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Digital Experience Platform Market

Digital Experience Platform Market

Digital Experience Platform Market Analysis By Component (Platform & Services) By Deployment Type (On Premises & Cloud based Digital Experience Platform) By Vertical & By Region – Global Market Insights 2022-2032

Digital Experience Platform Market
FACT7236MR
  • Apr-2022
  • List of Tables : 72
  • List of Figures : 148
  • 170 Pages
  • Technology

Market Outlook of Digital Experience Platform

The digital experience platform market is predicted to grow at an impressive CAGR of 10.2%. It is expected to reach nearly US$ 29.5 Bn by 2032, going up from US$ 9.9 Bn in 2021.

“Due to the growing demand of Business enterprises for promoting their products and services seamlessly over multiple digital devices the digital experience platform management has turned out to be an important strategy in today’s market.”

Starting with the content management systems (CMSs) of the 1980s and web experience management (WEM) solutions of the 1990s, the integration of digital customer platforms has evolved over the years for a deeper engagement with the customers.

The advent of digital experience platforms or DXP has fully integrated the different channels to reach the customers through various multimedia devices with the help of digital experience platform service providers.

Wider adoption of such technologies and platforms by Business entities to understand the customer base has created an immense opportunity for the digital experience platform market worldwide.

 Report Attributes

Details

Market Size (2021)

US$ 9.9 Bn

 Market Value (2022)

US$ 11.1 Bn

 Market Value (2032)

US$ 29.5 Bn

Market Growth Rate (2022-2032)

10.2%

Market Share of Top 5 Countries

55.6%

 Market Key Players

  • Adobe
  • IBM
  • Oracle
  • SAP
  • Microsoft
  • Salesforce
  • Opentext
  • Squiz
  • Sitecore
  • Acquia

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What is the Covid-19 Impact on Global Digital Experience Platform Market?

During the Covid-19 pandemic years, there was an inevitable surge in the field of digital platforms and technologies. These steps gave way to new work and life models, providing a huge impetus for the digitization of the maximum business operations.

Most of the market players in every field focused on improving their digital platform experience for their customers during the lockdown period. Huge investment by the online service providers for DXP content management created new opportunities for the development and growth of the digital experience platform market size.

However, as the success of any customer engagement service requires the sufficient availability of products or services, Covid-19 had some negative impacts on the commerce experience management platforms indeed.

As evident by the comparison of the previous market analysis report, the growth rate of the global digital experience market has dropped down from 12.3% during the years preceding the outbreak of Covid-19 pandemic.

What are the Different Market Dynamics driving the Global Digital Experience Platform Market?

“Cloud based DXPs offers greater agility and quick responsiveness at a lower price than traditional hardware setup. This model is getting popular among the SMEs and Large Enterprises alike further boosting the digital experience platform market in current years.”

During the last decade, e-commerce websites have emerged to be the most successful model of selling products and services by the manufacturers and providers, respectively.

This new model of business through digital experience portals has overtaken the retail and traders model for generating revenue by expanding the consumer base. Such a rapid development in product selling and upsetting has necessitated the use of digital customer platforms for garnering customer and market data targeting the product demands.

Formulation of strong consumer protection rules and regulations by various nations has also warranted more responsible management of grievances and opinions of customers.

In compliance with such rules, most small and large business entities are resorting to a digital experience analytics platform to keep an eye on the performance of different products or services.

Also, given the importance of advertisement & marketing for the success of any product, DXP content management sites have emerged to be a crucial factor in the growth of the consumer base. The advantage of reaching out the potential customers seamlessly through smartphones is the major factor driving the global digital experience platform market these days.

What are the Major Constraints Experienced by the Digital Experience Platform Service Providers?

Growing concern over data privacy and security is a major challenge for most players operating in the global and regional digital experience platform market.

The legal issues associated with the storage and management of a huge amount of customer data available through the digital experience analytics platforms are expected to hamper the growth trajectory of the global market to a certain degree

The dearth of sufficient knowledge about operating multimedia devices or browsing any digital experience portal among a large population in mostly lower-income countries has limited the market from realizing its full potential.

Moreover, the success of any DXP CMS depends upon the quick analysis and implementation of lacunas obtained from the systems. Any shortage of infrastructure to address the problems on the ground is a critical constraint for the growth of the global digital experience platform market.

Comparative View of Adjacent Digital Experience Platform Market

Attributes

Digital Experience Platform Market

Digital Asset Management Market

Digital Classroom Market

CAGR

(2022-2032)

10.2%

13%

12%

Market Value

(2027)

US$ 18.6 Bn

US$ 8 Bn

US$ 222 Bn

Growth Factor

Emphasis on improving the user experience of various products by enterprises

Rising volume of digital content and services in the global market have increases the revenue generated out of it.

Availability of affordable multimedia devices with cheap data sources have augmented the online learning behavior.

Opportunity

Introduction of Cloud based data storage and analysis facilities have reduced the cost of operation.

Collaborations and sponsorships among marketing teams and digital service providers is expected to grow in future.

Government spending on creating a modern age education infrastructure through online and open universities.

Key Trends

Provision of ordering maintenance services over online portals.

North America market contributes the major share of the global market.

Integration of student information systems and interactive white boards.

The provision of maintenance services and the sale of products is a key strategy being adopted by many manufacturing companies. Such a business model requires a direct channel of communication with buyers that is mostly possible through digital customer platforms.

With the adoption of such dynamic business models, the global digital experience platform market is expected to experience a huge demand in the recent future.

