A Snapshot of the DXP Industry
- 2023 Revenue– $12.5 billion.
- Future Growth Rate– over 12%
- Number of Competitors– 50+
- Companies to Action– Acquia, Adobe, Bloomreach, Contentful, Contentstack, HCLSoftware, Liferay, OpenText, Optimizely, Progress, Sitecore, and Squiz.
- Growth Drivers– Digital Transformation, Advancing Connectivity Networks, and the Adoption of Digital Content Services.
- Growth Barriers– Rising Inflation Rates, Legacy Systems, and Macroeconomic Uncertainty.
To read on about provider strategies and emerging technologies in the DXP industry, click here.
In an era where superior customer experience (CX) cements competitive differentiation and defines industry leaders, digital experience platforms (DXPs) are emerging as essential tools for growth.
Today, the proliferation of communication channels like, social media, dynamic websites, apps, chatbots, and eCommerce sites is widening the spectrum of customer touchpoints. This in turn is rendering traditional content management systems (CMSs) and distribution platforms obsolete. As a result, businesses are grappling to optimize digital customer engagement, improve client satisfaction, and maximize customer retention rates. This implies that the pressure on providers to deliver well-orchestrated, omnichannel customer support has intensified.
Going forward, successful customer engagement ideas and strategies will require providers to showcase advanced technology skills, offer personalized CX, improve multichannel content management, deliver composable tools, and automate performance tracking in DXPs. Moreover, seamless integration with third-party applications will aid in eliminating the inefficiencies associated with disparate tools for customer interaction – Which DXPs will enable your teams to streamline digital experience management across all phases of the customer journey?
Provider Advantage: Capitalizing on Emerging Opportunities in the DXP Ecosystem
- Leveraging AI, machine learning (ML), large language models (LLMs), and generative AI (GenAI) to automate digital experience workflows, accelerate content distribution, deliver personalized experiences, and improve solution compliance/security.
Frost RadarTM: Two Indices. Ten Analytical Algorithms. One Platform.
- Growth Index – Measuring DXP market share, revenue growth, provider vision/strategy, growth pipelines, and sales/marketing effectiveness.
- Innovation Index – Measuring innovation scalability, R&D strategies, product portfolio strength, megatrend leverage, and customer alignment across the DXP ecosystem.
For personalized DXP strategies customized for your organization, schedule a discussion with our growth experts here.
- Focusing on service and solution expansion in regions like the Asia Pacific, Middle East, and Latin America for strategic entry into new geographies.
- Investing in immersive technologies under the extended reality (XR) umbrella – virtual reality (VR), augmented reality (AR), and mixed reality (MR) – to capitalize on advancements in Web3 and the metaverse, while optimizing omnichannel customer interactions.
Are you equipped to evaluate different technology strategies and growth processes that will help strengthen your organization’s DXP portfolio?
Customer Advantage: Identifying and Implementing DXP Best Practices
As businesses increasingly transition to the digital ecosystem and seek superior digital experience management technologies, the number of DXP providers continues to grow. With so many options available, competitive benchmarking becomes essential for both customers and enterprises. It helps identify the strengths and weaknesses of different DXP solutions, enabling organizations to select the provider that best aligns with their strategic goals and specifications. Now, the following best practices emerge as vital growth accelerators:
- Implementing verticalized DXP solutions that address industry-specific workflow requirements with personalized tools. These should also offer seamless integration across multiple customer touchpoints and provide centralized, easy-to-use platforms.
- Focusing on low-code/no-code solutions with user-friendly interfaces that enhance the experience for non-technical employees. These should also help organizations foster internal collaboration and streamline workflows to improve efficiency.
- Seeking modular, scalable, adaptable, and flexible solutions that provide composable DXP stacks, enabling easy integration and compatibility with third-party applications, technologies, and tools.
- Addressing rising concerns about user privacy, compliance, and security before integrating new DXP tools into existing workflows.
Which strategic partnerships and collaborations will you prioritize to implement these best practices?
In conclusion, the digital experience platform landscape is rapidly evolving, and businesses must adapt equally fast to stay competitive. Further, the growing demand for personalized, omnichannel experiences highlights the need for advanced technologies like AI, ML, and GenAI within the provider ecosystem. Now, companies must carefully evaluate their DXP options to better plan, manage, measure, and optimize omnichannel customer interactions.
For a deep dive into growth opportunities, provider strategies, and emerging technologies in the DXP space, click here.
About Frost & Sullivan
Frost & Sullivan, the growth pipeline company, enables clients to accelerate growth and achieve best-in-class industry positioning in terms of innovation and leadership. The company’s ‘Growth Pipeline-as-a-Service’ provides corporate management teams with transformational strategies and best-practice models that catalyze growth opportunity generation, evaluation, and implementation. Let us coach you on your transformational journey, while we actively support you in fostering collaborative initiatives within the global digital content services ecosystem. This journey is fueled by four powerful components, ensuring your success in navigating dynamic business and industry landscapes.
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