Digital Experience Platform Market Size Worth $15.80 Billion By 2025
The global digital experience platform market size is projected to reach USD 15.80 billion by 2025, expanding at a CAGR of 10.9% from 2019 to 2025, based on a new study conducted by Grand View Research, Inc. The growing inclination of companies for developing customer centric strategies to deliver superior customer interaction is expected to drive the growth. Furthermore, the adoption of digital platforms by large Multi-national Companies (MNCs) and Small and Medium Enterprises (SMEs) as the primary channel for customer service and engagement is also anticipated to propel the adoption Digital Experience Platforms (DXPs).
The digital experience platform enables companies to design and deliver personalized user experience across multiple channels, touchpoints, and devices throughout the customer interaction and engagement process. DXP can be a single offering, however, in most of the cases, it usually consists of integrated set of technologies such as digital Content Management System (CMS), Web Experience Management (WEM), and related services. The capability of the DXPs to provide an architecture for companies to deliver connected customer experiences, digitize business operations, and gather actionable customer insight is expected to drive its adoption over the forecast period.
Due to the confluence of factors, such as digital transformation and disruption, many companies are now radically reengineering their business practices to be extremely customer oriented. Hence, the companies focus on digital experience platforms due to their omnichannel orchestrations and superior content customization and management capability. They leverage these capabilities to provide an integrated multi-channel experience spanning across applications, portals, websites, and devices. Due to the growing demand for DXPs across multiple end-use industries, the key solution providers in the digital experience platform market are aggressively focusing on acquisitions and new product development to establish a strong presence in the fragmented market.
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Further key findings from the study suggest:
- Platform segment dominated the digital experience platform (DXP) market in 2018 and is also anticipated to emerge as the fastest-growing segment over the forecast period owing to increasing adoption of the component by organizations to deliver superior customer interaction and engagement
- The cloud segment is expected to gain traction over the forecast period owing to the growing preference for cloud based DXPs due to the rapid deployment capability and reduced investments in physical infrastructure
- Business-to-Consumer (B2C) application is anticipated to witness the fastest CAGR over the forecast period due to the increasing demand for content personalization to enable superior customer engagement
- The retail segment is anticipated to witness significant growth over the next six years owing to the rapid growth of online B2C and B2B e-tailers and the increased focus on omnichannel marketing
- Asia Pacific is expected to expand at the fastest CAGR from 2019 to 2025 owing to the growing consumer preference coupled with high adoption of web and mobile shopping applications in developing countries such as India and China
- Key players operating in the market include Acquia Inc.; Adobe; CoreMedia AG; Episerver; IBM Corporation; Liferay Inc.; Oracle Corporation; Microsoft Corporation; SAP SE; Open Text Corporation; Salesforce.com, Inc.; and Sitecore among others