Digital Experience Platform Market Size, Share & Trends Analysis Report By Component (Platform, Services), By Deployment (On-premise, Cloud), By Application (B2C, B2B), By End Use, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global digital experience platform market was valued at USD 10.11 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.3% from 2022 to 2030. Due to the COVID-19 pandemic, the digital transformation initiatives grew across industries that lead businesses to respond to the disruptions and adopt DXP to guarantee business coherence and process optimization. The increased inclination of organizations to deliver integrated, customized, and streamlined client experience and engagement across various marketing channels are expected to drive market growth. Moreover, the growing adoption of digital experience platforms by market vendors has empowered organizations to reach customers through various digital touchpoints and helps in upselling and cross-selling. A digital experience platform provides end-to-end touchpoint optimization and customized experience across digital channels.

The rise in the adoption of social networking, video sharing, hosted services, web applications, and podcasting, plays a vital part in promoting businesses to invest resources in digital experience platforms. With the help of DXP organizations can understand the immediate needs of the customer and deliver the right content through various digital channels. Besides, digital experience platforms offer a few other advantages such as client activity monitoring, incorporated advanced analytical capability, and seamless integration with the existing framework. Key market players are concentrating on further improving their digital platforms by investing resources in advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), and big data analytics, thereby driving the market growth.

Organizations have started adopting a customer-centric approach to deal with real-time customer data that helps the digital experience platform market to grow. The digital experience platforms let organizations get a unified view of customer interactions, activities, and data across multiple applications and touchpoints by allowing organizations to make use of big data analytics in their daily operations. For instance, unlike older technology where chances of losing sales were high due to siloed systems, with the implementation of a digital experience platform, employees can work more efficiently because it offers deeper integration with other existing platforms within the organization.

A high adoption rate of self-service and interactive kiosks for financial services such as internet banking, and mobile banking is expected to proliferate the adoption of digital experience platforms by banks, financial institutions, and Non-Banking Financial Companies (NBFCs). As the digital experience platform eliminates siloed systems, numerous organizations have started deploying DXP to enhance their customer interaction and engagement strategies to compete with dominant market players. For instance, in 2020 JP Morgan launched its first digital currency based on blockchain technology. The digital currency uses a decentralized network of ledgers for tracking changes within the system to prevent fraud. This initiative by JP Morgan not only brings validation to digital currencies but also improves customer experience for corporations, banks, and brokers.

Digital experience platform bridges the gap between offline and online and creates omnichannel user experience. For instance, in 2020, Bowlero Corporation, operators of bowling centers, and Acquia a digital experience platform company collaborated to resolve Bolwero’s online presence issue. Acquia helped Bowlero to relaunch all four brand websites in addition to its corporate site. This collaboration offered multiple benefits such as smooth transactional elements for event booking, better content, interactive user flow, and reduced delay in customer service among others.

Component Insights

The platform segment accounted for a market share of over 65% in 2021. Organizations are focusing on meeting heightened customer expectations and understanding their divergent behavior. For understanding customers organizations require aligned teams, streamlined processes, and better-connected systems. The absence of a technically sound system within the organization can hinder the company’s performance. To avoid such scenarios organizations rely upon digital experience platforms which help them from building brand awareness to offering product support. DXP additionally allows the acquisition of new customers and retention of existing customers, these are a few factors driving the growth of the platform segment.

The service segment is anticipated to rise significantly over the forecast period attributable to the developing interest for services such as training & consulting across various industries. Digital experience platform services support organizations in many ways such as accomplishing increased Return on Investment (ROI), reduced expenses, and enhanced performance of business activities. To be able to smoothly implement the software organizations often seek out guidance, even after implementation organizations need support services for maintenance of the software. Digital experience platform services are extremely valuable for organizations that do not have any dedicated analytics platform to implement and manage customer experience. These factors are responsible for the growth of the service segment.

Deployment Insights

The on-premise segment accounted for a market share of over 50% and is expected to register considerable growth over the forecast period. Numerous organizations choose on-premise deployment due to its ability to customize as per user requirements during the implementation. On-premise deployment offers high-end security to classified information which means organizations can have better control over sensitive data and it supports easy compliance with multiple government regulations. Additionally, with on-premise deployment organizations can install a personalized network of digital transformation that suits the organization's necessities precisely and effectively.

The cloud segment is anticipated to expand with the fastest CAGR of 16% from 2022 to 2030. There are multiple factors responsible for the growth of this segment such as easy deployment, low financial investments in physical infrastructure, and great progression in data sharing technologies. Cloud deployment provides convenience to companies as it offers on-demand scalability with an easy drag-drop interface, automates the workflow, requires low maintenance, increases operational adaptability, and requires low operational manpower.

