According to a research report "Digital Experience Platform Market major factors driving the growth include help in understanding the immediate needs of the customer, reducing the customer churn rate, growing deployment of cloud-based solutions, and rising demand for big data analytics. The other factors supporting the market growth include the increasing implementation of advanced technologies, such as AI, data analytics, and cloud computing - Global Forecast to 2024" published by MarketsandMarkets. Digital Experience Platform Market by component (platform and services), deployment type (cloud, and on-premises), vertical, and region. Digital Experience Platform (DXP) market to grow from USD 7.9 billion in 2019 to USD 13.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 12.0% during the forecast period.
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By deployment type, the cloud segment to
constitute a larger market size during the forecast period
By deployment type, the
Digital Experience Platform Market has been segmented into cloud and
on-premises. The cloud segment is expected to grow at a higher CAGR during the
forecast period, due to its cost-efficiency and hassle-free integration.
Various enterprises prefer cloud services due to their wide-ranging benefits.
Small and Medium Enterprises (SMEs) adopt the cloud model, as it helps reduce
initial IT costs, such as the costs of hardware setup and power consumption,
and requires less physical space. Large enterprises can benefit from the cloud
services, as they can host their large number of applications in the cloud
network, which eases application management. With cloud, enterprises can
achieve improved collaboration, along with faster performance, quick
responsiveness, and greater agility, without having to operate a server
infrastructure. The cloud deployment type offers customers a usage-based
service model with the pay-per-use facility.
The managed services segment to grow at a
higher CAGR during the forecast period
By services, the managed services
segment is expected to hold a larger market size than the professional services
segment during the forecast period as they help clients handle DXP operations
on-premises as well as on the cloud. The prime responsibility of the managed
services providers is to improve the efficiency of inbound and outbound
operations cost-effectively for enterprises. Managed services assist clients in
outsourcing the DXP to service providers for efficiently managing their key
business operations. These services are very useful for companies, which do not
have internal budgets or analytical skills to implement and manage the Customer
Experience (CX) solution. The managed service providers handle end-to-end
deployment and after sales services for the solutions.
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North
America to account for the largest market size during the forecast period.
The
geographic analysis of the Digital Experience Platform Market includes 5 major
regions, namely, North America, Asia Pacific (APAC), Europe, Latin America, and
the Middle East and Africa (MEA). The market in North America is expected to
grow at a high rate during the forecast period, due to the rapid adoption of
advanced technologies by industries. Organizations in North America are opting
for various digital channels, such as web portals, social media, call centers,
and mobile phones to collect customer feedback data. In North America, the
demand for DXP will be the highest in the travel and hospitality vertical.
Organizations are fostering a customer-centric culture and are working to drive
customer engagement by dealing with real-time customer data. For instance,
Mercedes-Benz USA worked with Medallia to create a CX that empowers dealers to
understand and respond to customer-generated feedback instantly.
Key
Digital Experience Platform Market Players
Key and
emerging market players include Adobe Systems (US), Oracle (US), SAP (Germany),
IBM (US), Microsoft (US), Salesforce (US), OpenText (Canada), SDL (UK),
Sitecore (US), Acquia (US), Jahia (Switzerland), Episerver (US), Squiz
(Australia), BloomReach (US), Liferay (US), Kentico (Czech Republic), and
censhare (Germany).
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