Digital Experience Platform Market Analysis Report By Component, By Deployment, By Application, By End Use And Segment Forecasts From 2019 To 2025

Industry Insights

The digital experience platform market size across the globe was valued at USD 7.53 billion in 2018. It is projected to witness a 10.9% CAGR over the forecasted years, 2019 to 2025. The surging need for enhancing customer engagement and retention coupled with the availability of various digital marketing channels is expected to trigger the demand for DXPs (digital experience platforms).

As the customer experience and feedback is acting as a key competitor for the selection of brand, several industrial sectors have started deploying DXPs. This allows them to unfold multiple interaction points with the customers which permits customization of their products and contents as desired by their customers.     

Several technologies like Web 2.0 have enabled organizations in delivering enhanced web experiences to their customers. Technologies like social networking, web applications, hosted services, microblogging, podcasting, and video-sharing websites are gaining wide popularity across the globe. Many companies have started analyzing customer’s data and experience with the help of pre-integrated stack and DXPs.

But, the issues arising during the integration of DXPs with the infrastructure and business processes coupled with the reluctance in the deployment of updates are projected to hinder the market growth. Further, the lack of a skilled workforce across SMEs for operating DXP solutions is also anticipated to obstruct market growth.

Component Insights

The platform segment dominated the global market in 2018. It is also expected to register the fastest growth in the upcoming years. The rising adoption of DXPs by large organizations and startups across North America, Asia Pacific, and Europe are projected to drive the market demand in the upcoming years. Further, the rising need for customer retention also plays a crucial part in the deployment of DXP platforms.

The surging usage of DXPs to handle customer queries with automated processes and provide real-time data & feedback is also gaining traction across the globe. Several organizations can customize their content delivery based on analysis and prediction based on the collected real-time data. These factors are expected to drive the market growth of DXPs in the upcoming years.

Deployment Insights

In 2018, the cloud deployment segment held the largest share across the global digital experience platform (DXP) market. It is also expected to register the highest CAGR from 2019 to 2025. This growth can be associated with its features like easy deployment, reduction in capital investments for the development of physical infrastructure, and reduced workforce requirements. Moreover, its benefits such as hassle-free integration, more operational flexibility, and lowered maintenance are anticipated to propel the market growth.

Several SMEs & startups have also started using cloud-based technology on account of the abovementioned benefits. Also, platform accessibility from multiple devices like smartphones, desktops, and laptops is driving the demand for cloud-based deployment across several SMEs.

Application Insights

The global market can be classified into B2B (Business-to-Business), B2C (Business-to-Consumer), and others based on application. In 2018, the segment of B2C held the largest share across the global market. It is also anticipated to register the highest CAGR over the forecasted years, 2019 to 2025. This can be associated with the need for expanding product portfolio prevailing among DXP service providers and the introduction of enhanced features for boosting the adoption of their products.

Also, the adoption of B2C platforms by the majority of companies is increasing continuously on account of the need for providing consistent, relevant, and personalized content. The B2C DXPs also allow companies to interact with their customers for engagement. Thus, get well informed about customer expectations, retention, and service recommendations. These factors are projected to propel the market growth of DXPs across this segment.

End-Use Insights

In 2018, the retail end-user segment accounted for the largest share across the global market. This can be associated with the rising need for implementation of a customer-centric approach prevailing among retailers coupled with the need for adoption of pricing strategy and customized products for their customers. The retailers are also leveraging advanced technologies like AI (Artificial Intelligence) and ML (Machine Learning) for analyzing and predicting and analyzing the consumer’s behavior through their interactions of social media, purchasing, and browsing histories.

The end-user segment of BFSI is anticipated to register the highest CAGR from 2019 to 2025. This can be associated with the rising consumer’s preference for online and digital banking. Also, the reduction in walk-ins at banks prevailing among the millennial population is expected to propel the demand for digital banking. Thus, the majority of the banks and financial institutions are using DXPs for delivering creative and engaging content to their customers. These factors are expected to trigger the demand for DXPs across this segment.

Regional Insights

In 2018, North America dominated the global digital experience platform (DXP) market. This can be attributed to the rising presence of key DXP service providers like Microsoft Corporation, Adobe, and Oracle Corporation. Also, the rising emphasis given for customer retention and engagement is driving the need for DXPs majorly across countries like the U.S. and Canada.

The Asia Pacific is projected to witness the highest CAGR over the forecasted years, 2019 to 2025. This can be associated with the increasing disposable income among the millennial population and the adoption of smartphones and mobiles for online shopping. Moreover, the increasing presence of ITES (Information Technology Enabled Services) across countries like China, India, Japan, and Singapore is anticipated to propel the market growth across this region.

COVID-19 Impact Insights

The global market has been impacted positively on account of the ongoing COVID-19 crisis. On account of travel restrictions and lockdown across several countries, many organizations have started adopting digital platforms for marketing purposes. Also, policies such as work from home and online education systems have increased the usage of the internet and smartphones among the population across the globe. Thus, the majority of the key players operating across several sectors are engaged in leveraging this advantage for the marketing of their products. Moreover, rapid technological advances and software updates are creating stiff competition among the service providers thereby reducing their cost prices. Thus, the market for DXPs is projected to register significant growth in the post-pandemic period.

Digital Experience Platform Market Share Insight

The key players in the market are Acquia Inc.; Adobe; IBM Corporation; Episerver; Oracle Corporation; Microsoft Corporation; Liferay Inc.; SAP SE; Microsoft Corporation; and Sales force.com, Inc. They are continuously engaged in development and innovation for enhancing the functionalities of their DXPs.

Some of the players such as Oracle Corporation; SAP SE; Microsoft Corporation and Adobe are implementing strategies like partnerships and acquisitions with startups to gain a competitive advantage. For example, Microsoft Corporation has partnered with SAP and Adobe in 2018 to launch an initiative of Open Data for enhancing their customer’s experience. Also, Salesforce has gained acquisition over Mulesoft LLC, in 2018, for providing simplified integration with the Mule Soft platform.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2016 to 2025 in each of the sub-segments. For the purpose of this study, Million Insights has segmented the global Digital Experience Platform market on the basis of component, deployment, application, end-use, and region:

• Component Outlook (Revenue, USD Million, 2016 - 2025)
    • Platform
    • Services

• Deployment Outlook (Revenue, USD Million, 2016 - 2025)
    • On-premise
    • Cloud

• Application Outlook (Revenue, USD Million, 2016 - 2025)
    • Business-to-Consumer
    • Business-to-Business
    • Others

• End-Use Outlook (Revenue, USD Million, 2016 - 2025)
    • BFSI
    • Healthcare
    • IT & Telecom
    • Manufacturing
    • Retail
    • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2025)
    • North America
        • The U.S.
        • Canada
    • Europe
        • The U.K.
        • Germany
    • the Asia Pacific
        • China
        • India
        • Japan
    • Latin America
        • Brazil
    • Middle East & Africa