The digital platform market is one of the fastest growing market. Digital platform helps businesses to enhance user experience in order to attract new customers. The evolution of advanced technologies such as IoT, artificial intelligence, cloud, and analytics are playing a crucial role in driving the growth of digital platform market. Most of the enterprises are adopting digital platform for smart consumptions of digital assets in order to maximize operational excellence, implement intelligent processes, monetize internal resources, and enhance the customer experience, due to this, the digital platforms market is growing at a rapid pace. Also, digital platforms provide services which enables the IT and ecommerce organizations to quickly resolve issues and problem in order to provide higher level of business user satisfaction at reduced cost.
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Various benefits of digital platforms are compelling various enterprises to adopt digital platform and ultimately due to this, the digital platform market is growing at a rapid pace.
Digital Platforms Market: Drivers and Challenges
Drivers
The rising demand for cost effective & flexible solution for better consumer satisfaction is one of the major factor which is driving the growth of digital platforms market. Also, the rising smartphone and tablet market is enthralling many organization to adopt digital platform in order to identify immediate needs in digital customer experience.
Apart from this, the emergence of digital commerce and increased technological investments such as cloud computing is supporting the rapid adoption of digital platforms in various enterprises.
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Challenges
The high investment cost is one of the major factor which may hinder the growth of digital platform market in near future. Moreover, the interoperability and compatibility issues are some of the factors which may limit the adoption of digital platforms.
Digital Platforms Market: Segmentation
Segmentation of Digital Platforms Market on the basis of Component
- Software
- Services
Segmentation of Digital Platforms Market on the basis of Deployment:
- On-premise
- Saas (Software as a Service)
Segmentation of Digital Platforms Market on the basis of vertical:
- Banking, Financial Services, and Insurance (BFSI)
- Government and Public Sector
- Healthcare and life sciences
- Manufacturing
- Retail and consumer packaged goods
- Energy and Utilities
- Others
Digital Platforms Market: Competition Landscape
The Prominent players in Digital platforms market are
- IBM Corporation
- Oracle Corporation
- NetSuite Inc.
- Adobe systems incorporated
- Accenture
- Magento Inc.
- Cloudcraze software LLC
- SAP SE and Apttus Corporation.
Digital Platforms Market: Regional Overview
On geographic basis, North America is anticipated to capture the largest market share in terms of revenue, owing to the increasing adoption of cloud based digital platform by various enterprises in the region. APAC is expected to exhibit high growth rates in terms of revenue in digital platform market due to rapid digitalization and rise in technologies and organization which offers better customer experience. Europe and Latin America also offers potential growth opportunities in digital platform market due to the increasing demand for digital platforms in various enterprises in order to improve customer engagement.
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