According to a research Report "Digital Experience Platform Market by Component (Platform and Services), Deployment Type (Cloud and On-premises), Vertical (Manufacturing, IT & Telecom, BFSI, Healthcare, Travel & Hospitality, and Public Sector), and Region - Global Forecast to 2024" published by MarketsandMarkets, is expects 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. Major factors expected to drive the growth of the DXP market include help in understanding the immediate needs of customer, reducing the customer churn rate, growing deployment of cloud-based solutions, and rising demand for big data analytics.
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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). These players have adopted various
strategies to grow in the DXP market.
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