Digital Experience Platform Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 14.08 Billion |
| Market Size (2029) | USD 26.50 Billion |
| CAGR (2024 - 2029) | 13.48 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Digital Experience Platform Market Analysis
The Digital Experience Platform Market size is estimated at USD 14.08 billion in 2024, and is expected to reach USD 26.5 billion by 2029, growing at a CAGR of 13.48% during the forecast period (2024-2029).
Companies' growing inclination to develop customer-centric strategies to deliver superior customer interaction is expected to drive market growth.
- Furthermore, marketers' increasing adoption of Digital Experience Platforms (DXPs) has enabled them to reach customers across multiple digital devices and promote cross-selling and upselling. Users can use DXP to create and deliver optimized, integrated user experiences across various digital channels.
- Moreover, the ability of DXPs to collect and analyze customer purchasing behavior and unify customer data obtained from multiple touchpoints to create a centralized view is another important factor driving the market growth. Furthermore, incorporating emerging technologies such as AI, big data, and Machine Learning (ML) has enabled critical solution providers to upgrade their DXs across multiple applications.
- Furthermore, organizations use DXP to understand their customers' immediate needs and deliver relevant content via various digital channels. Furthermore, digital experience platforms provide additional benefits, such as client activity monitoring, advanced analytical capability, and seamless integration with the existing framework. Key market players are further focusing on improving their digital platforms by investing in advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), and big data analytics, driving the market growth.
- However, rapidly evolving DXP technologies, integration issues with legacy business processes and infrastructure, and a reluctance to upgrade to customer-oriented marketing and communication strategies are significant challenges impeding DXP market growth. Furthermore, the need for an experienced workforce to manage multiple solutions as part of DXPs is a substantial concern for SMEs and startups.
- The Covid-19 pandemic has demonstrated the importance of IT and digital transformation, and organizations should seize this opportunity to accelerate the transition. Companies are becoming more digital, with more customer interactions occurring not in person but through a screen. The company's efforts are likely to fuel market growth.
Digital Experience Platform Market Trends
On Cloud Deployment to Drive the Market Growth
- Due to the growing preference for cloud-based DXPs' rapid deployment capability and lower investments in physical infrastructure, the cloud-based segment of the market will account for the highest CAGR during the forecast period.
- Various businesses prefer cloud services because of their numerous advantages. For example, Small and Medium Enterprises (SMEs) use the cloud model, which reduces initial IT costs such as hardware setup and power consumption, and requires less physical space. Large enterprises can benefit from cloud services because they can host multiple applications in the cloud network, simplifying application management.
- The cloud deployment model provides customers with a usage-based service model that includes a pay-per-use facility. Furthermore, cloud deployment offers numerous advantages for businesses, such as faster performance, responsiveness, improved collaboration, and greater agility, without needing to maintain a server infrastructure.
- Furthermore, cloud-based DXPs have enabled businesses to access the platform from various devices, including laptops, smartphones, and desktop computers, to deliver customized content based on customer purchasing behavior, preferences, and historical transactions.
Asia-Pacific to Witness Highest Growth
- Owing to the widespread adoption of emerging technologies such as cloud computing, Artificial Intelligence (AI), and analytics, the region is expected to experience the highest growth during the forecast period. Furthermore, the presence of developing economies such as China and India, which are rapidly implementing cutting-edge technology, is expected to contribute to the region's DXP market growth.
- For instance, Optimizely, a digital experience platform (DXP) provider that enables Boundless Digital Invention has announced that its content management, commerce, and personalization solutions are available on the Microsoft Azure Marketplace. This online store offers applications and services for use on Azure. Customers of Optimizely can now benefit from the productive and trusted Azure cloud platform with streamlined deployment and management. Optimizely, DXP provides extensive personalization features powered by artificial intelligence (AI) and benefits from Azure's scalability, reliability, performance, and security.
- Companies operating in the regional market are further fueling the adoption of DXPs due to growing consumer preference and the widespread adoption of web and mobile shopping applications in developing countries such as India and China.
- The rapid growth of online retailing is fueling the demand for DXPs in the region. Furthermore, the well-established presence of Information Technology Enabled Services (ITES) and software companies in countries like India, China, Singapore, Japan, and South Korea are also anticipated to facilitate the cost-effective deployment of DXPs.
Digital Experience Platform Industry Overview
The market for Digital Experience Platforms is highly fragmented, with numerous players worldwide. The major players are IBM, Microsoft, Adobe, Acquia, and SAP. Market participants use partnerships, joint ventures, and other methods to increase their market share through increased coverage and presence. Some of the market's most significant developments include:
- April 2022- Oracle has announced a complete employee experience platform called Oracle ME to assist organizations in increasing employee engagement and ensuring employee success. Oracle ME, a component of Oracle Fusion Cloud Human Capital Management (HCM), enables HR and business leaders to improve talent retention by creating a more supportive and trusted work environment, increase productivity by guiding employees through complex tasks, and streamline communications across the organization.
