Digital Experience Management Software Market Overview
Digital Experience Management Software Market Size was valued at USD 5.9 billion in 2022. The digital experience management software market industry is estimated to grow from USD 6.5 Billion in 2023 to USD 12.3 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.10% during the forecast period (2024 - 2030). The increasing use of touchpoints is the key market driver enhancing market growth. In addition, as mobile devices and apps increase, there is a greater need for digital experience management tools to preserve the flexibility, productivity, and security of IT operations.
Figure 1: Digital Experience Management Software Market Size, 2024-2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Digital Experience Management Software Market Trends
The growing utilization of cloud-based services is driving the market growth
Market CAGR for digital experience management software is driven by the increasing adoption of cloud-based services. Cloud adoption aims to reduce costs and hazards while increasing the scalability of internet-based database capabilities. Organizations employ cloud computing or distant computers connected to the internet to store, manage, and process important data to achieve this. For instance, to meet the demand for a quick change in cloud-based services, public cloud services are forecast to rise by 23.1% to $332.3 billion in 2021 from $270 billion in 2020, according to a poll done by technology research and consulting firm Gartner in April 2021. Also, the COVID-19 health issue has presented an economic opportunity for the cloud sector, as cloud usage has significantly increased ly across numerous industries. The growth in cloud-based service deployment and investment will drive the digital experience platform.
Figure 2: Usage of cloud services by type by organizations worldwide in 2021, by business size
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Another major trend that is becoming increasingly popular in the market for digital experience management software is technological advancement. To improve their market position, major players in the market for digital experience management software are concentrating on offering a platform with cutting-edge technology and related solutions. For instance, in November 2022, the American provider of digital experience platforms (DXP), Optimizely, debuted their advanced DXP on the Microsoft Azure Marketplace, which offers software and services for use with Azure. The artificial intelligence (AI)-driven platform for improved digital experiences provides content management, commerce, and personalization solutions. The software also offers users tools for customization. Thus, driving the digital experience management software market revenue.
Digital Experience Management Software Market Segment Insights
Digital Experience Management Software Component Insights
The digital experience management software market segmentation, based on components, includes solutions and services. The solutions sector was the major sector in the market. An increase in call centers and a rising demand for real-time customer interaction solutions to improve customer experience are driving the sector’s expansion. Client experience management software allows businesses to control customer interactions. Additionally, in 2022, the services segment witnessed the fastest growth rate due to the growing need for services like training and consulting across numerous industries, the service category is predicted to grow significantly during the projection period. Using digital experience platform services for enterprises includes improved business performance, lower costs, and better Return on Investment (ROI).
Digital Experience Management Software Solution Insights
The digital experience management software market segmentation, based on solution, includes web content management. The web content management solution acquired the major share of the market and showed the fastest growth rate in 2022. Consumers' preference for video-based content on OTT platforms is the sector's key factor. One of the key driving factors for web content management is the rise in media consumption on a scale. The use of digital formats for worldwide media consumption is growing quickly. During the projection period, demand for the market is also projected to expand due to increased demand for online and data-driven digital techniques to meet client objectives successfully.
Digital Experience Management Software Services Insights
The digital experience management software market data, based on services, includes professional service and support and maintenance service. In 2022, professional services dominated the market. The sector for professional services consists of the sales of professional services and related goods by entities (organizations, sole proprietors, and partnerships) that provide services that support businesses of all sizes, in all industries, as well as individuals and institutions, in various processes where human capital is the main input. A growing emphasis on digitizing company operations will drive the professional services segment. The segment support services have generally expanded due to increased economic growth in North America and Europe. The support services business has much room to grow due to the larger computer repair sector.
Figure 3: Digital Experience Management Software Market, by Service, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Digital Experience Management Software Regional Insights
By region, the study provides market insights into Asia-Pacific, Europe, North America, and Rest of the World. The North American digital experience management software market area will dominate this market due to the increasing acceptance of customer experience management solutions across numerous geographical industries. Also, the area includes many sellers, which supports the market expansion. To increase client retention, the retail industry is investing in CEM solutions. For instance, Walmart Canada intends to spend USD 3.5 billion over the following five years to streamline in-store and online purchasing. With this investment, Omni-experience will be improved, and cutting-edge digital tools will be created to help employees provide better customer service.
