MarketsandMarkets forecasts 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 2019–2024.
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.
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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.
The DXP helps enterprises use, create, and manage content to be published on different digital channels. The platform hosts digital content on the internet to store, manage, and process critical data. The increasing volume of website and mobile app data, rise in focus on delivering customer-centric applications for driving customer satisfaction, and growth in the need to control and reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX) are major factors driving the adoption of the emerging technologies, such as big data, Artificial Intelligence (AI), and Machine Learning (ML) are gaining traction. It, in turn, is expected to drive the adoption of DXP solution and services.
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.
Adobe Systems (US) entered the DXP market with its product Adobe Experience Cloud, which provides a plethora of solutions, such as analytics, targeting, advertising optimization, Digital Experience (DX) management, marketing automation and engagement, content management, order management, and predictive intelligence. The company focuses on inorganic growth strategies to strengthen its market position. For instance, in 2018, the company acquired Magento and Marketo to drive its revenue growth. The company also concentrates on increasing its innovative capabilities by spending approximately 17% of its revenue on R&D consecutively in fiscal years 2016, 2017, and 2018.
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IBM (US) offers DX to its customers through products, such as IBM DX Manager, IBM WebSphere Portal, IBM Web Content Manager, and IBM Watson Content Hub. It also offers Digital Commerce, a flexible cloud platform that provides customers with capabilities to shape the digital CX and improve customer engagement. The company has been able to maintain a leading position globally owing to its capabilities as a provider of cognitive solutions and cloud platform through which it has been able to create a wide range of services, software, analytics tools, and related services for its customers in the DXP market. IBM has adopted inorganic growth strategies such as partnerships and acquisitions to enhance its offerings. For instance, the company has recently partnered with BUCKiTDREAM, providing BUCKiTDREAM with the Watson Marketing solution for an improved and personalized brand engagement experience to its customers.
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