Digital Experience Platform Market is Predicted to Witness 12.3% CAGR till 2028

[sara James]

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. Salesforce.com, Inc., Acquia Inc., ADOBE INC., International Business Machines Corp., Liferay, Inc.,Microsoft Corporation are some of the key players in this industry. 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