Further, the major countries studied in the market report are Canada, U.S., German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 4: DIGITAL EXPERIENCE MANAGEMENT SOFTWARE SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's digital experience management software market accounts for the second-largest market share. Digital platform investments will increase as big data, and data analytics become more widely used and digitized in Europe. Increasing government regulations on the privacy of client data have encouraged advertisers and marketers to use digital platforms. Leading players are creating cutting-edge CEM solutions to take advantage of these changes. For instance, Dentsu and Merkle Company established an enhanced platform in North Europe in April 2021. Further, the German digital experience management software market held the major market share, and the UK digital experience management software market was the fastest-growing market in the European region
The Asia-Pacific Digital Experience Management Software Market is predicted to grow at the fastest CAGR from 2023 to 2030 because of the emergence of AI-based tools and self-service platforms like chatbots, IVR, web self-service, and online communities, businesses are now better equipped to comprehend the shifting customer behavior, offer immediate assistance, and start proactive actionable replies. For instance, to increase user experience by 70%, the Indian Railway Catering and Tourism Corporation and CoRover, a conversational AI platform, released AskDISHA powered by Azure, an AI-powered chatbot, in January 2021. Moreover, China’s digital experience management software market held the largest market share, and the Indian digital experience management software market was the fastest-growing market in the Asia-Pacific region.
Digital Experience Management Software Key Market Players & Competitive Insights
Leading market players are investing largely in research and development to expand their product lines, which will help the digital experience management software market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the digital experience management software industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the digital experience management software industry to benefit clients and increase the market sector. In recent years, the digital experience management software industry has offered some of the most significant benefits to medicine. Major players in the digital experience management software market, including Salesforce.Com, Infosys (India), SDL Plc (U.K.), Oracle Corporation (U.S.), and others, are attempting to increase market demand by investing in research and development operations.
EasyVista is a cloud-based service management platform developer aiming to make information technology service management easier (ITSM). Through its software, the company provides features such as EV service manager, self-help solution, service management, remote monitoring, and business intelligence, as well as asset and financial management, chatbots, and virtual agents, allowing businesses to deliver exceptional customer-focused experiences, resulting in increased employee productivity, lower operating costs, and increased customer satisfaction. In June 2022, EasyVista announced the acquisition of Itexis, a user experience monitoring software. The acquisition establishes EasyVista as a leader in providing its customers with a unique, combined ITSM, ITOM, and Digital Experience Monitoring (DEM) platform, resulting in an integrated IT service experience management platform.
Infosys is a major provider of IT services worldwide, with around 250,000 staff members. The Indian IT services corporation, based in Bangalore, derives 60% of its income from North America through its offshore outsourcing model. Traditional IT service options include consultancy, managed services, cloud infrastructure services, and business process outsourcing as a service (BPaaS). In April 2022, Infosys announced that it had completed the purchase of weird, a digital marketing, experience, and commerce firm based in Germany. Oddity offers Infosys a comprehensive service portfolio that includes digital-first brand management and communication, in-house production, virtual and augmented reality, experience design, e-commerce services, and a metaverse-ready European presence.
Key Companies in the digital experience management software market include
-
Oracle Corporation (U.S.)
-
Demandware Inc. (U.S.)
-
SDL Plc (U.K.)
-
SAP SE (Germany)
-
IBM Corporation (U.S.)
-
Infosys (India) Inc. (U.S.)
-
Sitecore (Denmark)
-
Adobe Systems Incorporated (U.S.)
-
Acquia (U.S.)
-
Salesforce.Com
Digital Experience Management Software Industry Developments
April 2022: Kyndryl, a prominent IT infrastructure services provider, has teamed with Oracle to help customers accelerate their journey to the cloud by providing managed cloud solutions to organizations worldwide. Kyndryl would become an Oracle Cloud Infrastructure (OCI) key delivery partner as part of the partnership, extending its vast experience working with and supporting clients who use Oracle products and services.
March 2022: Adobe stated that BMW Group, one of the world's premier automotive and motorbike manufacturers, has expanded its cooperation with Adobe to transform its sales and marketing business digitally. BMW Group, which includes Rolls-Royce, BMW, MINI, and BMW Motorrad, employs Adobe Experience Cloud to create personalized digital experiences as it strives to sell a quarter of all vehicles online within the next three years.
Digital Experience Management Software Market Segmentation
Digital Experience Management Software Component Outlook
Digital Experience Management Software Solution Outlook
Digital Experience Management Software Service Outlook
Digital Experience Management Software Regional Outlook
-
Germany
-
France
-
UK
-
Italy
-
Spain
-
Rest of Europe
-
Asia-Pacific
-
China
-
Japan
-
India
-
Australia
-
South Korea
-
Australia
-
Rest of Asia-Pacific
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
