Digital Experience Platform Market Size, Share & Trends Analysis Report By Component (Platform, Services), By Deployment (On-premise, Cloud), By Application, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Digital Experience Platform Market Size, Share & Trends Analysis Report By Component (Platform, Services), By Deployment (On-premise, Cloud), By Application, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Digital Experience Platform Market Growth & Trends

The global digital experience platform market size is estimated to reach USD 30.41 billion by 2030, growing at a CAGR of 11.9% over the forecast period, according to a new report by Grand View Research, Inc. Incumbents of several industries and verticals have started using a customer-centric approach to deal with real-time customer data. Digital experience platforms (DXP) can help these industries in achieving a holistic view of activities, customer interactions, and data across multiple applications and touchpoints.

Digital experiences offered by the companies also contain the potential to enhance customer engagement and increase operational productivity in the long run. As these, enterprises prioritize various components of digital experience to attract tech-savvy and self-educating customers. These factors would further supplement the growth of the digital experience platform industry.

Increasing demand for CRM solutions owing to the shifting focus of end-use companies toward digital marketing and services to enhance consumer experience is anticipated to drive the digital experience platform market growth across the globe in the forecast period. The integration of emerging technologies such as big data analytics and cloud computing plays a vital role in improving the productivity of DXPs, thereby supporting market growth.

Digital experience platforms assist companies in providing enhanced consumer experience across all channels, including physical touchpoints, social media, mobile applications, and websites. Moreover, with these platforms, companies can optimize content creation and actively improve their digital channel to attract a potential consumer base.

Rising public and private investments in AI and big data analytics technologies are anticipated to create significant growth opportunities for the digital experience platform industry. With AI and Machine Learning (ML) integration, marketers are automating their marketing processes, such as content creation and data analysis, and ensuring security compliances.

With AI, companies are integrating chatbots into their websites to address various consumer queries. Additionally, AI uses Natural Language Processing (NLP) to determine intent via users’ semantic vector search to optimize search engine performance. These factors would further supplement the growth of the DXP market.

Digital Experience Platform Market Report Highlights

• The platform segment is expected to witness a considerable growth of CAGR at 12.9% over the forecast period. Advances in technology are particularly allowing organizations to modernize their internal operations, cut down paper costs, reduce errors, easily onboard new employees, and drive better communication between departments. Better utilization of data with the help of AI and ML is also allowing organizations to deliver exceptional customer experiences more effectively
• The cloud segment is expected to witness a considerable CAGR at 15.3% over the forecast period, owing to the ease in deployment, relatively lower investments in physical infrastructure, and hassle-free integration associated with cloud deployment
• The business-to-consumer segment is expected to witness a considerable CAGR at 14.2% over the forecast period, owing to the rising interest in content personalization to offer an enhanced customer engagement experience
• The IT & telecom segment is expected to witness a considerable CAGR of 13.6% over the forecast period. With continued digitalization and the growing use of connected devices, the adoption of digital experience platforms by IT & telecom companies is expected to gain traction over the forecast period
• The Asia Pacific regional market is anticipated to grow at a significant CAGR and reach USD 7,804.8 million by 2030. The growth of the Asia Pacific DXP market can be attributed to the rising penetration of mobile devices such as smartphones & tablets, growing public & private investments in the IT industry, and a considerable increase in per capita incomes
• Key market players have an extended operating history, a large customer base, and significant competitive strengths. For instance, For instance, in September 2020, Deloitte Digital announced a strategic partnership with Lamborghini, an automotive giant based in Italy, to assist in the transformation of its digital experience. Deloitte Digital developed a new Customer Relationship Management (CRM) platform based on the Salesforce platform and integrated it with a content management system, allowing Lamborghini to create and deliver relevant content to their customers

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