The market for digital experience platforms is anticipated to expand at a remarkable CAGR of 10.2%. It is anticipated to increase from US$ 9.9 Bn in 2021 to almost US$ 29.5 Bn by 2032.
The integration of digital customer platforms has developed throughout the years for deeper interaction with consumers, starting with the content management systems (CMSs) of the 1980s and web experience management (WEM) solutions of the 1990s.
With the support of digital experience platform service providers, the development of digital experience platforms, or DXP, has fully integrated the numerous channels for reaching clients through various multimedia devices.
The on-premises market has always been the key draw for the leading DXP platforms. However, cloud-based digital experience analytics solutions have become a viable alternative for service providers due to the changing environment and growing volume of data flow.
This market segment now dominates deployment, and for the projected period, a record CAGR of 9.9% is expected.
Because of its many benefits, both large and small businesses use cloud-based DXP content management services. With less space and less expensive networking services, it is available.
North America held the lion’s share, or about 35%, of the global market for digital experience platforms by the end of 2021, according to the industry’s extensive geographic segmentation.
In comparison to other regions of the world, the United States has the largest market for digital and commerce experience management platforms due to increased customer awareness and digital literacy. 30% of the worldwide revenue generated by various operations on DXP content management platforms is accounted for by the United States alone. By the conclusion of this prediction period, it is projected to be worth US$ 10.1 Bn.
What are the competitive strategies used by the market players for digital experience platforms?
By growing their presence across a significant number of touch points, a select few leading DXP platforms have effectively controlled the global market and provided standard services. The global market is now more competitive than it was previously due to the rising demand for DXP CMS in both local and international markets.
Long-term agreements with end users to supply operational and maintenance services for their digital experience portal are among the major methods used by the key players in the market for digital experience platforms.
What recent changes have there been in the market for digital experience platforms worldwide?
- In March 2020, SAP SE created a cloud-based DXP platform for the oil and gas sector. This cutting-edge platform, built on the SAP S or 4HANA cloud, was created in partnership with Accenture services and is meant to handle the complications that arise during upstream operations.
- In January 2020, industry-leading software provider Adobe Inc. released Adobe Experience Manager for cloud platforms. With greater customization options, this updated version has been developed to offer faster speed similar to SaaS. It is anticipated to expand the company’s portfolio and increase consumer popularity.