the adoption of social networking, video sharing, hosted services, web applications, and podcasting, plays a vital part in promoting businesses to invest resources in digital experience platforms. With the help of DXP organizations can understand the immediate needs of the customer and deliver the right content through various digital channels. Besides, digital experience platforms offer a few other advantages such as client activity monitoring, incorporated advanced analytical capability, and seamless integration with the existing framework. Key market players are concentrating on further improving their digital platforms by investing resources in advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), and big data analytics, thereby driving the market growth.
Gather more insights about the market drivers, restraints, and growth of the Global Digital Experience Platform Market
Organizations have started adopting a customer-centric approach to deal with real-time customer data that helps the digital experience platform market to grow. The digital experience platforms let organizations get a unified view of customer interactions, activities, and data across multiple applications and touchpoints by allowing organizations to make use of big data analytics in their daily operations. For instance, unlike older technology where chances of losing sales were high due to siloed systems, with the implementation of a digital experience platform, employees can work more efficiently because it offers deeper integration with other existing platforms within the organization.
A high adoption rate of self-service and interactive kiosks for financial services such as internet banking, and mobile banking is expected to proliferate the adoption of digital experience platforms by banks, financial institutions, and Non-Banking Financial Companies (NBFCs). As the digital experience platform eliminates siloed systems, numerous organizations have started deploying DXP to enhance their customer interaction and engagement strategies to compete with dominant market players. For instance, in 2020 JP Morgan launched its first digital currency based on blockchain technology. The digital currency uses a decentralized network of ledgers for tracking changes within the system to prevent fraud. This initiative by JP Morgan not only brings validation to digital currencies but also improves customer experience for corporations, banks, and brokers.
Digital experience platform bridges the gap between offline and online and creates omnichannel user experience. For instance, in 2020, Bowlero Corporation, operators of bowling centers, and Acquia a digital experience platform company collaborated to resolve Bolwero’s online presence issue. Acquia helped Bowlero to relaunch all four brand websites in addition to its corporate site. This collaboration offered multiple benefits such as smooth transactional elements for event booking, better content, interactive user flow, and reduced delay in customer service among others.
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Digital Experience Platform Market Segmentation
Grand View Research has segmented the global digital experience platform market based on component, deployment, application, end use, and region:
Digital Experience Platform Component Outlook (Revenue, USD Million, 2017 - 2030)
- Platform
- Services
Digital Experience Platform Deployment Outlook (Revenue, USD Million, 2017 - 2030)
- On-premise
- Cloud
Digital Experience Platform Application Outlook (Revenue, USD Million, 2017 - 2030)
- Business-to-Consumer
- Business-to-Business
- Others
Digital Experience Platform End-use Outlook (Revenue, USD Million, 2017 - 2030)
- BFSI
- Healthcare
- IT & Telecom
- Manufacturing
- Retail
- Others
Digital Experience Platform Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Market Share Insights:
March 2020: SAP SE and Accenture Plc decided to work together to float across a co-created platform based on SAP S/4HANA Cloud for the oil and gas industry. This coordinated effort was pointed toward decreasing the intricacy across upstream operations in the business.
Key Companies profiled:
Some prominent players in the global Digital Experience Platform market include
- Salesforce, Inc.
- Acquia Inc.
- ADOBE INC.
- International Business Machines Corporation
- Liferay, Inc.
- Microsoft Corporation
- Open Text Corporation
- Oracle Corporation
- SAP SE
- Sitecore
Order a free sample PDF of the Digital Experience Platform Market Intelligence Study, published by Grand View Research.
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