Future Market Insights predicts that the experience optimization platforms market is likely to generate revenue of US$ 12.96 billion by 2023, up from US$ 4.1 billion in 2022, growing at a compound annual growth rate of 17%. By 2033, the market is expected to reach a value of US$ 22.2 billion.
With modern technologies becoming more prevalent and AI and machine learning growing, the market for experience optimization platforms is expected to grow. Increasing investments in automation processes and the need to streamline the optimization process, allowing companies to identify opportunities to improve customer service quickly and easily will grow the market.
The market is supported by:
| Data Points | Key Statistics |
|---|---|
| Estimated Base Year Value (2022) | US$ 4.1 billion |
| Expected Market Value (2023) | US$ 12.96 billion |
| Anticipated Forecast Value (2033) | US$ 22.2 billion |
| Projected Growth Rate (2023 to 2033) | 17% CAGR |
The increased demand for AR and VR-as a tools to optimize strategies in order to create immersive experiences that engage customers will create a market that will continue to expand over time. As voice-activated devices such as smart speakers and voice-activated search engines become more popular, EOPs are expected to optimize their experiences in order to accommodate voice communication in the market.
Digitalization is increasing the importance of customer experience, making EOP a promising field for the future. Customer experience is becoming increasingly personalized as brands strive to tailor their offerings based on customer needs. Businesses are using experience optimization platforms to deliver personalized content, product recommendations, and offers based on customer data.
Personalized content, product recommendations, and special offers are offered as experience optimization platforms identify opportunities to enhance customer experiences. Therefore, it is expected that the need for experience optimization platforms will continue to grow in the near future. Testing different versions of the customer experience will allow companies to identify the best-performing version. Various forms of experimentation can be used, including A/B testing, user testing, and other approaches.
With smartphones and laptops, customers have more ways to interact with brands, including social media, email, websites, and mobile apps. Through the analysis of data as well as the delivery of consistent messaging and branding across all of these channels, experience optimization platforms are assisting businesses in delivering an optimal customer experience in the market.
The United States and Canada are expected to hold the largest share of the market. The emergence of startups and the development of infrastructure, in combination with technological advancements, are driving the market demand for experience optimization platforms.
According to The Forrester Tech Tide, Martech For B2C Marketers, Q2 2018, enterprises rely heavily on test, target, and recommendation techniques such as digital intelligence and experience optimization. Marketing professionals, customer service reps, product managers, and e-commerce managers are merging these practices so that brands can personalize and deliver high-quality digital experiences across multiple channels.
To stay on top of changing customer behaviors and preferences, enterprises are offering real-time optimization in the market. With companies increasingly focusing on collecting customer data, EOP will play an essential role in helping companies stay competitive and meet evolving consumer needs in the market.
Increasing emphasis on customer feedback, EOPs will assist businesses in collecting and analyzing customer feedback from a variety of sources, including social media, surveys, and online reviews. As a result of this feedback, the customer experience will improve and potential areas for improvement will be identified.
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According to latest research by Future Market Insights, experience optimization platforms market is set to witness high growth during 2021-2031. The market will show significant growth in coming years, owing to advent of digital technologies such as cloud computing, Internet of Things (IoT), and artificial intelligence (AI) across the globe.
Moreover, combining Artificial Intelligence (AI) and behavioral analytics with EOPs will open new opportunities for solution vendors.
The growing need to provide better experience across all customer touch points is expected to increase the demand of experience optimization platforms among organizations. The platform enable organizations to improve the experiences of their customers through controlled experimentation and dynamic experience delivery.
Using experience optimization, companies can deliver individualized and optimized experiences throughout the customer journey. This is primarily because these platforms provide deep theoretical and practical knowledge of customer prospects.
Organizations irrespective to their sizes are adopting experience optimization platform to deliver individualized experiences in real time across websites, email, web and mobile apps, and onsite search.
