Experience Optimization Platforms Market to Grow by 15% CAGR
According to latest research by Fact.MR , experience optimization platforms market is set to witness high growth during 2021-2031. The market will show significant growth in coming years, owing to advent of digital technologies such as cloud computing, Internet of Things (IoT), and artificial intelligence (AI) across the globe. Moreover, combining Artificial Intelligence (AI) and behavioral analytics with EOPs will open new opportunities for solution vendors.
What is Driving Demand for Experience Optimization Platforms?
The growing need to provide better experience across all customer touch points is expected to increase the demand of experience optimization platforms among organizations. The platform enable organizations to improve the experiences of their customers through controlled experimentation and dynamic experience delivery.
Using experience optimization, companies can deliver individualized and optimized experiences throughout the customer journey. This is primarily because these platforms provide deep theoretical and practical knowledge of customer prospects.
Organizations irrespective to their sizes are adopting experience optimization platform to deliver individualized experiences in real time across websites, email, web and mobile apps, and onsite search.
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Harnessing the power of AI and Behavior Analytics is Likely to augment the sales of Experience Optimization Platforms
AI is one of the leading technology trend nowadays. The technology continues to gain in popularity for marketers and sales professionals. The technology has become the most essential tool for EOP vendors. AI has many applications for enterprise businesses, and one of the most important is to improve the customer experience. AI and Machine Learning (ML) helps gathering and analyzing social, historical and behavioral data to gain a much more accurate understanding about the customers.
AI can successfully be employed to provide an intelligent, convenient and informed customer experience at any point along the customer journey. The technology continuously keeps learning and improving from the data it analyzes, and is able to anticipate customer behavior. This enable brands to provide highly relevant content, increase sales opportunities, and improve the customer journey.
US region to Significantly Contribute to Experience Optimization Platforms Growth
U.S is the most significant revenue contributor to the global experience optimization platform market. The country has also witnessed the emergence of startups in the experience optimization platform solutions. It is the most advanced country in terms of technological adoption and infrastructure development.
U.S. and Canada is an extremely open market for digital transformation. Digital transformation in both the countries is accelerating the push of major software vendors. While much North American AI innovation is coming from startups and tech giants, the country is also showing how AI can be applied in its age-old industries like manufacturing and retail. Also, the country is home to multiple customer analytics solution vendors, such as Salesforce, Adobe, SAP, Dynamic Yield, Optimizely, and among others.
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Europe Demand Outlook for Experience Optimization Platforms
The European ICT industry is clearly dominated by the UK, Germany and France. Organizations in the Europe are investing millions of euros on digitizing the business processes to take the biggest possible share of the digital opportunities. The U.K. is one of the world’s top ten global economies and the third largest in Europe after Germany and France. According to research, the overall customer experience in the UK has improved for the third year running, despite COVID-19, presenting brands with extreme challenges, including shifting customer expectations.
European businesses, especially service providers and those in financial services, content and digital media, healthcare and life sciences, continue to expand their digital infrastructure, driving demand for experience optimization platforms.
Who are the Major vendors of Experience Optimization Platforms?
Some of the leading vendors and companies of experience optimization platforms include Salesforce, Adobe, AB Tasty, Oracle, SAS, Dynamic Yield, Kameleoon, Optimizely, SiteSpect and Kibo Commerce.
Key players in the experience optimization platforms market are focusing on product innovation and strategic partnerships with the regional vendors to collaborate for offering advanced customer experience solutions to effectively manage their business operations. Furthermore, many companies are focusing on acquiring small and mid-sized organizations present in this market. For instance, on September 2020, Episerver has acquired Optimizely, to create advanced digital experience platform to optimize every customer touchpoint across the entire user journey
An Adaptive Approach to Modern-day Research Needs
Experience Optimization Platforms 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
- Experience Optimization Platform
- Professional Services
- Managed Services
By Enterprise Size
- Large Enterprises
- Small and Mid-Sized Enterprises (SMEs)
- Retail & E-commerce
- IT & Telecommunication
- Travel & Hospitality
- Food & Beverages
- 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.
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