Global Digital Experience Platform (DXP) Market 2022-2028

Global Digital Experience Platform (DXP) Market 2022-2028

The global DXP market is projected to grow at a significant CAGR of 11.4% during the forecast period. The growing trend for a better understanding of the customer as the customer engagement strategy further propels the demand for DXP solutions in various industries such as retail, BFSI, and others. The DXP solutions are an essential part of these industries as DXP solutions provide focus on improving customer experience and brand reinforcement through the digital platform. DXPs have their backgrounds in one of three categories including content management systems, portal servers, and commerce servers.The DXP becomes increasingly important to customers’ expectations for choice between products, services, and preferred channels are growing across various industries such as retail and others.

Moreover, understanding and analyzing the customer experience provides a company or organization with key insights regarding the intricate needs, those obvious and latent, of their customers, as well as how to fulfil those requirements. The enterprise's insight enables a company to position a product with the right features, appeal, communications, and customer interface that is the essential factor for the growth of the company. Additionally, understanding consumers’ expectations and product usage patterns allows for the opportunity to enrich the customer experience throughout the entire business process. Thus, the DXP solutions are widely accepted to create the desired brand identity, specify marketing objectives with the target audiences and the brand positioning in mind, communicate ideal brand identity and for other purposes that further propel the market growth.

Segmental Outlook

The global DXP market is classified on the basis of deployment type and industry. Based on deployment type the market is classified into on-premises and cloud-based. The cloud-based DXP segment is projected to have significant growth in the market. Rising adoption of the cloud platform is considered to be one of the major factors that augment the growth of the DXP market. The adoption in cloud based services growth is attributed to the faster deployment of new capabilities, including the introduction of advanced technologies such as AI. Rising adoption of the cloud platform is attributed to the faster deployment of new capabilities to drive innovative business solutions by the cloud-based DXP.On the basis of Industry, the market is segregated into BFSI, IT & Telecom, retail, healthcare, public sector, travel & hospitality, and others (Manufacturing, Media & Entertainment).

Global DXP market to be driven by the retail industry

The retail industry segment is projected to have a significant share in the global market. The increasing organized retail and e-commerce industry is one of the major factors which is contributing to the market. The retail digital experience software platform is used for various applications including visitors' interactions, dispute resolutions, browsers level experience, fraud investigations and so on. Apart from this, the software offers features including survey/poll management, feedback management, customer analysis, sentiment analysis, text analysis and so on. Organized retail is increasing significantly globally due to which a huge data is generating from customer feedback and purchasing pattern. Retail chains, cosmetic & apparel brands, furniture, books are contributing significantly contributing to the segmental growth.

Regional Outlook

Geographically, the global DXP market is further classified into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific is estimated to have considerable growth in the global market due to the increasing adoption of cloud based solution by small and medium enterprises. The market in Asia-Pacific is mainly driven by the contribution of major countries such as China, India, Japan and the rest of Asia-Pacific countries. Digitalization in emerging economies in various sectors such as BFSI, IT & Telecom is further estimated to drive the growth of the market.

North America has a considerable share in the global DXP market

Geographically, North America is projected to have a significant market share in the global market. This due to the presence of major DXP companies such as IBM Corp. Microsoft Corp. and others, high internet penetration, high adoption of the digital economy and significant growth in the e-commerce market are providing significant growth to the company. Additionally, companies such as Visa Inc., Mastercard Inc., PayPal Holdings Inc., Google Pay, Walmart Inc., have their headquarters in the region, which are among major companies in the BFSI sector which are generating a significant amount of data related to customer capital spending pattern. Therefore, creating significant demand for DXP software in these industries that further contribute to the growth of the market in the region.

Market Players Outlook

The key players in the DXP market contributing significantly by providing advanced technology-based products and increasing their geographical presence across the globe. The key players in the market include IBM Corp., Microsoft Corp., Oracle Corp., Salesforce.com, Inc., SAP SE, Adobe Inc., BloomReach Inc., Liferay Inc., Open Text Corp., among others. These market players adopt various strategies such as government contracts, product launch, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market. For instance, in November 2021, Adobe Inc. announced the innovations in industry-first data governance capabilities, general availability of Adobe’s Real-time Customer Data Platform (CDP) service, and others that further provide sustainable position to the company in the market.

The Report Covers

Market value data analysis of 2021 and forecast to 2028.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global DXP market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.