Digital Experience Platform Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The digital experience platform market is anticipated to register a CAGR of 12.07% over the forecast period 2021 to 2026. The growing inclination of companies for developing customer-centric strategies to deliver superior customer interaction is expected to drive the market growth.

• Furthermore, the rising adoption of the Digital Experience Platforms (DXPs) by marketers has enabled them to seamlessly reach customers through multiple digital devices and promote cross-selling and upselling. DXP allows users to in building and delivering optimized, integrated user experiences across various digital channels.
• The capability of DXPs to collect and analyze the customer buying behavior and unify customer data obtained from multiple touchpoints to create a centralized view is also a significant factor driving the market growth. Moreover, integration of emerging technologies, such as Artificial Intelligence (AI), big data, and Machine Learning (ML) have enabled vital solution providers to upgrade their DXs, thereby driving the demand for digital experience platforms across multiple applications.
• However, rapidly evolving DXP technologies, the integration issues with legacy business processes and infrastructure, and reluctance to upgrade to customer-oriented marketing and communication strategies are the significant challenges impacting the growth of the DXP market. Furthermore, the lack of an experienced workforce to manage multiple solutions as part of the DXPs is a considerable concern for SMEs and startups.
• The Covid-19 pandemic has showcased the value of IT, and digital transformation, and organizations should use this time to accelerate the transition. Now companies are evolving to become more digital with an increasing number of interactions with customers happening, not in person, but over a screen. These efforts by the company are likely to fuel market growth.

Scope of the Report

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.

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Key Market Trends

On Cloud Deployment to Drive the Market Growth

• The cloud-based segment for the market to account for the highest CAGR during the forecast period due to the growing preference for cloud-based DXPs due to the rapid deployment capability and reduced investments in physical infrastructure.
• Owing to their wide-ranging benefits, Various enterprises prefer cloud services. For instance, Small and Medium Enterprises (SMEs) adopt the cloud model, as it helps reduce initial IT costs, such as the costs of hardware setup and power consumption, and requires less physical space. Large enterprises can benefit from cloud services, as they can host their large number of applications in the cloud network, which eases application management.
• The cloud deployment type offers customers a usage-based service model with the pay-per-use facility. Moreover, cloud deployment provides various benefits to enterprises such as faster performance, quick responsiveness, improved collaboration, and greater agility, without having to operate a server infrastructure.
• Furthermore, the cloud-based DXPs have enabled companies to access the platform from multiple devices such as laptops, smartphones, and desktop computers to deliver customized content based on customer buying behavior, preferences, and historical transactions.

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