Digital Experience Platform Market size is
expecting 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
according to report published by MarketsandMarkets.
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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Based on component, services segment to
record a higher growth rate than platform segment during the forecast period
Base on component, the
services segment is expected to grow at a higher rate than the platform segment
during the forecast period. The services segment has a major influence on the
DXP market’s growth. The demand for services is increasing with the growing
adoption of DXP by enterprises across major verticals. These services assist
end users in reducing costs, increasing overall revenues, and improving
business performance. With the help of these services, organizations can track,
evaluate, and analyze the requirements of their business to make
better-informed decisions.
Among services, managed services segment to
register a higher growth rate than professional services segment during the
forecast period
Among services, the
managed services segment is expected to witness a higher growth rate than the
professional services segment during the forecast period. Managed services help
clients manage their DXP operations on-premises as well as in the cloud. The
prime responsibility of the managed services providers is to improve the
efficiency of inbound and outbound operations cost-effectively for enterprises.
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North America to account for the largest
market size during the forecast period
North America is expected to hold the largest
market size during the forecast period. The US has emerged as the largest
market for DXPs due to the large-scale implementation of DXPs by organizations
and enterprises in the country. The high pace of digital transformation, along
with the high growth of Artificial Intelligence (AI) and data analytics, is
attributed to the fast growth of the DXP market in the US.
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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