Digital Experience Platform Market
Global Digital Experience Platform (DXP) Market size set to more than double to touch USD 27 billion by 2028
Published | 08 September 2022
Global Digital Experience Platform (DXP) is expanding because of enterprises' increased focus on providing integrated, tailored, and streamlined client experiences and engagement across multiple digital touchpoints.
A recent study by BlueWeave Consulting, a leading strategic consulting and market research firm, estimated that Global Digital Experience Platform Market (DXP) size was USD 10.75 billion in 2021. BlueWeave forecasts Global Digital Experience Platform Market (DXP) to reach USD 26.93 billion by 2028, growing at a significant CAGR of 14% between 2022 and 2028. A rapidly increasing adoption rate of cloud-based solutions by companies across verticals is a major growth factor for the Global DXP Market.
Global Digital Experience Platform Market Technology Advancements
Companies’ focus on delivering personalized, optimized, and integrated user engagement and experience across marketing channels fuels the demand for platforms to comprehend customers' immediate needs. The adoption of DXPs by marketers for the purpose of seamlessly reaching customers across multiple digital devices and promoting cross-selling and upselling as well as high usage due to accurate data obtained through DXPs used for marketing and customer engagement are expected to have a positive impact on the market growth.
Marketers’ increased focus on reaching customers through multiple digital touchpoints
Market expansion is likely to be fueled by enterprises' growing desire to provide integrated, tailored, and streamlined client experiences and engagement across various marketing channels. Marketers' increasing adoption of DXPs has also enabled enterprises to access customers across digital touchpoints, which aids in upselling and cross-selling. A DXP enables end-to-end touchpoint optimization and a personalized digital experience across channels.
By End User
End-User Analysis is a method of determining the effectiveness of a product. As a growing number of customers want to have digital journeys across various channels, the retail category gained significant market share and is expected to continue lead the market through 2028. As retail businesses focus on a customer-driven marketing approach, resources are being invested in improving consumer engagement and interaction processes. Furthermore, individualized product delivery, enhanced transparency, shorter product delivery times, better resource utilization, and customer-specific pricing methods are all contributing to the market expansion. During the projection period, the BFSI segment is also expected to grow rapidly due to a growing customer preference for digital banking for personalized and secure financial transactions.
The traditional banking business model is under threat due to high operational costs and low efficiency. In the digital banking experience, there are fewer risks of human error and a higher return on investment. It has also been found that banks and other financial institutions rely heavily on DXPs to sell their regular products with creative and interactive contents.
Impact of COVID-19 on Global Digital Experience Platform Market
The Covid-19 pandemic resulting in lockdowns, trip bans, business shutdowns, historically high inflation rates, and subsequent collapses and recession has invariably affected economies, businesses and people. Though digital and software product and service providers witnessed growth at a high rate during the lockdowns, fears of impending recession across the countries including the United States are forcing the companies reduce their capital expenditures and hiring and delay their investment and expansion plans. The Russia-Ukraine war is further worsening the supply chain disruptions across the world. These negative macroeconomic trends across the world could hinder the growth of various markets, including the global digital experience platform (DXP) market.
In Global Digital Experience Platform (DXP) Market by region, North America dominated the market for DXPs. The region's growing retail business needs better experience platforms, and DXPs assist retailers in segmenting clients depending on their purchasing habits. Digitally aware consumers prefer to gather information about a product before making a purchase. As a result, businesses invest resources in facilitating such discovery through digital methods. Employees must be supplied with appropriate tools to better serve knowledgeable clients, which is another aspect supporting DXP's expansion in North America.
The growth of the IT industry, rising per capita incomes, and high-volume sales of smartphones and tablets are key drivers to boost the adoption of DXPs by businesses in Asia Pacific (APAC). Many startups and small businesses are turning to DXPs to help them run their businesses more smoothly. A high presence of Information Technology Enabled Services (ITeS) and software companies in major APAC countries, such as India, Japan, China, Singapore, and South Korea, is expected to drive DXP deployment.
Salesforce.com, Inc., Acquia Inc., Adobe, Inc., Liferay, Inc., and IBM are the leading companies in the DXP market. They have been investing considerably in exploration and development to support organic growth and ameliorate internal operations. Enterprises are developing strategic alliances to expand their reach and effect across multitudinous touchpoints. They are also investing in new technology to attract more clients and expand their market share.
BlueWeave Consulting provides all-inclusive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer comprehensive market research reports by analyzing qualitative and quantitative data to boost your business solution's performance. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are a promising digital MI solutions company providing agile assistance to make your business endeavors successful.
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