Digital Experience Platform Market Driving Factors, Industry Growth, Key Vendors and Forecasts to 2024
According to a research Report “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” published by MarketsandMarkets, is expects 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 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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