SAN FRANCISCO, April 12, 2023 /PRNewswire/ -- The global digital experience platform market size is estimated to reach USD 30.41 billion by 2030, growing at a CAGR of 11.9% over the forecast period, according to a new report by Grand View Research, Inc. Incumbents of several industries and verticals have started using a customer-centric approach to deal with real-time customer data. Digital experience platforms (DXP) can help these industries in achieving a holistic view of activities, customer interactions, and data across multiple applications and touchpoints.
Key Industry Insights & Findings from the report:
- The platform segment is expected to witness a considerable growth of CAGR at 12.9% over the forecast period. Advances in technology are particularly allowing organizations to modernize their internal operations, cut down paper costs, reduce errors, easily onboard new employees, and drive better communication between departments. Better utilization of data with the help of AI and ML is also allowing organizations to deliver exceptional customer experiences more effectively.
- The cloud segment is expected to witness a considerable CAGR at 15.3% over the forecast period, owing to the ease in deployment, relatively lower investments in physical infrastructure, and hassle-free integration associated with cloud deployment.
- The business-to-consumer segment is expected to witness a considerable CAGR at 14.2% over the forecast period, owing to the rising interest in content personalization to offer an enhanced customer engagement experience.
- The IT & telecom segment is expected to witness a considerable CAGR of 13.6% over the forecast period. With continued digitalization and the growing use of connected devices, the adoption of digital experience platforms by IT & telecom companies is expected to gain traction over the forecast period.
- The Asia Pacific regional market is anticipated to grow at a significant CAGR and reach USD 7,804.8 million by 2030. The growth of the Asia Pacific DXP market can be attributed to the rising penetration of mobile devices such as smartphones & tablets, growing public & private investments in the IT industry, and a considerable increase in per capita incomes.
- Key market players have an extended operating history, a large customer base, and significant competitive strengths. For instance, for instance, in September 2020, Deloitte Digital announced a strategic partnership with Lamborghini, an automotive giant based in Italy, to assist in the transformation of its digital experience. Deloitte Digital developed a new Customer Relationship Management (CRM) platform based on the Salesforce platform and integrated it with a content management system, allowing Lamborghini to create and deliver relevant content to their customers.
Read 130-page market research report, "Digital Experience Platform Market Size, Share & Trends Analysis Report By Component (Platform, Services), By Deployment (On-premise, Cloud), By Application, By End-use, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Digital Experience Platform Market Growth & Trends
Digital experiences offered by the companies also contain the potential to enhance customer engagement and increase operational productivity in the long run. As these, enterprises prioritize various components of digital experience to attract tech-savvy and self-educating customers. These factors would further supplement the growth of the digital experience platform industry.
Increasing demand for CRM solutions owing to the shifting focus of end-use companies toward digital marketing and services to enhance consumer experience is anticipated to drive the digital experience platform market growth across the globe in the forecast period. The integration of emerging technologies such as big data analytics and cloud computing plays a vital role in improving the productivity of DXPs, thereby supporting market growth.
Digital experience platforms assist companies in providing enhanced consumer experience across all channels, including physical touchpoints, social media, mobile applications, and websites. Moreover, with these platforms, companies can optimize content creation and actively improve their digital channel to attract a potential consumer base.
Rising public and private investments in AI and big data analytics technologies are anticipated to create significant growth opportunities for the digital experience platform industry. With AI and Machine Learning (ML) integration, marketers are automating their marketing processes, such as content creation and data analysis, and ensuring security compliances.
With AI, companies are integrating chatbots into their websites to address various consumer queries. Additionally, AI uses Natural Language Processing (NLP) to determine intent via users' semantic vector search to optimize search engine performance. These factors would further supplement the growth of the DXP market.
Digital Experience Platform Market Segmentation
Grand View Research has segmented the global digital experience platform market based on component, deployment, application, end-use, and region
Digital Experience Platform (DXP) Market - Component Outlook (Revenue, USD Million, 2018 - 2030)
- Platform
- Services
Digital Experience Platform (DXP) Market - Deployment Outlook (Revenue, USD Million, 2018 - 2030)
- On-premise
- Cloud
Digital Experience Platform (DXP) Market - Application Outlook (Revenue, USD Million, 2018 - 2030)
- Business-to-Consumer
- Business-to-Business
- Others
Digital Experience Platform (DXP) Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)
- BFSI
- Healthcare
- IT & Telecom
- Manufacturing
- Retail
- Others (Non-profit Organizations, Government, Construction, Educational Institutions, and Energy & Utility, among others)
Digital Experience Platform (DXP) Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
List of Key Players of Digital Experience Platform Market
- Salesforce.com, Inc.
- Acquia Inc.
- ADOBE INC.
- International Business Machines Corporation
- Liferay, Inc.
- Microsoft Corporation
- Open Text Corporation
- Oracle Corporation
- SAP SE
- Sitecore
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- Digital Identity Solutions Market - The global digital identity solutions market size is expected to reach USD 98,638.6 million by 2030 and is expected to expand at 17.2% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The upsurge in identity-related fraudulent activities, data breaches, and the requirement to abide by various upcoming regulatory frameworks are expected to drive the growth of the market.
- Digital Transformation Market - The global digital transformation market size is expected to reach USD 4,617.78 billion by 2030, according to the new reports of Grand View Research. The market is expected to register a CAGR of 26.7% from 2023 to 2030. Digital transformation helps organizations improve their customer experience, customer retention ratios, and brand reputation through the software's implementation. This software help organization in training and educating their internal teams about numerous aspects of their organizations. Furthermore, digitally transformed organizations can become accustomed to the growing technological landscape and confront sudden industry shifts. Moreover, a substantial part of the digital transformation market growth is expected to be driven by companies investing in cloud platforms, mobility, and big data technologies to build Digital Experience Platforms (DXP).
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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