Digital Experience Platform (DXP) Market to Reach $41.7 Billion, Globally, by 2032 at 16.1% CAGR: Allied Market Research
NEW CASTLE, Delaware, Aug. 20, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Digital Experience Platform (DXP) Market by Component (Platform and Services), Deployment Mode (On-premise and Cloud), Application (B2C, B2B and B2E), Industry Vertical (Retail, BFSI, Travel and Hospitality, IT and Telecom, Healthcare, Manufacturing and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the digital experience platform (DXP) market was valued at $11.2 billion in 2023, and is estimated to reach $41.7 billion by 2032, growing at a CAGR of 16.1% from 2024 to 2032.
Prime Determinants of Growth
Focus on customer experience and proliferation of digital touchpoints are the factors expected to propel the growth of the global digital experience platform market. However, implementation complexity is anticipated to hamper the growth of global market. On the contrary, increase in demand for personalization capabilities and rise in omnichannel integration are further likely to create lucrative opportunities for the growth of the global market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $11.2 Billion |
| Market Size in 2032 | $41.7 Billion |
| CAGR | 16.1% |
| Segments covered | Component, Deployment Mode, Application, Industry Vertical and Region. |
| Drivers | Focus on customer experience |
| Proliferation of digital touchpoints | |
| Opportunities | Increase in demand for personalization capabilities |
| Rise in Omnichannel Integration | |
| Restraints | Implementation Complexity |
The platform segment is expected to dominate the market during the forecast period
By component, the platform segment held the highest market share in 2023, accounting for the digital experience platform market revenue and is estimated to maintain its leadership status during the forecast period, owing to its comprehensive and integrated solutions that offer a wide range of functionalities to businesses. These platforms provide a one-stop solution for organizations to manage their digital experiences, including content management, customer relationship management, e-commerce capabilities, and more, which is further expected to propel the overall market growth.
The On-premise segment to maintain its lead position during the forecast period
By deployment mode, the on-premise segment accounted for the largest share in 2023, contributing for more than three-fifths of the digital experience platform market revenue, to its long-standing presence and familiarity among businesses. Many organizations have traditionally preferred on-premise solutions for data security reasons as they have more control over their data and infrastructure, which is further expected to propel the overall market growth.
The B2C segment to maintain its lead position during the forecast period
By application, the B2C platform segment accounted for the largest share in 2023, owing to effectively utilizing digital experience platforms to enhance customer engagement, streamline transactions, and deliver seamless online experiences, leading to dominant market position, which is further expected to propel the overall market growth.
The retail segment to maintain its lead position during the forecast period
By industry vertical, the retail segment accounted for the largest share in 2023, owing to its widespread adoption of digital technologies to enhance customer experiences. In the retail industry, businesses have prioritized investing in DXP solutions to create personalized and seamless online shopping experiences for customers. By leveraging data analytics and customer insights, retailers can tailor their digital platforms to meet individual preferences, leading to increased customer engagement and loyalty, which is further expected to propel the overall market growth.
Asia-Pacific region to maintain its dominance by 2032
By region, the North America segment held the highest market share in terms of revenue in 2022, owing to high level of digital adoption, advanced technological infrastructure, and a strong focus on digital transformation initiatives. Companies in this region have been early adopters of DXP solutions to enhance customer experiences, drive digital innovation, and improve operational efficiency. Additionally, North America is home to many established technology companies and digital agencies that offer a wide range of DXP solutions, anticipated to propel the growth of the market in this region.
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Leading Market Players: -
- Adobe
- Oracle
- SAP SE
- IBM
- Microsoft
- Salesforce Inc.
- Acquia
- Bloomreach
- CoreMedia
- HCL
The report provides a detailed analysis of these key players in the digital experience platform market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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