Principal Consultant
AI is one of the leading technology trend nowadays. The technology continues to gain in popularity for marketers and sales professionals. The technology has become the most essential tool for EOP vendors. AI has many applications for enterprise businesses, and one of the most important is to improve the customer experience.
AI and Machine Learning (ML) helps gathering and analyzing social, historical and behavioral data to gain a much more accurate understanding about the customers.
AI can successfully be employed to provide an intelligent, convenient and informed customer experience at any point along the customer journey. The technology continuously keeps learning and improving from the data it analyzes, and is able to anticipate customer behavior. This enable brands to provide highly relevant content, increase sales opportunities, and improve the customer journey.
The USA is the most significant revenue contributor to the global experience optimization platform market. The country has also witnessed the emergence of startups in experience optimization platform solutions. It is the most advanced country in terms of technology adoption and infrastructure development.
The USA and Canada is an extremely open market for digital transformation. Digital transformation in both countries is accelerating the push of major software vendors. While much North American AI innovation is coming from startups and tech giants, the country is also showing how AI can be applied in its age-old industries like manufacturing and retail.
Also, the country is home to multiple customer analytics solution vendors, such as Salesforce, Adobe, SAP, Dynamic Yield, Optimizely, and among others.
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The European ICT industry is clearly dominated by the United Kingdom, Germany and France. Organizations in the Europe are investing millions of euros on digitizing the business processes to take the biggest possible share of the digital opportunities.
The United Kingdom is one of the world’s top ten global economies and the third largest in Europe after Germany and France. According to research, the overall customer experience in the United Kingdom has improved for the third year running, despite COVID-19, presenting brands with extreme challenges, including shifting customer expectations.
European businesses, especially service providers and those in financial services, content and digital media, healthcare and life sciences, continue to expand their digital infrastructure, driving demand for experience optimization platforms.
Some of the leading vendors and companies of experience optimization platforms include
Key players in the experience optimization platforms market are focusing on product innovation and strategic partnerships with the regional vendors to collaborate for offering advanced customer experience solutions to effectively manage their business operations.
Furthermore, many companies are focusing on acquiring small and mid-sized organizations present in this market. For instance, on September 2020, Episerver has acquired Optimizely, to create advanced digital experience platform to optimize every customer touchpoint across the entire user journey.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis and Forecast 6.1. Solution 6.2. Enterprise Size 6.3. Industry 7. Global Market Analysis and Forecast, By Solution 7.1. Experience Optimization Platform 7.1.1. Cloud-Based 7.1.2. On-premises 7.2. Services 7.2.1. Professional Services 7.2.2. Managed Services 8. Global Market Analysis and Forecast, By Enterprise Size 8.1. Large Enterprises 8.2. Small and Mid-Sized Enterprises (SMEs) 9. Global Market Analysis and Forecast, By Industry 9.1. BFSI 9.2. Retail & E-commerce 9.3. IT & Telecommunication 9.4. Government 9.5. Travel & Hospitality 9.6. Healthcare 9.7. Food & Beverages 9.8. Other 10. Global Market Analysis and Forecast, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. South Asia & Pacific 10.5. East Asia 10.6. Middle East & Africa 11. North America Sales Analysis and Forecast, by Key Segments and Countries 12. Latin America Sales Analysis and Forecast, by Key Segments and Countries 13. Europe Sales Analysis and Forecast, by Key Segments and Countries 14. South Asia & Pacific Sales Analysis and Forecast, by Key Segments and Countries 15. East Asia Sales Analysis and Forecast, by Key Segments and Countries 16. Middle East & Africa Sales Analysis and Forecast, by Key Segments and Countries 17. Sales Forecast by Solution, Enterprise Size, and Industry for 30 Countries 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 19. Company Profile 19.1. Salesforce 19.2. Adobe 19.3. AB Tasty 19.4. Oracle 19.5. SAS 19.6. Dynamic Yield 19.7. Kameleoon 19.8. Optimizely 19.9. SiteSpect 19.10. Kibo Commerce
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Experience Optimization Platforms Market
