Digital Experience Platform Market Revenues to Expand at a CAGR of 12% by 2024
According to a new market research
report "Digital Experience Platform Market by Component
(Platform and Services), Deployment Type (Cloud and On-premises), Vertical
(Manufacturing, IT & Telecom, BFSI, Healthcare, Travel & Hospitality,
and Public Sector), and Region - Global Forecast to 2024", is
expects 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.
Major
factors expected to drive the growth of the DXP market include help in
understanding the immediate needs of customer, reducing the customer churn
rate, growing deployment of cloud-based solutions, and rising demand for big
data analytics.
Browse 51 market data Tables
and 42 Figures spread through 151 Pages and in-depth TOC
on "Digital Experience Platform Market - Global Forecast to
2024"
Based on component, services
segment to record a higher growth rate than platform segment during the
forecast period
Base
on component, the services segment is expected to grow at a higher rate than
the platform segment during the forecast period. The services segment has a
major influence on the DXP market’s growth. The demand for services is
increasing with the growing adoption of DXP by enterprises across major
verticals. These services assist end users in reducing costs, increasing
overall revenues, and improving business performance. With the help of these
services, organizations can track, evaluate, and analyze the requirements of
their business to make better-informed decisions.
Among services, managed
services segment to register a higher growth rate than professional services
segment during the forecast period
Among
services, the managed services segment is expected to witness a higher growth
rate than the professional services segment during the forecast period. Managed
services help clients manage their DXP operations on-premises as well as in the
cloud. The prime responsibility of the managed services providers is to improve
the efficiency of inbound and outbound operations cost-effectively for
enterprises.
North America to account for
the largest market size during the forecast period
North
America is expected to hold the largest market size during the forecast period.
The US has emerged as the largest market for DXPs due to the large-scale
implementation of DXPs by organizations and enterprises in the country. The
high pace of digital transformation, along with the high growth of Artificial
Intelligence (AI) and data analytics, is attributed to the fast growth of the
DXP market in the US.
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). These players have adopted various strategies to grow in
the DXP market.
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