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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.