New York, April 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Digital Experience Platform Market Global Market Report 2023" - https://www.reportlinker.com/p06319495/?utm_source=GNW
The global digital experience platform market grew from $10.81 billion in 2022 to $12.08 billion in 2023 at a compound annual growth rate (CAGR) of 11.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The digital experience platform market is expected to grow to $18.92 billion in 2027 at a CAGR of 11.9%.
The digital experience platform market includes revenues earned by entities by offering a seamless and optimal experience throughout the full client lifetime and all methods of communication.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Digital experience platform refers to an integrated software framework that manages digital experience across various platforms.The purpose of digital experience platform commonly known as DXP is to provide a centralized way to build, manage and optimize the content creation and digital journey.
Digital experience platforms include content management, asset management, commerce, customer relationship management, and analytics.
North America was the largest region in the digital experience platform market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the digital experience platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of the digital experience platform (DXP) include platform and services.The services in this segment refer to services that facilitate the use of technology by consumers.
It delivers specialized technology-oriented solutions by merging software, hardware, networks, telecommunications, and electronics processes and operations.The DXPs are deployed through the cloud, and on-premises for Business-to-Consumer (B2C), Business-to-Business (B2B), and other applications.
Major verticals using the DXPs are retail, BFSI, travel & hospitality, IT & telecom, healthcare, manufacturing, media and entertainment, public sector, and others. The different types of enterprises using these platforms include large enterprises and small and medium enterprises.
The growing deployment of cloud-based services is expected to propel the growth of the digital experience platform market.Cloud adoption is an approach that aims to increase the scalability of internet-based database capabilities while lowering costs and risks.
To accomplish this, organizations use cloud computing, or remote computers housed on the internet to store, manage, and process essential data. For instance, according to a survey conducted by the technological research and consulting firm, Gartner in April 2021, public cloud services are predicted to grow by 23.1 % to $332.3 billion in 2021, up from $270 billion in 2020 to fulfill the demand of a sudden shift in cloud-based services. Furthermore, the global health crisis of COVID-19 has emerged as an opportunity for the cloud business, with a significant increase in cloud use across varied industries internationally. Therefore the increase in deployment and spending on cloud-based services will drive the digital experience platform.
Technological advancement is a key trend gaining popularity in the digital experience platform market.Major companies operating in the digital experience platform market are focused on providing a technologically-advanced platform and related solutions to strengthen their market position.
These companies are implementing next-generation digital experience platforms and technologies into their services, such as big data analytics, artificial intelligence, machine learning, cloud computing, workflow analytics, multichannel assistance, and others, to allow companies to design and deliver enterprise digital experiences more quickly and consistently.For instance, in November 2022, Optimizely, an American company providing digital experience platform (DXP) launched its advanced digital experience platform on Microsoft Azure Marketplace that provides applications and services for use on Azure.
The advanced digital experience platform is powered by artificial intelligence (AI)and offers content management, commerce, and personalization solutions. In addition, the platform provides personalization features to the users.
In March 2021, Crownpeak, a US-based provider of digital experience platform services, acquired e-Spirit AG for an undisclosed amount. With this acquisition, Crownpeak’s SaaS-based web content management system (CMS) and other digital quality, governance, and privacy solutions will enable the company to construct the most agile digital experience platform, including content-driven commerce experiences and AI-powered personalization. e-Spirit AG is a Germany headquartered SaaS-based digital experience platform company that provides AI-driven solutions for customers.
The countries covered in the digital experience platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The digital experience platform market research report is one of a series of new reports that provides digital experience platform market statistics, including Digital experience platform industry global market size, regional shares, competitors with a digital experience platform market share, detailed digital experience platform market segments, market trends and opportunities, and any further data you may need to thrive in the digital experience platform industry. This digital experience platform market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06319495/?utm_source=GNW
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