Application Insights

The Business-to-Consumer (B2C) application segment captured the largest market share of over 60% in 2021 and is also expected to register the fastest CAGR of 14% during the forecast period. The digital experience platform provides a unified view to customers relating to their activities, latest offers, and other important detail, also it allows customers to interact and give their valuable feedback through the interactive platform. Users can easily track the delivery process, make payments, get regular updates, and even pre-book products with the help of a digital experience platform. These are some of the key factors that are accelerating the adoption among users.

The increased adoption of B2B digital experience platforms by organizations and various institutes is due to multiple factors such as omnichannel content management, analytical capabilities to increase customer retention rate, seamless integration, and consistent customer journey. Moreover, B2B digital experience platform gives organizations a unified platform for implementing customer interaction and engagement strategies. They assist organizations in meeting customer expectations and offer them personalized product and service suggestions. B2B DXP platforms help organizations to effectively redesign business content on various touchpoints such as tablets, cell phones, and workstations.

End-use Insights

The retail segment captured over 25% of the overall revenue share in 2021 and is expected to continue dominating the market by 2030, this can be due to the growing number of customers who expect to experience digital journeys across multiple channels. Considering the retail industry which is focusing on a customer-driven marketing approach is investing resources to improve customer engagement and interaction process. Additionally, personalized products delivery, increase transparency, less product delivery time, optimal utilization of resources and customer-specific pricing strategy are further boosting the market growth.

The BFSI segment is also anticipated to grow rapidly over the forecast period. This is due to the rise in consumer inclination towards digital banking, as it works in the interest of customized and secure financial experiences. The conventional banking business model is threatened due to high operational cost and low-performance efficiency, but by automating banking experience there are low chances of human error and better ROI. It is also observed that banks and other financial institutions significantly depend on digital experience platforms to offer creative and interactive content to promote their standard products.

Regional Insights

North America dominated the market for digital experience platforms by accounting for over 35% revenue share in 2021. The growth of the retail industry in the region demands better experience platforms, the digital experience platform help in segregating customers based on their purchasing pattern thus it is widely used by retailers in the region. Additionally, today’s educated consumer likes to acquire information about the product before making the actual purchase, this makes organizations invest resources to facilitate that discovery via digital means. To serve informed customers better, employees need to be equipped with proper tools which is another factor supporting the growth of DXP in North America.

The Asia Pacific is expected to grow as the fastest developing regional market over the forecast period. Factors such as the growth of the IT industry, rise in per capita incomes, and the high-volume sales of smartphones and tablets are a few of the crucial factors contemplated to drive the deployment of digital experience platforms by organizations in the Asia Pacific region. Many startups and SMEs are embracing digital experience platforms to assist in the smooth functioning of business processes. Besides, the presence of several Information Technology Enabled Services (ITeS) and software companies in countries such as India, Japan, China, Singapore, and South Korea are anticipated to accelerate the deployment of DXP.

Key Companies & Market Share Insights

The dominant players operating in the DXP market include Salesforce.com, Inc.; Acquia Inc.; ADOBE INC.; Liferay, Inc.; and International Business Machines Corp. Market players are observed to invest heavily in research and development activities to support organic growth and enhance their internal operations. Organizations can be seen forming strategic alliances to expand their presence across multiple touchpoints and be more impactful. They are also acquiring new technologies to upgrade their existing products to capture new customers and increase their respective market shares. For instance, in March 2020, SAP SE and Accenture Plc decided to work together to float across a co-created platform based on SAP S/4HANA Cloud for the oil and gas industry. This coordinated effort was pointed toward decreasing the intricacy across upstream operations in the business. Some of the prominent players operating in the global digital experience platform market are:

• Salesforce.com, Inc.

• Acquia Inc.

• ADOBE INC.

• International Business Machines Corporation

• Liferay, Inc.

• Microsoft Corporation

• Open Text Corporation

• Oracle Corporation

• SAP SE

• Sitecore

Digital Experience Platform Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global digital experience platform market report based on component, deployment, application, end use, and region:

• Component Outlook (Revenue, USD Million, 2017 - 2030)

  • Platform

  • Services

• Deployment Outlook (Revenue, USD Million, 2017 - 2030)

  • On-premise

  • Cloud

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Business-to-Consumer

  • Business-to-Business

  • Others

• End-use Outlook (Revenue, USD Million, 2017 - 2030)

  • BFSI

  • Healthcare

  • IT & Telecom

  • Manufacturing

  • Retail

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

  • Middle East & Africa