Digital Experience Platform Market (By Component: Platform, Services; By Deployment: On-premise, Cloud; By Application: Business-to-Consumer, Business-to-Business, Others; By End-use: BFSI, Healthcare, IT & Telecom, Manufacturing, Retail, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030

The global Digital Experience Platform market gathered revenue around USD 10.15 billion in 2021 and market is set to grow USD 30.41 billion by the end of 2030 and is estimated to expand at a modest CAGR of 13.3% during the prediction period 2022 to 2030.

Growth Factors:

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.

Report Coverage

Component Insights

The platform segment accounted for a market share of over 65.1% in 2021. Organizations are focusing on meeting heightened customer expectations and understanding their divergent behavior. For understanding customers organizations require aligned teams, streamlined processes, and better-connected systems. The absence of a technically sound system within the organization can hinder the company’s performance. To avoid such scenarios organizations rely upon digital experience platforms which help them from building brand awareness to offering product support. DXP additionally allows the acquisition of new customers and retention of existing customers, these are a few factors driving the growth of the platform segment.

The service segment is anticipated to rise significantly over the forecast period attributable to the developing interest for services such as training & consulting across various industries. Digital experience platform services support organizations in many ways such as accomplishing increased Return on Investment (ROI), reduced expenses, and enhanced performance of business activities. To be able to smoothly implement the software organizations often seek out guidance, even after implementation organizations need support services for maintenance of the software. Digital experience platform services are extremely valuable for organizations that do not have any dedicated analytics platform to implement and manage customer experience. These factors are responsible for the growth of the service segment.

Deployment Insights

The on-premise segment accounted for a market share of over 50% and is expected to register considerable growth over the forecast period. Numerous organizations choose on-premise deployment due to its ability to customize as per user requirements during the implementation. On-premise deployment offers high-end security to classified information which means organizations can have better control over sensitive data and it supports easy compliance with multiple government regulations. Additionally, with on-premise deployment organizations can install a personalized network of digital transformation that suits the organization's necessities precisely and effectively.

The cloud segment is anticipated to expand with the fastest CAGR of 16.2% from 2022 to 2030. There are multiple factors responsible for the growth of this segment such as easy deployment, low financial investments in physical infrastructure, and great progression in data sharing technologies. Cloud deployment provides convenience to companies as it offers on-demand scalability with an easy drag-drop interface, automates the workflow, requires low maintenance, increases operational adaptability, and requires low operational manpower.

Application Insights

The Business-to-Consumer (B2C) application segment captured the largest market share of over 60% in 2021 and is also expected to register the fastest CAGR of 14.2% during the forecast period. The digital experience platform provides a unified view to customers relating to their activities, latest offers, and other important detail, also it allows customers to interact and give their valuable feedback through the interactive platform. Users can easily track the delivery process, make payments, get regular updates, and even pre-book products with the help of a digital experience platform. These are some of the key factors that are accelerating the adoption among users.

The increased adoption of B2B digital experience platforms by organizations and various institutes is due to multiple factors such as omnichannel content management, analytical capabilities to increase customer retention rate, seamless integration, and consistent customer journey. Moreover, B2B digital experience platform gives organizations a unified platform for implementing customer interaction and engagement strategies. They assist organizations in meeting customer expectations and offer them personalized product and service suggestions. B2B DXP platforms help organizations to effectively redesign business content on various touchpoints such as tablets, cell phones, and workstations.

End-use Insights

The retail segment captured over 25.4% of the overall revenue share in 2021 and is expected to continue dominating the market by 2030, this can be due to the growing number of customers who expect to experience digital journeys across multiple channels. Considering the retail industry which is focusing on a customer-driven marketing approach is investing resources to improve customer engagement and interaction process. Additionally, personalized products delivery, increase transparency, less product delivery time, optimal utilization of resources and customer-specific pricing strategy are further boosting the market growth.

The BFSI segment is also anticipated to grow rapidly over the forecast period. This is due to the rise in consumer inclination towards digital banking, as it works in the interest of customized and secure financial experiences. The conventional banking business model is threatened due to high operational cost and low-performance efficiency, but by automating banking experience there are low chances of human error and better ROI. It is also observed that banks and other financial institutions significantly depend on digital experience platforms to offer creative and interactive content to promote their standard products.

Regional Insights

North America dominated the market for digital experience platforms by accounting for over 35% revenue share in 2021. The growth of the retail industry in the region demands better experience platforms, the digital experience platform help in segregating customers based on their purchasing pattern thus it is widely used by retailers in the region. Additionally, today’s educated consumer likes to acquire information about the product before making the actual purchase, this makes organizations invest resources to facilitate that discovery via digital means. To serve informed customers better, employees need to be equipped with proper tools which is another factor supporting the growth of DXP in North America.

The Asia Pacific is expected to grow as the fastest developing regional market over the forecast period. Factors such as the growth of the IT industry, rise in per capita incomes, and the high-volume sales of smartphones and tablets are a few of the crucial factors contemplated to drive the deployment of digital experience platforms by organizations in the Asia Pacific region. Many startups and SMEs are embracing digital experience platforms to assist in the smooth functioning of business processes. Besides, the presence of several Information Technology Enabled Services (ITeS) and software companies in countries such as India, Japan, China, Singapore, and South Korea are anticipated to accelerate the deployment of DXP.

Competitive Rivalry

Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

• Company Overview
• Company Market Share/Positioning Analysis
• Product Offerings
• Financial Performance
• Recent Initiatives
• Key Strategies Adopted by Players
• Vendor Landscape
• List of Suppliers
• List of Buyers

Some of the prominent players in the Digital Experience Platform Market include:

• Salesforce.com, Inc.
• Acquia Inc.
• ADOBE INC.
• International Business Machines Corporation
• Liferay, Inc.
• Microsoft Corporation
• Open Text Corporation
• Oracle Corporation
• SAP SE
• Sitecore

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:

• By Component
• Platform
• Services
• By Deployment
• On-premise
• Cloud
• By Application
• Business-to-Consumer
• Business-to-Business
• Others
• By End-use
• BFSI
• Healthcare
• IT & Telecom
• Manufacturing
• Retail
• Others

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Research Methodology

In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Digital Experience Platform market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.

Secondary resources referred to by analysts during the production of the Digital Experience Platform market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.

Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Digital Experience Platform markets more accurate and reliable.

Secondary Research

It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.

The secondary research sources referred in the process are as follows:

• Governmental bodies, and organizations creating economic policies
• National and international social welfare institutions
• Company websites, financial reports and SEC filings, broker and investor reports
• Related patent and regulatory databases
• Statistical databases and market reports
• Corporate Presentations, news, press release, and specification sheet of Manufacturers

Primary Research

Primary research includes face-to face interviews, online surveys, and telephonic interviews.

• Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
• In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.

Industry participants involved in this research study include:

• CEOs, VPs, market intelligence managers
• Procuring and national sales managers technical personnel, distributors and resellers
• Research analysts and key opinion leaders from various domains

Key Points Covered in Digital Experience Platform Market Study:

• Growth of Digital Experience Platform in 2022
• Market Estimates and Forecasts (2017-2030)
•  Brand Share and Market Share Analysis
•  Key Drivers and Restraints Shaping Market Growth
•  Segment-wise, Country-wise, and Region-wise Analysis
•  Competition Mapping and Benchmarking
•  Recommendation on Key Winning Strategies
•  COVID-19 Impact on Demand for Digital Experience Platform and How to Navigate
•  Key Product Innovations and Regulatory Climate
•  Digital Experience Platform Consumption Analysis
•  Digital Experience Platform Production Analysis
•  Digital Experience Platform and Management