Digital Experience Platform Market size worth $ 43.43 Billion, Globally, by 2028 at 13.4% CAGR

Verified Market Research

A few of the major factors that are driving the growth of Digital Experience Platform Market are rising customer expectations and the need to understand them, growing adoption of Wide Web 2.0 technologies, high deployment of cloud-based solutions.

JERSEY CITY, N.J., Nov. 29, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Digital Experience Platform Market" By Component (Platform and Services), By Deployment Mode (On-premises and Cloud-based), and By Geography. According to Verified Market Research, the Global Digital Experience Platform Market size was valued at USD 15.88 Billion in 2020 and is projected to reach USD 43.43 Billion by 2028, growing at a CAGR of 13.4% from 2021 to 2028.

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Global Digital Experience Platform Market Overview

A few of the major factors that are anticipated to drive the growth of Digital Experience Platform Market are rising customer expectations and the need to understand them, growing adoption of Wide Web 2.0 technologies, high deployment of cloud-based solutions. DXPs also aid in gaining big data analytics which enables a unified view of customer interactions, activities, and data across several applications, user journeys, touchpoints, and channels. This helps the companies in providing predictive offerings and contextual recommendations to the customers. By procuring better insights into customer behavior active customer engagement content can be targeted instantly, hence achieving the goals of developing platforms for agile delivery with faster time to market as well as reduced customer churn rate. According to a study conducted by Salesforce in 2018, 76 percent of customers now want businesses to understand their needs and expectations. Today, the major competitive advantage is generally the customer experience rather than the product or pricing.

The growth of the cloud-based solutions is also a major driver for the Digital Experience Platform Market. The cloud-based solutions or the use of the cloud computing is growing on account of factors such as it shorten the ideation–to–implementation cycle, along with it offers scalability, limits capital investment, stimulates innovation among others. Cloud computing frequently offer new features and functions; some have launched over a thousand features in a single year. Furthermore, they allow companies to shift IT jobs away from operations and toward creating skills in areas like the Internet of Things (IoT), machine learning, and artificial intelligence (AI).