The global Digital Experience Platform Market size is estimated to reach USD 22.94 billion by 2028, expanding at a CAGR of 12.3% from 2021 to 2028, according to a new report by Grand View Research, Inc. The increasing implementation of advanced technologies such as machine learning, artificial intelligence, cloud computing, and data analytics across organizations is expected to drive market growth over the forecast period. Furthermore, the increasing adoption of digital platforms by large multi-national companies and Small and Medium Enterprises (SMEs) as the key channel for customer service and engagement is also anticipated to boost the adoption of Digital Experience Platforms (DXPs).
The COVID-19 pandemic led to a significant increase in
awareness among organizations about the pressing need for digital
transformation and helped open new growth opportunities for the market. Digital
experience platforms enable organizations to address a range of process
optimization concerns. Moreover, these platforms enable businesses to target a
larger customer base by designing new business models, products, and services
leveraging digitization. Digital experience platforms also help facilitate the
transformation of business activities, traditional processes, and business
models to benefit from upcoming technological changes and opportunities
pertaining to futuristic technologies.
DXPs allow organizations to design and deliver
personalized user experiences across multiple channels, touchpoints, and
devices throughout the customer interaction and engagement process. DXPs
comprise an integrated set of business processes and systems such as Web
Experience Management (WEM), digital Content Management Systems (CMS), and
related services. Organizations deploy DXPs to provide connected customer
experiences, gather actionable customer insights, and digitize business
operations.
Organizations maximize their consumer ease on the site
and communicate with customers in real-time to provide an optimized consumer
experience. They leverage digital transformation capabilities to provide an
integrated multi-channel experience covering applications, websites, portals,
and devices. Additionally, key market players are significantly focusing on
mergers & acquisitions, technological investments, new product development,
and integration with emerging technologies such as big data, AI, predictive
analytics to upgrade their DXPs and establish a strong presence in the fragmented
market.
Related Press Release@ Digital Experience Platform Market Report
Digital Experience Platform
Market Report Highlights
- In terms of component, the platform segment is expected to capture
the largest share of above 60% by the end of the forecast period. The increasing
adoption of digital experience platforms by organizations to deliver
superior customer interaction and engagement is driving the growth of the
segment
- In terms of deployment, the cloud segment is expected to expand at
a promising CAGR of 12.6% from 2021 to 2028. The segment is expected to
gain momentum over the forecast period owing to advantages such as lower
cost, convenience, flexibility, and improved security. Moreover, the
growing preference for cloud-based DXPs due to rapid deployment capability
and reduced investments in physical infrastructure could also drive the
segment growth
- In terms of application, the Business-to-Consumer (B2C) application
is anticipated to witness the fastest growth over the forecast period due
to the increasing demand for content personalization to enable superior
customer engagement
- In terms of end use, the retail segment is anticipated to register
a significant CAGR and reach USD 8.56 billion by 2028. This can be
attributed to the rapid growth of online B2C and B2B e-tailers, increased
focus on omnichannel marketing, and the rising preference for a
customer-centric approach. The growing focus of organizations on improving
customer engagement and interaction, offering customized products, and
adopting a customer-specific pricing strategy could also drive the segment
growth
- In terms of region, the Asia Pacific regional market is anticipated
to expand at a significant CAGR and reach USD 5.73 billion by 2028. This
can be attributed to the growing consumer preference and penetration of
web and mobile shopping applications in developing countries such as India
and China and the increasing penetration of advanced technologies in the
regional market
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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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