In the age of technology, it is important for companies to provide information about their products and services to consumers on all digital platforms. This helps consumers to take advantage of their devices and benefits companies by engaging customers anywhere and anytime. Companies are adopting digital experience technology to give this advantage to their customers.
Digital experience is the interaction experience of a user (employee, customer, or partner), with an organization on a digital platform using technology. Digital platforms can be a mobile app, website, wearable device, or smart watch. Digital customer experience is important to an organization from the marketing perspective.
In order to improve business efficiency and gain competitive advantage, companies are providing capabilities that meet customer expectation of immediately getting what they need or want. Digital experience technology helps the organization to provide these capabilities. Organizations use digital experience technology to connect their customers immediately to the reliable content or information they are searching. Digital experience tools are used to create and deliver multichannel digital experiences.
Rising expectations of customers and increasing penetration of smartphones are the key factors driving the growth of the digital experience technology market. Organizations are now understanding the importance of digital experiences as they know that customers have become more vigilant and they expect organizations to be capable of providing anytime, anywhere services to them. The growth in smartphone penetration has further fuelled this expectation of customers.
However, organizations are facing challenges while adopting digital experience technology. Inadequate integration of software products in addition to content explosion are the major factors slowing the growth of the digital experience technology market. Some organizational issues such as an absence of management leadership, failure to find required creative and software help, and staff scarcity act as major obstacles to the execution of the digital experience.
Digital experience technology market can be segmented on the basis of type of technology, end user vertical, size of the organization, and geography.
On the basis of technology type, the digital experience market can be segmented into web content management ecosystems, ecommerce software, beacons and other location technology, mobile applications, and marketing applications. Web content management platform is expected to dominate the digital experience technology market followed by marketing applications and ecommerce software. Mobile application is expected to grow faster than any other technology during the forecast period due to increasing penetration of smartphones and tablets.
Based on end user segment, the market can be segmented into BFSI, healthcare and life sciences, retail, information technology (IT) & telecom, media and entertainment, and others. Healthcare and life sciences, and retail industry are adopting digital experience technology faster to engage with their customers anytime anywhere. The digital experience technology is also expected to grow in the IT and telecom sector during the forecast period.
Based on geography, the digital experience technology market is segmented into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and South America. North America is expected to dominate the digital experience technology market as North American companies are emphasizing more on providing quality customer experiences.
On the basis of organization size, the digital experience market can be segmented into small and medium enterprise (SME), and large enterprise.
Major players providing digital experience technology are Acquia, Adobe, Demandware, IBM, Oracle, SAP Hybris, Salesforce, SDL, Sitecore, and EPiServer. Some of the other vendors are Digital River, HP Automony, Intershop, and OpenText.