Global Digital Experience Platform Market Size By Component (Platform, Services), By Deployment Mode (On-Premises, Cloud-Based), By Geographic Scope And Forecast

Digital Experience Platform Market Size And Forecast

Digital Experience Platform Market size was valued at USD 11,541.75 Million in 2021 and is projected to reach USD 35,293.23 Million by 2030, growing at a CAGR of 13.44% from 2022 to 2030.

A few of the major factors that are anticipated to drive the growth of the Digital Experience Platform Market are rising customer expectations and the need to understand them, growing adoption of Wide Web 2.0 technologies, and high deployment of cloud-based solutions. The increased use of social networking, hosted services, video sharing, web apps, and podcasts encourages companies to put money into platforms for the digital experience. Organizations can use DXP to identify the customer’s urgent needs and supply the appropriate content across a variety of digital channels. The Global Digital Experience Platform Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Digital Experience Platform Market Definition

Digital experience refers to the interaction between a user and an organization. The users of an organization include customers, partners, or employees. User experience is crucial for any business as it helps the companies to understand customer requirements, new trends in the market, innovations, and new technologies. These enable businesses to develop their products (or services, solutions, and offerings).

Digital experience platforms help in managing the digital experiences across different platforms where the customers can interact with the businesses. It is a software platform that helps organizations to advance their potential relationships with customers, prospects, partners, employees, and other audiences of the company. According to Gartner, the digital experience platform (DXP) is an integrated and cohesive piece of technology designed to enable the composition, management, delivery, and optimization of contextualized digital experiences across multi-experience customer journeys.

Global Digital Experience Platform Market Overview

Rising concentration on providing customer-centered platforms to offer satisfaction is driving the growth of the market. The increased inclination of organizations to deliver integrated, customized, streamlined client experience and engagement across various marketing channels is 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 apps which help in upselling and cross-selling. A digital experience platform provides end-to-end touchpoint optimization and customized experience across digital channels. In the Customer Experience Platform, one can power customer data unification and understanding, enrich customer data with privacy-friendly insights from multiple sources, and ensure compliance, all while honoring the customer’s consent. Data privacy and security, especially in the pharmaceutical industry, are top of mind for companies and customers alike. Customers today demand more than just customization from brands; they want genuine connections.

However, the lack of skilled professionals in developing nations to develop and update solutions concerns restricts market growth. As the COVID-19 response accelerates the speed and scale of digital transformation, a lack of digital skills could jeopardize companies with misaligned talent plans. Even before the coronavirus pandemic, boards ranked digital/technology disruption as their top business priority for 2020 — followed by obtaining the talent needed to execute tech transformation. But COVID-19 has escalated digital initiatives into digital imperatives, creating urgent pressure on HR leaders to work with their CEO, CFO, and CIO to rethink skills needs as business models change at light speed. It’s not an easy task for this cohort to identify and acquire the digital skills their organization needs to pursue digital transformation as imagined post-COVID-19. And now companies must press forward under a new realityTechnology skills are no longer highly centered in IT; they need to be “marbled” across organizational functions and businesses and coupled with soft skills to achieve transformation success.

Furthermore, DXP facilitates the transformation of business activities, and business models to benefit from technological changes and this will provide lucrative 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 to facilitate the transformation of business activities, traditional processes, and business models to benefit from upcoming technological changes and opportunities for futuristic technologies.

Global Digital Experience Platform MarketSegmentation Analysis

The Global Digital Experience Platform Market is Segmented on the basis of Deployment Mode, Component, and Geography.

Digital Experience Platform Market, By Deployment Mode

• On-Premises
• Cloud-Based

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Based on Deployment Mode, the market is segmented into On-premises and Cloud-based. Cloud-Based accounted for the largest market share in 2021 and is projected to grow at the highest CAGR of 14.11% during the forecast period. This is owing to the scalability and flexibility of the cloud-based software, security aspects, and control over the data center are some of the important factors that will boost the segment growth. Cloud deployment offers greater flexibility and offers more limited means of customization related to the on-premise. On-Premise was the second-largest market in 2021.

Digital Experience Platform Market, By Component

• Platforms
• Services

Based on Component, the market is segmented into Platforms and Services. Platform accounted for the largest market share in 2021 and is projected to grow at a CAGR of 12.13% during the forecast period. Services were the second-largest market in 2021. A platform is software that plays an important role in hosting an application, system, or service. Software platforms include hardware components, operating systems (OS), and other coordinating programs. The coordinating programs use the set of instructions for a particular processor or microprocessor used in the platform. Platforms provide a mechanism to perform applications and services by exposing the Application Programming Interface (API).

Digital Experience Platform Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

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On the basis of Geography, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest market share in 2021 and is projected to grow at the highest CAGR of 13.70% during the forecast period. This region comprises developed countries that provide technology platforms, the presence of giant market players, and research and development activities. Therefore, the region is considered well-developed and technologically proven. Owing to this, there is a large digital customer base. This also aids to dominate the overall market. Europe was the second-largest market in 2021.

Key Players

The “Global Digital Experience Platform Market” study report will provide valuable insight emphasizing the global market. The major players in the market are SAP, Adobe, IBM, Microsoft, Acquia, Sitecore, Salesforce, Oracle, and Open Text Corporation. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• SAP and Icertis had an expanded partnership to assist organizations to improve contract management efficiency, reducing risk, and fulfilling the full spirit of their agreements.
• Adobe teamed up with Service Now, a renowned cloud computing company, to offer an industry-first solution for combining digital experience data with customer data. Customers will be able to have seamless digital workflows and individualized customer experiences across all touchpoints.
• Acquia, a provider of digital experiences, announced the release of its new Acquia Open Digital Experience Platform in July 2020. Acquia Marketing Cloud and Acquia Drupal Cloud, a unified solution that uncovers the value of data and content so businesses can rapidly build new digital experiences, power the Acquia Open DXP. In order to create, customize, and coordinate multi-experience customer journeys across all consumer engagement channels, including touchscreens, voice, chat, and more, marketers and developers now have access to a single, user-friendly platform.
• In August 2021, CoStrategix recently announced a partnership with Optimizely, one of the industry-leading Digital Experience Platform (DXP) providers, to enable its clients to build digital experiences that prioritize their consumers and maximize the potential of the web.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Digital Experience Platform Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces