The global DXP market is projected to grow at a significant CAGR during the forecast period owing to the growing demand for DXP solutions in the retail industry. Increasing the organized retail and e-commerce market is one of the major factors which is providing a significant market to the segment. The retail customer experience software platform is used for various applications including visitors’ interactions, dispute resolutions, browsers level experience, fraud investigations and so on. Apart from this, the software offers features including survey/poll management, feedback management, customer analysis, sentiment analysis, text analysis and so on. Therefore, these features encourage the demand for DXP software in the retail industry that further propels the market growth.
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A significant rise in big data has been contributing to the adoption of big data analytics across industries, such as retail, logistics, manufacturing, and government. With the growing digitalization across the globe, big data is on a continuous rise. There is a potential connection between robust data management strategy and companies’ financial performance. This enables businesses to reach the market faster with products and services that are efficiently associated with customer needs. Big data analytics involves the process of gathering, organizing, and analysing large sets of data to find useful information. Big data analytics assists retailers to acquire product-related data by analysing customer’s behavior, choices, and preferences. Thus, growing big data analytics will contribute to the growth of the DXP market.
Omni channel CEM solutions projected to provide ample opportunity to the DXP market
The DXP market is expected to grow in the future due to the increased utilization of customer experience management (CEM) solutions. Novel and advanced omnichannel CEM solutions enable in keeping better customer engagement. Omnichannel provides the customer with the optimum experience by gathering context and information across all engagement channels throughout the entire customer lifecycle. Omnichannel makes use of multiple channels within a given interaction including voice, text, email, chat, social media, online FAQs, and more. Creating, engaged customers, competitive advantage via integrated omnichannel interaction, improved business performance and personalized interactions at every touchpoint are some of the benefits of the adoption of an omnichannel customer experience platform.
Furthermore, increasing deployment of cloud-based services encourages the demand for DXP solutions that propel market growth. For instance, Oracle introduced a novel cloud-based service named, Oracle Retail Xstore Office Cloud Service that provides organizations superior inventory visibility and mobile reporting. This service will further assist retailers to improve customer engagement along with enhancing operational efficiency and creating a more responsive business model. Additionally, through a cloud-based deployment model, offered by Oracle, a consumer can remotely control the content on screen by using user-friendly cloud-based screen management software offered by the companies. Therefore, these cloud-based solutions provide significant growth in the adoption of DXP solutions in small and medium enterprises that contribute to the growth of the market.
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Global DXP Market Segmentation
By Deployment Type
· On-Premises
· Cloud-based
By Industry
· BFSI
· IT & Telecom
· Retail
· Healthcare
· Public Sector
· Travel & Hospitality
· Other (Manufacturing, Media& Entertainment)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
