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End-Users are adopting digital experience platform to create and deliver integrated, optimised experience across numerous digital channels rapidly and effortlessly. DXPs (Digital experience platform) also assist with big data analytics, enabling for a consolidated perspective of consumer interactions, activities, and data across multiple apps, user journeys, touchpoints, and channels.
According to Gartner's 2019 Magic Quadrant for Digital Experience Platforms, through 2021, 85% of a DXP program's effort and cost will go toward integrations with internal and external systems, including the DXP's own built-in capabilities.
It also has the ability to increase efficiencies by eliminating silos in an organization's data and backend processes, to provide modern unified platform.
Additionally, Digital experience platforms also enables companies to recommend and provide appropriate content, as well as advise loyalty rewards based on customer lifetime value.
For Instance, the increasing adoption of interactive Kiosk for providing banking services is also expected to adopt among banks and Non-Banking Financial Companies (NBFC).
Increasing Adoption of cloud based solutions in enterprises also one of the major driving factor for digital experience platform market. For Instance, In April 2021, Adobe announced its cloud experience platform. This enables brands to unify data in real time, resulting in real-time customer insight and personalisation at scale.
The capability of DXPs to collect and analyze the customer buying behavior and unify customer data obtained from multiple touchpoints to create a centralized view is one of the major factor for market growth.
The outbreak of the COVID-19 pandemic is likely to drive the demand for a digital experience platform (DXP). The spread of novel Coronavirus has surged the usage of digital channels and services. Organisations are now developing to become more digital, with an increasing number of customer interactions taking place via a screen rather than in person. The company's initiatives are anticipated to stimulate market expansion.
Key Market Driver -
Increasing demand to cloud based solution deployment and big data analytics to drive the market growth.
Key Market Restraint -
Lack of a skilled professional in developing nations to develop and update solution concerns to restrict the market growth
The major companies in the global digital experience platform market report IBM Corporation, Adobe, Acquia Inc., Oracle Corporation, SAP SE, OpenText Corporation, Microsoft Corporation, Salesforce Inc., CoreMedia AG, Episerver, Liferay Inc., Sitecore, HCL technologies Ltd., Wipro Ltd., SDL Plc., Infosys Ltd., Censhare AG, Accenture plc., and others.
North America hold largest market size and display exponential growth during the estimated period. The growth is owing to the strong emphasis on customer interaction and retention, as well as a huge presence of online and traditional retailing channels. Moreover, the region's enterprises are among the first to adopt new technologies such as Oracle Corporation, Microsoft Corporation, Salesforce Inc., and others.
APAC is expected to emerge dominance in the global market during the forecast period. Due to widespread adoption of emerging technologies as cloud computing, artificial intelligence (AI), and analytics. Additionally, the presence of developing economies like China and India, which are rapidly adopting new technologies, is projected to add DXP market growth in APAC region.
Europe is expected to have a significant CAGR during the forecasted period. Increased Digitisation and increased adoption of cloud-based technology are all contributing to the expansion in the region.
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