Digital Experience Platform Market size is slated to reach USD 17 Billion by 2035, growing at a CAGR of 9%. The industry size of digital experience platform was USD 8 billion in 2022. The popularity of digital technologies such as the Internet of Things (IoT), artificial intelligence (AI), machine learning, and cloud computing is increasing in a variety of industries. These digital technologies provide businesses with the ability to collect and analyze data quickly, enabling them to make better decisions and drive more efficient operations. As a result, businesses are increasingly relying on digital experience platforms to deliver a better customer experience.
DXPs are powerful tools for businesses to create a seamless customer journey and provide personalized experiences. As such, startups in this space are investing heavily in research and development to create more efficient and powerful DXPs. An investment of USD 40 Million by Expedition Growth Capital (EGC) was made by Kontent.ai to develop AI solutions for its Content Management System (CMS).
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~ 9% |
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Base Year Market Size (2022) |
~ USD 8 Billion |
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Forecast Year Market Size (2035) |
~ USD 17 Billion |
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Regional Scope |
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Deployment Model (Cloud, On-Premise)
About 54% of the digital experience platform market share will be captured by the cloud segment by 2035. The growth can be attributed to the increasing need for scalability and agility in data storage and analytics. As organizations continue to expand, they need to store and analyze massive amounts of data, and cloud-based solutions provide the best solution. Additionally, cloud solutions are cost-effective and efficient, which is another factor driving their adoption.
Application (Business to Customer, Business to Business)
A significant share of approximately 56% is expected from business-to-consumer in 2035. Retail, banking, and healthcare industries, among others, are increasingly demanding digital customer engagement solutions to improve their customer experience. This is due to the need for organizations to provide customers with a seamless and personalized digital experience across all channels. Furthermore, organizations are leveraging customer data to create personalized content and offers.
Our in-depth analysis of the market includes the following segments:
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Component |
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Deployment Mode |
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Application |
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End Use |
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North America Market Forecast
In North America, the digital experience platform market will hold a share of about 37% by 2035. Several startups and SMEs are leveraging digital experience platforms to improve customer experiences in the region. For instance, in March 2022, a partnership between IBM Corporation and Adobe, Inc. was expanded for the development of AI-driven weather data and Adobe experience platforms. This can be attributed to the presence of a well-established IT infrastructure, the increasing acceptance of digital transformation initiatives, and the growing focus of companies on improving customer experience.
Asia Pacific Market Analysis
Digital experience platforms will be a significant part of the Asia Pacific market by 2035 with a share of 27 percent. Data-driven decision-making is becoming increasingly important in the region as digitization increases. From USD 190 billion to over USD 220 billion in FY22, the digital economy in India has grown by more than 15%. According to current growth rates, the digital industry will reach USD 390 billion in 2027. DXPs allow businesses in the region to quickly and cost-effectively create and manage digital experiences for customers.
Author Credits: Abhishek Verma, Hetal Singh
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