San Francisco, 09 May 2030: The Report Europe Digital Experience Platform Market Size, Share, & Trends Analysis Report By Component, By Deployment, By Application, By End Use, By Region, And Segment Forecasts, 2022 - 2030
The Europe Digital Experience Platform market size is expected to reach USD 8.09 billion by 2030 and grow at a CAGR of 12.4% from 2022 to 2030, according to the recent reports of Grand View Research, Inc. The growth can be attributed to the rising deployment of cloud-based solutions, demand for big data analytics, and implementation of Artificial Intelligence (AI) and data analytics. These digital capabilities help organizations automate, track, and manage budgets by eliminating the complexities in software. Thus, it allows organizations to customize and prefer user-friendly solutions for digital transformation projects. This is attributed to the rise in demand for digital experience platforms in the region during the forecast period.
With digitization, banks can offer convenience to customers, such as easy payment to bills, transferring money, tracking income and expenses, or other financial transactions in a much shorter time. For instance, according to the reports of the European Banking Authority (EBA), published in September 2021, there is a rapid growth in the use of digital platforms to bridge customers and financial institutions, which facilitate access to financial products and services, including cross-border products and services. This use of digital platforms presents a range of potential opportunities for both European Union (EU) customers and financial institutions and offers significant transformative potential. This will create lucrative business opportunities in the digital banking platform in the region.
The growing internet users & smart devices, increasing technological advancements, and government initiatives towards digitalization are contributing to the growth of the regional market. For instance, in January 2021, the German Academic Exchange Service (DAAD), the country’s funding organization for international exchange, has adopted a strategy of internationalization through digitalization, which promotes academic mobility via digital learning platforms and webinars on topics such as the writing of research proposals, online language tests, virtual recruitment events, and online portals to match students with academic institutions. These initiatives will supplement the growth of the regional market during the forecast period.
The current growth can be attributed to the increasing rate of digital transformation across industry verticals and the growing need to enrich customer experiences for enhanced customer engagement. The COVID-19 pandemic compelled several businesses to become digital to improve workflow efficiency and preserve business growth. These platforms have enhanced automation and digitalization in several businesses in various industry verticals. Hence, more vendors are adopting digital experience platforms (DXP)s, which allow them to reach customers via digital devices and facilitate upselling and cross-selling across their businesses.
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The acceptance rate of the latest technologies, such as Artificial Intelligence (AI) and Machine Learning (ML) in DXP solutions is expected to boost market growth. Digital experience platforms permit businesses to focus on a larger customer base by designing and planning new products and implementing new business models and services. For instance, in March 2022, the Dutch Council for Refugees, a government body, announced a partnership with SparkOptimus, a digital strategy consultancy, to launch RefugeeHelp.com, a digital platform to provide a transparent overview of initiatives for both Ukrainian refugees and volunteers. At the same time, the platform is positioned to meet the future incursions of refugees worldwide. These benefits will supplement the growth.
Digital experience platforms can be easily integrated with the existing set of business processes such as Customer Relationship Management (CRM), contact centers, and social media platforms. With the help of these capabilities, organizations can obtain powerful insights helping them boost their return on investment. For instance, in September 2020, Deloitte Digital announced a collaboration with Lamborghini, an Italian automotive giant, to help transform its digital experience. Deloitte Digital created a new CRM platform using the Salesforce platform and integrated the CRM with a content management system, and enabled Lamborghini to create and deliver the right content to their customers. These features are driving the growth of the regional market.
The growing inclination for cloud-based digital experience platforms from companies helps the regional market to grow. Several enterprises prefer cloud services, as they reduce investments in physical infrastructure and rapid deployment capability. With the help of cloud-based digital experience platforms, companies can access the platform from multiple devices such as smartphones, laptops, and desktop computers and can deliver customized content based on customer preferences, buying behavior, and historical transactions. Trends like these are likely to fuel the regional market growth of the digital experience platform.
The evolving use of voice commerce is expected to aid the growth of the regional market as a medium to sell various products and services. The presence of a sound e-commerce industry complements digital commerce, creating a bilateral pathway for revenue generation and profit-sharing. Several e-commerce companies in the region, such as Otto Group, Marks & Spencer, and Apple, among others, have increased the bar of choice for the masses by hosting products and their brands. The option of trying and buying has also become a popular resort for e-commerce buyers. These trends are expected to drive the demand for DXP in the region.
