Market Trends of Digital Experience Platform Industry
Retractable Safety Syringes Segment Expected to Witness Significant Growth During the Forecast Period
- Cloud deployment in a digital experience platform (DXP) refers to hosting the platform's infrastructure, applications, and services on cloud servers rather than on-premises hardware. This approach allows for scalable, flexible, and cost-effective management of digital customer experiences, ensuring easier maintenance, automatic updates, and better resource allocation.
- The players in the market are collaborating with cloud solutions or service providers to enhance the customer experience. For instance, in May 2024, Contentstack and Google Cloud forged a new partnership, broadening the scope of composable digital experiences. This collaboration equips global brands with enhanced capabilities to craft, oversee, and deliver solutions. By leveraging this partnership, Contentstack's clientele gains access to a secure and scalable cloud platform, marking Contentstack as the inaugural DXP provider to be endorsed by all three major global cloud service providers.
- According to the Flexera Software Report 2023-2023, 47% of SMB respondents indicated that they were already using AWS CloudFormation templates. AWS CloudFormation helps create templates for quick and reliable provisioning of the applications or services called "stacks."
- In late 2023, 29% of the enterprise respondents indicated that their organizations spent more than USD 12 million on public cloud annually. Public cloud spending remains strong as organizations continuously migrate to the cloud as part of their digital transformation plans.
- By late 2024, 45% of small and medium-sized businesses are expected to invest up to USD 600,000 annually in public cloud services. These services, offered by various providers, typically encompass applications, virtual machines, and storage. One of the key advantages of public clouds is their cost-effectiveness, with organizations paying solely for the services they utilize.
- Unlike traditional systems, cloud DXPs provide scalability, flexibility, and real-time data processing, which are essential for adapting to dynamic market conditions and customer preferences. They enable businesses to deliver personalized content and experiences by leveraging advanced analytics, artificial intelligence, and machine learning. This data-driven approach allows for more precise targeting and engagement, improving customer satisfaction and loyalty.
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North America Expected to Hold Significant Market Share During the Forecast Period
- The Asia-Pacific region has experienced significant growth in digital experience platforms (DXPs), driven by the rapid digital transformation across various industries, particularly retail, financial services, and telecommunications.
- This surge is attributed to the region's burgeoning internet penetration, widespread adoption of mobile devices, and a tech-savvy population eager for enhanced digital interactions. Businesses in APAC are increasingly investing in DXPs to deliver personalized, seamless, and engaging digital experiences to their customers, a necessity in today's competitive market.
- In December 2023, Rabbit's Tale, a creative and digital experience agency based in Bangkok, joined Accenture Song, formerly known as Accenture Interactive. Known for aiding clients in Thailand and other regions through brand strategy, content creation, advertising, digital marketing, customer experience, CRM, and data analysis, Rabbit's Tale's integration will bolster Accenture's ability to support local enterprises and cultivate local talent. This move aims to deliver impactful and tailored digital experiences that resonate with the distinct demands and tastes of the regional market.
- In addition, the regional market's development is anticipated to be further supported by the growing adoption of voice commerce as a channel for selling various products and services. The robust e-commerce sector enhances digital commerce, establishing a dual channel for generating revenue and sharing profits.
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