Integration of Artificial Intelligence and Big Data to Push Digital Experience Platform Market Past US$ 29.5 Bn by 2032
Fact.MR’s latest report on the global digital experience platform market offers detailed information about critical aspects, such as opportunities, growth drivers, and challenges favoring the demand outlook. It also delivers a comprehensive analysis based on multiple segments, including component, deployment type, vertical, and regions.
The global digital experience platform market was valued at US$ 9.9 Bn in 2021. Sales of digital experience platforms are projected to reach US$ 11.1 Bn in 2022. According to Fact.MR, the digital experience platform market is poised to expand at 10.2% CAGR, surpassing US$ 29.5 Bn by 2032.
Increasing adoption of digital experience platforms to guarantee process optimization and business coherence is likely to bode well for the global market. Governments of various countries are expected to take initiatives to accelerate digital transformation in numerous industries to streamline their processes.
Usage of web applications, social networking, podcasting, hosted services, and video sharing is surging across the globe. This trend is expected to encourage leading IT and BFSI companies to invest more resources in cutting-edge digital experience platforms.
These platforms are set to help key players in understanding the immediate needs of their customers, as well as in providing them with the right content through multiple digital channels.
Further, various advantages of these platforms, including seamless integration with the existing framework, advanced analytical capability, and client activity monitoring will propel their sales in the upcoming years.
On account of this, several IT companies are following customer-centric approach to gain access to real-time customer data. It would further help them to get a unified view of customer activities and interactions across a wide range of touchpoints and applications.
Consequently, employees would be able to work more efficiently with the implementation of digital experience platforms as they deliver deeper integration with other existing platforms present in the company.
Moreover, adoption of interactive and self-service kiosks for multiple financial services, such as mobile banking and internet banking is rising. This is projected to boost the demand for digital experience platforms in non-banking financial companies (NBFCs), financial institutions, and banks.
Also, the ability of these platforms to eliminate siloed systems is another crucial factor that is estimated to spur the growth in this market.
| Report Attributes | Details |
| Base Year Value (2021A) | US$ 9.9 Bn |
| Estimated Year Value (2022E) | US$ 11.1 Bn |
| Projected Year Value (2032F) | US$ 29.5 Bn |
| Global Growth Rate (2022-2032) | CAGR 10.2% |
Key Takeaways:
- By component, the platform segment is expected to showcase high growth at a CAGR of 10.2% in the evaluation period.
- Based on deployment type, the cloud segment is likely to record a CAGR of 9.9% by 2032.
- In terms of vertical, the retail segment is projected to account for nearly 25% share in the global market during the assessment period.
- The U.S. digital experience platform market is set to register 10% CAGR during the forecast period
- Sales in the U.K. are projected to increase at 9.2% CAGR by 2032 owing to the increasing trend of following a customer-centric culture among key players.
Growth Drivers:
- Rising demand for cloud-based solutions and big data analytics is estimated to propel growth in the digital experience platform market.
- Integration of novel technologies, such as cloud computing and artificial intelligence in BFSI, IT, and defense sectors is set to drive the market over the coming decade.
Restraints:
- Various legal issues associated with management and storage of a vast amount of consumer data may hamper the growth.
- Rising concerns regarding data security and privacy are expected to decline the sales of digital experience platforms, especially in emerging economies.
Competitive Landscape:
Majority of the leading companies operating in the global digital experience platform market are investing huge sums in research and development activities to improve their internal operations and support organic growth.
Several organizations are increasingly forming strategic alliances to broaden their presence across several touchpoints and be more impactful. Meanwhile, a few other key players are striving to acquire novel technologies from start-up companies to expand their existing portfolios and gain a large consumer base.
For instance,
- April 2022: SimplicityDX, a software company based in California, launched its new software-as-a-service (SaaS) offering named SimplicityDX Edge Experience Platform. It would allow marketing, digital, and e-commerce managers to proactively manage shoppers’ experiences for promotions and campaigns at the edge.
- April 2022: Relationshop, a renowned provider of digital customer engagement solutions, introduced ‘Personalized Promotions’ in its digital experience platform. It provides grocery retail clients with a branded shopping and engagement experience for their customers.
Key Companies Profiled by Fact.MR:
- Adobe
- IBM
- Oracle
- SAP
- Microsoft
- Salesforce
- Opentext
- Squiz
- Sitecore
- Acquia
More Valuable Insights on Digital Experience Platform Market
In the latest study, Fact.MR provides a focused view on the global digital experience platform market for the forecast period of 2022 to 2032. This study also explicates key factors such as opportunities and challenges influencing the sales of digital experience platforms through detailed segmentation as follows:
By Component:
- Platform
- Services
- Professional Services
- Consulting Services
- Support and Maintenance Services
- Training Services
- Managed Services
By Deployment Type
- On-premises
- Cloud
By Vertical
- IT & Telecom
- BFSI
- Retail
- Healthcare
- Manufacturing
- Travel & Hospitality
- Media & Entertainment
- Public Sector
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
Key Questions Covered in the Digital Experience Platform Market Report
- What is the expected growth rate of the global digital experience platform market until 2032?
- What is the projected revenue of the digital experience platform market during the forecast period?
- Which are the challenges encountered in the digital experience platform market?
- What is the estimated market size of the digital experience platform market in 2022?
- Which region is expected to exhibit significant growth in the digital experience platform market during 2022-2032?
- Which are the factors spurring sales of digital experience platforms during the forecast period?
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