Digital Experience Platform Market Growing at CAGR of 12.0% | Key Players Adobe Systems, Oracle, SAP, IBM, Microsoft

December 14 12:06 2019
Digital Experience Platform Market Growing at CAGR of 12.0% | Key Players Adobe Systems, Oracle, SAP, IBM, Microsoft

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)
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

MarketsandMarkets projects the Digital Experience Platform (DXP) Market size 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 growth factors for the DXP market include DXP’s immense help in understanding the immediate needs of customer and reduce the customer churn rate due to growing competition in the market owing to very low level of product differentiation. Industries are expected to opt for advanced technologies such as Artificial Intelligence (AI), data analytics, and cloud to provide optimum DXPs to marketing and sales teams during the forecast period. The analysis of customer data helps achieve customer satisfaction, loyalty, retention, relationship management, user experience, experiential marketing, and customer centricity.

Based 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, lowering operational costs, increasing overall revenues, and improving business performance. They help organizations track, evaluate, and analyze the requirements of their business to make better-informed decisions.

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In the services segment, the managed services subsegment is expected to hold a larger market size than the professional services subsegment during the forecast period. Managed services help clients manage DXP operations on-premises as well as in the cloud. The prime responsibility of the managed service providers is to improve the efficiency of inbound and outbound operations cost-effectively for an enterprise.

North America is estimated to hold the highest share of the DXP market in 2019, due to developed economies, such as the US and Canada that have fairly adopted latest instruments in domains, such as customer data analytics and real-time reporting, besides incorporating advanced technologies, such as Machine Learning (ML) and Artificial Intelligence (AI), thus making organizations in these economies excel in the DXP marketspace.

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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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