USD 12.21 billion
Report ID:
SQMIG45E2179 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|Tables:
61
|Figures:
75
Digital Experience Platform Market size was valued at USD 12.21 billion in 2022 and is poised to grow from USD 13.43 billion in 2023 to USD 28.79 billion by 2031, growing at a CAGR of 10% during the forecast period (2024-2031).
Rising demand for enhancement of customer experience and growing popularity of personalization of the same is estimated to drive digital experience platform market growth in the future. Rapidly increasing digitization around the world and the launch of new digital transformation initiatives are also predicted to uplift the demand for digital experience platform over the coming years. Expansion of e-commerce and retail activity around the world is also estimated to create new opportunities for digital experience platform companies in the future. Use of artificial intelligence, evolving consumer preferences, and emphasis on improving customer engagement are also slated to indirectly boost digital experience platform market development on a global level. On the contrary, issues in integration, high costs of deployment, and resistance to change are some key constraints that could slow down the global digital experience platform demand outlook.
Global Market Size
USD 12.21 billion
Largest Segment
Platform
Fastest Growth
Platform
Growth Rate
10% CAGR
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Global Digital Experience Platform Market is segmented by Component, Deployment Type, Vertical, and region. Based on Component, the market can be segmented into Platform ( Web Content Management, Digital Asset Management, Product Information Management, Analytics, Artificial Intelligence, and Machine Learning, and Others), and Services (Professional Service ( Consulting, Support and Maintenance, Training ), Managed Services). Based on Deployment Type, the market is segmented into Cloud, and On-premises. Based on Vertical, the market is segmented into Retail, BFSI, Travel & Hospitality, IT & Telecom, Healthcare, Manufacturing, Media and Entertainment, Public Sector, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Digital Experience Platform Market Analysis by Deployment
On-premises deployment of digital experience platform is projected to account for a high share of the global digital experience platform market. Easy customization and deployment of on-premises solutions is what makes them a popular choice for almost all end use industries. Moreover, the better security and flexibility offered by the on-premises digital experience platform are also contributing to the dominance of this segment.
On the other hand, the demand for cloud-based digital experience platforms is projected to increase at a notable pace as advancements in cloud technology pick up pace. High adoption of cloud platforms owing to the availability of subscription-based and pay-as-you-use payment options. Rise of cloud computing and edge computing are also expected to benefit digital experience platform market growth via this segment in the future.
Analysis by Vertical
The retail industry is predicted to spearhead the demand for digital experience platforms across the forecast period. Rapidly evolving consumer preferences and high emphasis on personalization of customer experience are slated to promote the use of digital experience platforms in this industry. Use of advanced technologies to enhance retail experience, establishment of smart retail stores, and rapid hike in popularity of e-commerce are other factors that are estimated to create new opportunities for all digital experience platform providers in the future.
Meanwhile, the use of digital experience platform in the BFSI industry is forecasted to increase at a robust pace over the coming years. The demand for a more personalized financial experience and better support to avoid frauds and financial losses are projected to help promote digital experience platform demand in this industry. Rise of decentralized finance and growing use of digital technologies in finance will also promote digital experience platform adoption going forward.
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North America is estimated to account for a substantial share of the global digital experience platform market. The presence of key digital experience platform providers, high demand for personalized experiences, and rising emphasis on improving customer engagement are helping North America lead digital experience platform demand outlook on a global level. The United States is projected to spearhead revenue generation for digital experience platform companies in this region owing to the presence of a strong retail infrastructure.
The Asia-Pacific region is emerging as the fastest-expanding market for digital experience platforms in the world. The growing presence of multiple start-ups and increasing digitization are estimated to provide highly lucrative opportunities for digital experience platform companies. China, Japan, and India are predicted to bring in most revenue for digital experience platform companies operating in this region. Rapid digitization, evolving consumer preferences, and boom in e-commerce activity are other factors that are also expected to create new opportunities for digital experience platform companies.
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Digital Experience Platform Market Drivers
High Demand for Personalized Customer Experiences
Rapid Expansion of e-Commerce Activity
Restraints
Data Privacy Concerns
Complexity in Integration
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Digital experience platform providers should focus on improving the scope of integration with legacy infrastructure for their offerings. Targeting emerging markets to maximize business scope and improve revenue generation will also be a popular strategy for all digital experience platform companies. Partnerships and mergers will also help digital experience platform companies fast-track their development of novel solutions and stand out in the global market.
Top Player’s Company Profiles in Digital Experience Platform Market
Global Digital Experience Platform Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, rising demand for experience personalization and evolving consumer preferences are slated to drive the demand for digital experience platforms over the coming years. On the contrary, complex integration and data privacy concerns are projected to slow down digital experience platform market development potential across the study period. North America is slated to lead digital experience platform adoption due to a strong retail infrastructure and high adoption of digital technologies. Using artificial intelligence to enhance customer experience will be a key trend for digital experience platform companies in the long run.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 12.21 billion |
Market size value in 2031 | USD 28.79 billion |
Growth Rate | 10% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Digital Experience Platform Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Digital Experience Platform Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Digital Experience Platform Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Digital Experience Platform Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45E2179
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