- March 2022 - Adobe announced a significant expansion of its partner ecosystem, creating new opportunities for its technology, solution partners, and developers to deliver more personalized experiences to millions of people while accelerating content velocity and seamless customer journeys. Technology partnerships bring new capabilities to adobe experience cloud.
Digital Experience Platform Market Leaders
Adobe Inc.
Oracle Corporation
SAP SE
IBM Corporation
Microsoft Corporation
*Disclaimer: Major Players sorted in no particular order
Digital Experience Platform Market News
- December 2022- The Bank of Thailand (BOT) has chosen Oracle Fusion Cloud Human Capital Management (HCM), a comprehensive HR system, to promote a digital workforce with a better employee experience. The BOT can reduce manual processes and improve workflows with Oracle Cloud HCM.
- December 2022 - Oracle has announced the establishment of a new Oracle Cloud Region in Chicago, Illinois. Oracle's 41st global region and fourth in the United States, provides customers and partners with a new option for locating their infrastructure, applications, and data for optimal performance and latency.
- Furthermore, the Oracle Cloud Chicago Region provides public and private sector customers and partners in the United States Midwest with access to a wide range of cloud services that enable them to modernize their applications, innovate with data and analytics, and migrate mission-critical workloads from their data centers to Oracle Cloud Infrastructure.
- September 2022- KeyBank, a financial services company in the United States, has partnered with Oracle to modernize its non-real estate consumer lending process. Through a network of 1,000 branches, KeyBank offers deposit, lending, cash management, and investment services to individuals and businesses in 15 states. The bank can now service loan accounts in real-time from the initial application through payments and collections with Oracle Banking Originations, reducing delays and improving customer service.
Digital Experience Platform Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Deployment of Cloud-Based Solutions
4.2.2 Rising Demand for big Data Analytics
4.3 Market Challenges
4.3.1 Integration Issues with Legacy Business Processes and Infrastructure
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porters Five Force Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Buyers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Assessment of Impact of COVID-19 on the Digital Experience Platform Market
5. MARKET SEGMENTATION
5.1 Component
5.1.1 Platform
5.1.2 Services
5.2 Deployment Type
5.2.1 On-Premise
5.2.2 Cloud
5.3 End Users
5.3.1 Retail
5.3.2 IT and Telecom
5.3.3 BFSI
5.3.4 Healthcare
5.3.5 Other End Users
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles*
6.1.1 Adobe Inc.
6.1.2 Oracle Corporation
6.1.3 SAP SE
6.1.4 IBM Corporation
6.1.5 Microsoft Corporation
6.1.6 Salesforce, Inc.
6.1.7 OpenText Corporation
6.1.8 SDL PLC
6.1.9 Sitecore
6.1.10 Acquia
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
Digital Experience Platform Industry Segmentation
Digital Experience Platform (DXP) is a platform to engage a broad array of audiences across a vast range of digital touchpoints. Organizations are using these to build, deploy, and to improve their portals, websites, and other digital experiences.
The digital experience platform market is segmented by Component (Platform and Services), Deployment Type (On-Premise and Cloud), End-Users (Retail, IT and Telecom, BFSI), and Geography (North America, Europe, Asia-pacific, Middle East & Africa, and Latin America).
The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| Component | |
| Platform | |
| Services |
| Deployment Type | |
| On-Premise | |
| Cloud |
| End Users | |
| Retail | |
| IT and Telecom | |
| BFSI | |
| Healthcare | |
| Other End Users |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Rest of the World |
Digital Experience Platform Market Research FAQs
How big is the Digital Experience Platform Market?
The Digital Experience Platform Market size is expected to reach USD 14.08 billion in 2024 and grow at a CAGR of 13.48% to reach USD 26.50 billion by 2029.
What is the current Digital Experience Platform Market size?
In 2024, the Digital Experience Platform Market size is expected to reach USD 14.08 billion.
Who are the key players in Digital Experience Platform Market?
Adobe Inc., Oracle Corporation, SAP SE, IBM Corporation and Microsoft Corporation are the major companies operating in the Digital Experience Platform Market.
Which is the fastest growing region in Digital Experience Platform Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Digital Experience Platform Market?
In 2024, the North America accounts for the largest market share in Digital Experience Platform Market.
What years does this Digital Experience Platform Market cover, and what was the market size in 2023?
In 2023, the Digital Experience Platform Market size was estimated at USD 12.41 billion. The report covers the Digital Experience Platform Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Digital Experience Platform Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Digital Experience Platform Industry Report
Statistics for the 2024 Digital Experience Platform market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Digital Experience Platform analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
