(IT-NEWSWIRE.COM, June 22, 2022 ) According to a research report "Digital Experience Platform Market analyze the market subsegments with respect to individual growth trends, prospects, and contributions to the total market and provide detailed information related to the major factors, such as drivers, restraints, opportunities, and challenges, influencing the growth of the market. Major factors expected to drive the growth of the Digital Experience Platform Market include help in understanding the immediate needs of the customer, reducing the customer churn rate, growing deployment of cloud-based solutions, and rising demand for big data analytics. The Digital Experience Platform (DXP) market to grow from USD 7.9 billion in 2019 to USD 13.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 12.0% during the forecast period.
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By deployment type, the cloud segment to constitute a larger market size during the forecast period
By deployment type, the Digital Experience Platform Market has been segmented into cloud and on-premises. The cloud segment is expected to grow at a higher CAGR during the forecast period, due to its cost-efficiency and hassle-free integration. Various enterprises prefer cloud services due to their wide-ranging benefits. 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 the cloud services, as they can host their large number of applications in the cloud network, which eases application management. With cloud, enterprises can achieve improved collaboration, along with faster performance, quick responsiveness, and greater agility, without having to operate a server infrastructure. The cloud deployment type offers customers a usage-based service model with the pay-per-use facility.
The managed services segment to grow at a higher CAGR during the forecast period
By services, the managed services segment is expected to hold a larger market size than the professional services segment during the forecast period as they help clients handle DXP operations on-premises as well as on the cloud. The prime responsibility of the managed services providers is to improve the efficiency of inbound and outbound operations cost-effectively for enterprises. Managed services assist clients in outsourcing the DXP to service providers for efficiently managing their key business operations. These services are very useful for companies, which do not have internal budgets or analytical skills to implement and manage the Customer Experience (CX) solution. The managed service providers handle end-to-end deployment and after sales services for the solutions.
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North America to account for the largest market size during the forecast period.
The geographic analysis of the Digital Experience Platform Market includes 5 major regions, namely, North America, Asia Pacific (APAC), Europe, Latin America, and the Middle East and Africa (MEA). The market in North America is expected to grow at a high rate during the forecast period, due to the rapid adoption of advanced technologies by industries. Organizations in North America are opting for various digital channels, such as web portals, social media, call centers, and mobile phones to collect customer feedback data. In North America, the demand for DXP will be the highest in the travel and hospitality vertical. Organizations are fostering a customer-centric culture and are working to drive customer engagement by dealing with real-time customer data. For instance, Mercedes-Benz USA worked with Medallia to create a CX that empowers dealers to understand and respond to customer-generated feedback instantly.
Key Market Players
Key and emerging market players include Adobe Systems (US), Oracle (US), SAP (Germany), IBM (US), Microsoft (US), Salesforce (US), OpenText (Canada), SDL (UK), Sitecore (US), Acquia (US), Jahia (Switzerland), Episerver (US), Squiz (Australia), BloomReach (US), Liferay (US), Kentico (Czech Republic), and censhare (Germany).
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Mr. Aashish Mehra