Global Digital Experience Platform Market Rising implementation of customer centric & Omni-channel approach and Growing demand for cloud-based digital experience platform
Digital experience platform is an integrated and cohesive technology which is designed to help enterprises by allowing the management, alignment, optimization and delivery of contextualized digital experiences across multi experience customer expeditions.
Artificial intelligence touches almost every stage of the industry and is considered as an essential tool in this highly competitive space. The entire customer lifecycle right from the customer awareness to the delivery of support services is likely to involve integration of advanced technologies, thus providing improved user experience to the customers and ease the operations of the organization. Providing an excellent customer experience is one of the key aspects of being competitive in this modern world. As customers are becoming more and more demanding, artificial intelligence will be the crucial part of the industry in forthcoming years. This is mainly due to its strong capabilities like enhanced customer’s experience, total cost optimization and better revenue generation. Digitalization is expected to create more opportunities in the near future.
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The worldwide demand for Digital Experience Platform Market was estimated at around USD 12 billion in 2022, and by the end of 2031, existing and expected developments would hit valuations of around USD 27 billion. The industry players and analysts predict the global Digital Experience Platform Market growth of around 11% in terms of CAGR. During the upcoming years, growing need for customer satisfaction and loyalty post-acquisition among enterprises are expected to drive the digital experience platform market during the forecast period. However, High cost associated with the implementation of digital experience platform is one of the crucial factor which is likely to hinder the growth of the digital experience platform market across the region.
Some of the leading and top Digital Experience Platform Market companies in the global Digital Experience Platform Market include OpenText Corporation, Microsoft Corporation, IBM Corporation, Adobe Systems, Liferay, Oracle Corporation, SAP SE, Salesforce.com, Sitecore Holding, Acquia, Squiz, kentico, Censhare, among others. The leading players such as OpenText Corporation, Microsoft Corporation, IBM Corporation, and Adobe Systems hold around 20% market share of the global Digital Experience Platform Market.
On the basis of component, the worldwide Digital Experience Platform Market can be segmented into Software and services, with the 'software' category having the leading market share of about 80 percent. Further service segment can be sub-divided into professional services and managed services. In terms of deployment, global Digital Experience Platform Market can be segmented into cloud-based and on-premise. On the basis of end-user, the market can be bifurcated into Manufacturing, IT & Telecom, BFSI, Healthcare, Hospitality, Public Sector among others. In terms of geography, North America region held the leading market share of around 45% among other regions such as North America, Europe, Latin America, and Middle East & Africa in the global Digital Experience Platform Market.
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