Recent advancements in digital technologies such as artificial intelligence (AI) and big data analytics are predicted to benefit the digital experience platforms market immensely from 2022 to 2032.

Integration of such advanced technologies is expected to foster the critical capabilities for digital experience platforms, further augmenting the user experience and analysis of customers.

There has been a higher adaptation of self-service and interactive kiosks in the financial sector and other services. Data acquisition and analysis of customers present at different remote locations and touchpoints over the Sitecore customer data platform is a convenient method of upgrading the services.

With the increase in the volume of financial transactions in the coming years, a huge gap is predicted to emerge in the digital experience platforms market during the forecast years.

An Adaptive Approach to Modern-day Research Needs

What is the Growth Outlook for the Digital Experience Platform Market by Different Segments?

“In the global market the wider adaptation of Oracle DXP has turned it into the most popular segment among the end users. Development of digital experience platforms with other languages that can offer extra features is predicted to boost the market further.”

Among the various components of the composable DXP, the platform segment is the dominant factor for the success of such services. This segment is the highest growth, with an estimated CAGR of 10.2% over the forecast years.

In the service segment, managed services is the highest-grossing sub-segment of the commerce experience management platform deployed by different businesses.

The major factor augmenting the critical capabilities for digital experience platforms is the integration of customer experience (CX) solutions that need to be managed by professional services.

Consulting services and maintenance services constitute the professional services segment emerging as the major category in the global digital experience platform market.

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Which Deployment Type is the Largest Segment of the Global Digital Experience Platform Market?

Traditionally on-premises segment was the major attraction for the top DXP platforms some years back. But, with the changing circumstances and increased volume of data transfer, cloud-based digital experience analytics platforms emerged as a suitable alternative for the service providers.

Presently this segment is dominating deployment with a record CAGR of 9.9% predicted for the forecast timeframe.

Large and small enterprises deploy cloud-based DXP content management platforms for their numerous advantages. It offers hassle-free networking services with less workspace at lower prices.

Which are the Prominent End-Use Verticals for the Global Digital Experience Platform Market?

Over the last few years, the digital experience platforms had diffused into several sectors creating a wide consumer base by the time the Covid-19 pandemic receded. As per the market analysis report retail sector is the dominating segment with the highest number of users and capturing almost 25% share of the global digital experience platform market.

The emergence of new e-commerce platforms has created a huge demand for digital experience analytics platform to trace the customer feedback and expectations of product users.

The Banking & Financial Services Institutions or BFSI segment is also a major end-user of the digital customer platforms. This segment is anticipated to witness a robust CAGR during the forecast years.

What is the Performance of Digital Experience Platform Market in Different Geographical Regions?

Region

CAGR (2022 to 2032)

United States (US)

10%

United Kingdom (UK)

9.2%

China

9.9%

Japan

8.8%

South Korea

8%

According to the broad geographical division of the global digital experience platform market, North America held the dominating share at about 35% by the end of the year 2021.

Greater consumer awareness and digital literacy have created a huge market for digital and commerce experience management platforms than in any other part of the world. The USA alone occupies 30% of the revenue generated through various operations over DXP content management platforms globally. It is estimated to be valued at US$ 10.1 Bn by the end of this forecast period.

Emerging economies of Asia Pacific have also come along in the field of improving the consumer experience that has rendered this geographical region the fastest growing market for DXP content management services. Improving consumers' economic conditions and the booming information technology (IT) sector has created a huge opportunity for setting up Sitecore customer data platforms.

Other geographic regions are observed to be undergoing a similar kind of transformation, promising a better market for DXP digital platforms in the future.

What are the Competitive Strategies adopted by the Digital Experience Platform Market Players?

A few top DXP platforms have dominated the market globally providing the standard services by expanding their presence over a large number of touch points. However, with the increasing demand for DXP CMS in the local markets as well many regional players have emerged making the global market more competitive than before.

Some of the Major strategies adopted by the key players of the digital experience platform market includes the long-term agreements with the end-users to provide operational as well maintenance services for their digital experience portal.

What are the Recent Developments in the Global Digital Experience Platform Market?

  • SAP SE developed a cloud based DXP platform for the oil & gas industry in March 2020. This advanced platform based on SAP S or 4HANA cloud has been developed in collaboration with Accenture services and is expected to manage the complexities arising during the upstream operations.
  • Adobe Experience Manager was launched on the cloud platforms in January 2020 by the leading software company Adobe Inc. This new version has been designed to offer higher speed like SaaS with more customization abilities. IT is expected to grow the company portfolio making it more popular among the users.

Key Segments

  • By Component

    • Platform
    • Services
      • Professional Services
        • Consulting Services
        • Support and Maintenance Services
        • Training Services
      • Managed Services
  • By Deployment Type

    • On-premises
    • Cloud
  • By Vertical

    • IT & Telecom
    • BFSI
    • Retail
    • Healthcare
    • Manufacturing
    • Travel & Hospitality
    • Media & Entertainment
    • Public Sector
    • Others
  • By Region

    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East and Africa (MEA)

- FAQs -

The global digital experience platform market is estimated to record a CAGR of 10.2% during the forecast period.
The global digital experience platform market is predicted to be valued at US$ 29.5 Bn by 2032.
The global digital experience platform market was valued at US$ 9.9 Bn in 2021.
North America accounts for the largest revenue share in the global digital experience platform market accounting for up to 35% of the total revenue.
Asia Pacific region is predicted to witness the highest CAGR in the digital experience platform market.

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