Digital Experience Platform Market Analysis By Component(Software, Services), By Deployment(On-premise, Cloud), By End User & Forecast 2023-2032

The Digital Experience Platform market size is estimated at USD 12.56 billion in 2022 and is expected to reach USD 27.14 billion by 2031, growing at a CAGR of 11.3% from 2022 to 2031. Digital experience platform can be offered as a single product as well as an integrated suite of products that work together. Digital experience platform also allows companies to digitize their business processes, collect actionable customer insight and deliver connected customer experiences. This software can be deployed in both on premise and cloud environment across enterprises. Major end-users adopting this software includes manufacturing, IT & telecom, BFSI, Healthcare, Hospitality, public sector and others.

Enterprises understand that competition is fierce and more challenging than ever, ensuring a repeatable and flawless user experience is the name of the game to build customer loyalty. Therefore, enterprises emphasized on providing attractive User Interface (UI), personalization facilities and well-developed customer support in order to improve customer experience, and quick support and rapid response to their queries. This is ultimately fuelling the demand for the digital experience platform market in the region.

However, shortage of IT professional experts for installation, maintenance, upgrades and fixing digital experience platform is another major factor which is anticipated to hamper the growth of the digital experience platform market. Furthermore, slow adoption in small and medium enterprises due to the lack of awareness and high cost of installation of the digital experience platform is also limiting the growth of the digital experience platform across the region.

Various sector such as hospitality, manufacturing, etc. are facing various challenges due to the traditional business model. COVID-19 has forced end-user to transform their business model or infrastructure to digital. Digital transformation is forcing companies to change their business models and adapt new technology platform. According to a survey, around 52% of companies will expected to shift their focus from traditional, offline strategies to more modern digital strategies to surge the customer experience. Further around 79% of companies has admitted that COVID-19 increased the budget for digital transformation.

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Additionally, net global spending on digital transformation in 2019 was approximately USD 1.0 trillion and it is expected to increase to more than $2 trillion by 2023. This is anticipated to accelerated the adoption of digital experience platform during the COVID-19 pandemic.

Digital transformation of a business or digital experience platform changing the way a business interacts with its customers and how they provide their customers with a consistent experience whenever and wherever they need it in the current situation. Since COVID-19 hit, 15% of customers started using a digital service or app for the first time, and 70% of those new adopters intend to continue using digital services in the future.

Component Insights

Based on component, the market is segmented into software and services. In 2022, the managed software segment was dominant and held the largest market share of ~85%. This primarily because increasing adoption of digital experience platform by end-user is projected to offer considerable opportunity to the Digital Experience Platform. Furthermore, Services segment is anticipated to expand a higher CAGR during the forecast period.

Deployment Insights

In terms of deployment, the on-premise segment accounts for a notable share of the market. The on-premise segment is anticipated to account for 55.9% share of the market in 2021. On premise deployment of Digital Experience Platform is primarily done by those end-users who have high budget, and data privacy and security is a major concern for them. However, cloud-based segment is estimated to expand at higher CAGR during the forecast period. This is primarily due cost benefits over on-premise deployment.

End User Insights

On the basis of end user, BFSI segment held the dominant market share of 25% in the year 2021 and the segment and the segment is projected to expand at a lucrative CAGR over the forecast period from 2022 to 2031; this is mainly due to high rate of adoption of these solutions in the banking and insurance sectors. Additionally, Countries across the globe are increasingly investing in information and communication technologies (ICT), Social infrastructure, financial sector, government services, schools, and hospitals in the region are now irreversibly dependent on interconnectivity and the Internet.

Regional Insights

By region, the global Digital Experience Platform market is segmented into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa. North America accounted for a large share of the global market in 2021 at ~35%. In North America, U.S. is the hub of advanced technology. North America is expected to witness high-speed network connectivity and advancement in technologies, which is expected to play a key role in the growth of the Digital Experience Platform market. Big data is gaining traction in the diverse markets due to the robust capabilities associated with the big data technology. Big data analytics helps in analysing and understanding customer behaviour and delivering personalized experiences to the customers. Therefore, further integration of digital experience platforms with big data technology is anticipated to offer lucrative growth opportunities for the digital experience platform market across the region. However, Asia Pacific is estimated to be the fastest growing Digital Experience Platform market in the world during the forecast period. Increasing adoption of Web 2.0 technologies among enterprises as well as end-customers are another major factor is likely to fuel the adoption of digital experience platform market across the region. Web 2.0 technologies have enabled enterprises to offer a dynamic web experience to enhance customer engagement and interaction. Growing deployment of Web 2.0 technologies, such as video sharing websites, web applications, social networking, hosted services, collaborative consumption platforms, microblogging, and podcasting is playing a crucial role in boosting the adoption of digital experience platforms among organizations.

Key Companies Insights

OpenText Corporation, Microsoft Corporation, IBM Corporation, and Adobe Systems are expected to lead in market share (%) and broad customer reach. The market is moderately fragmented, with various key players operating on global scale. Market players are focusing on new product launch and upgradation of existing product by implementing new technology to increase the features and strengthen their global footprint. During COVID-19 pandemic Digital Experience Platform vendors are focused on organic and inorganic growth strategy such as strategic collaborations and merger and acquisition activities with competitors or technology partners to develop innovative and advanced solutions to improve their offerings and market reach. For instance, in March 2021, Crownpeak, a digital experience platform provider has acquired e-Spirit AG, a German-based company, to rapidly deliver personalized, content-rich experiences across online channels.

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The grouping of Crownpeak and e-Spirit software platform will develop the advanced digital experience platform for brands, regardless of location or vertical, to easily orchestrate digital experiences that build trust and maximize customer lifetime value.

· OpenText Corporation

· Microsoft Corporation

· IBM Corporation

· Adobe Systems

· Liferay

· Oracle Corporation

· SAP SE

· Salesforce.com

· Sitecore Holding

· Acquia

· Squiz

· Kentico

· Censhare

· Others

Segments

By Component

· Software

· Services

o Professional

o Managed

By Deployment

· On-premise

· Cloud

By End User

· Manufacturing

· IT & Telecom

· BFSI

· Healthcare

· Hospitality

· Public Sector

· Others

Global Digital Experience Platform Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Digital Experience Platform market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.

Global Digital Experience Platform Market: Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the size of the market and to estimate the size of various other dependent sub-markets of various marketspaces. The key players in the markets are identified through secondary research, and their market contributions in different applications across regions and globally were determined through primary and secondary research. This entire process included the study of the annual and financial reports of the top market players and extensive interviews for key insights with industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to arrive at the final quantitative and qualitative data. This data has been consolidated, and detailed inputs and analysis from Analytics Market Research added before being presented in this report.

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