Digital Platforms Market Size, Share, Growth, Trends, and Global Industry Analysis: By Component (Platform and Services (Professional Services and Managed Services)), By Deployment Type (Cloud & On-Premise), By Application (Business-to-Consumer, Business-to-Business, and Others), By End Use (BFSI, Healthcare, IT & Telecom, Manufacturing, Retail, and Others), and Region

The global digital platforms market was valued at US$ 12,735.4 million in 2023, at a CAGR of 10.3% during the forecast period (2024-2030). The market for digital platforms is propelled by the expanding need for digital transformation across sectors, the quick adoption of cloud technologies, and rising internet penetration. The necessity for remote work solutions, social media's emergence, and e-commerce have all fueled the market's expansion. Enhancing consumer involvement through seamless digital experiences is a growing business priority. Significant obstacles include cybersecurity risks, strict restrictions, and data privacy issues.

Additionally, the high cost of integrating and maintaining digital platforms might hamper growth, especially for small and medium-sized firms (SMEs). The move toward AI-based platforms and customized client experiences presents growth opportunities for digital platform producers. Emerging markets and sectors, including healthcare, banking, and retail, provide new opportunities for digital platform producers. The development of cloud computing, the integration of blockchain for safe transactions and data management, and the advent of artificial intelligence (AI) and machine learning (ML) in automating corporate operations are some of the major developments. A greater emphasis on sustainability and green technology is also influencing the creation of new platforms.

Key Players

The digital platform market size is inclusive of several companies such as Adobe (U.S.), Oracle (U.S.), SAP SE (Germany), IBM (U.S.), Microsoft (U.S.), Salesforce Inc., (U.S.), Open Text Corporation (Canada), SWEETYET DEVELOPMENT LIMITED (U.K.), Sitecore (U.S.), Acquia Inc., (U.S.), Jahia Solutions Group SA (Switzerland), Optimizely, Inc. (U.S.), Squiz (Australia), Bloomreach, Inc. (U.S.), Firelay Liferay Services (U.S.), Kentico Software (Czech Republic), and Censhare GmbH (Germany)

Facts and Figures

• With its Al-based products, IBM Watson Content Hub, and IBM Digital Experience Manager, IBM (US) provides a comprehensive variety of solutions in the Digital Experience Platform Market. To provide end-to-end solutions for the market, IBM (US) offers a range of solutions, including web content management, premium insights, and predictive analytics. With its strengths, including cloud platforms and cognitive solutions, IBM (US) has been able to sustain its leadership position in the worldwide market while producing a wide range of software, services, and analytics tools for its clients in the DXP market. One of the top DXP service providers worldwide is Microsoft (US).
• Microsoft (US) devotes a significant portion of its yearly earnings to Research and Development (R&D) to improve and modernize its services and products. For example, in 2018 it invested US$ 14.7 billion on research and development. Customers throughout the globe widely utilize Microsoft's (US) cloud offerings. As one of the first providers of cloud-based enterprise resource planning (ERP), Microsoft (US) has expanded its market share by introducing frequent upgrades to its ERP line.

Key Developments

• In February 2021, Microsoft Corporation and Sitecore partnered to expand their digital experience platform in the United Arab Emirates. Capabilities for customized digital experiences with efficiency, size, and reliability are made feasible by this link.
• In June 2022, New Customer 360 technologies from Salesforce.com, Inc. allow organizations to connect, automate, and customize every relationship and build scalable, reliable partnerships by connecting commerce, marketing, and service data on a single platform.

 Digital Platform Market Segmentation

By Component: The Platform component holds a prominent position in the digital platforms industry due to its fundamental function in facilitating seamless interaction, information sharing, and transactional activities between users and enterprises. The foundation of many internet services, including social networking, streaming, e-commerce, and cloud-based applications, is provided by digital platforms. They are vital due to their scalability, support for many user types, and ability to integrate with a wide range of services. Platforms offer the necessary infrastructure for creating, maintaining, and growing digital ecosystems as firms use digital transformation techniques more and more. Services such as managed and professional services are essential for upkeep and support, but platforms are the major engine of industry development since they foster innovation and fundamental functionality.

By Deployment Type: Due to its cost-effectiveness, scalability, and flexibility, the Cloud-based deployment model dominates the digital platforms industry. Cloud-based systems eliminate the need for costly on-premise hardware and specialized IT staff by enabling organizations to access and control their digital infrastructure. This deployment type is perfect for internationally spread teams and enterprises looking to grow fast since it allows remote access. Additionally, cloud systems allow simple interaction with new technologies like AI, IoT, and big data, further strengthening their attractiveness. Companies favor cloud solutions because they provide rapid upgrades, ongoing innovation, and the flexibility to adapt swiftly to market changes. Consequently, cloud deployment stays at the forefront of the industry.

By Application: The growing trend of online buying and digital interactions has made the Business-to-Consumer application the industry leader in digital platforms. business to consumer, platforms allow companies to communicate directly with customers, providing accessibility and convenience that are absent from traditional retail models. business to consumer, platforms are becoming indispensable for companies trying to take advantage of this expanding market, as more and more customers use social media, mobile applications, and e-commerce to make judgments about what to buy. Furthermore, business to consumer, apps are more successful due to technological developments like better user experience and tailored marketing. Businesses emphasize business-to-consumer, digital platforms to satisfy customer expectations for seamless and engaging interactions, generate sales, and foster brand loyalty, making it the most popular application in the digital platforms industry.

By End Use: The industry that dominates the digital platforms market is Banking, Financial Services, and Insurance (BFSI). The industry's requirement for safe, effective, and user-friendly digital solutions to support data management, online transactions, and client interactions is what accounts for its prominence. BFSI companies are making significant investments in digital platforms to boost client experiences, increase operational efficiency, and guarantee regulatory compliance in light of the growing popularity of fintech solutions and mobile banking. The BFSI sector's reliance on digital platforms has also been fueled by the expanding trend of digital transformation in financial services, which includes the incorporation of blockchain, AI, and machine learning technology. BFSI is the top-end user in the market for digital platforms because of the necessity for strong cybersecurity measures, which also motivates investment in digital solutions.