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Digital Experience Platform Market revenue to reach USD 17 Billion by 2035, says Research Nester

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New York, Aug. 09, 2023 (GLOBE NEWSWIRE) — The digital experience platform market is estimated to grow at a CAGR of ~9% from 2023 to 2035. The market is estimated to garner a revenue of nearly USD 17 billion by the end of 2035, up from a revenue of about USD 8 billion in the year 2022. Digital technologies such as the Internet of Things (IoT), artificial intelligence (AI), machine learning and cloud computing are growing in popularity across a wide range of industries. These digital technologies give companies the ability to quickly collect and analyze data to make better decisions and drive more efficient operations.

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As a result, companies are increasingly relying on digital experience platforms to provide better customer experiences. The DXPs are powerful tools for businesses to create a seamless customer journey and deliver personalized experiences. Therefore, startups in this field invest heavily in R&D to create more efficient and powerful DXPs. Konent.ai invested USD 40 million from Expedition Growth Capital (EGC) to develop artificial intelligence solutions for its content management system “CMS”. Organizations are recognizing the importance of delivering seamless and personalized experiences to their customers across different digital channels. DXPs enable businesses to unify and manage content, data, and interactions, providing a cohesive and consistent experience throughout the customer journey.

Digital Experience Platform Market: Key Takeaways

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  • Market in North America to propel highest growth
  • The cloud segment to garner the highest growth
  • Market in Asia Pacific to grow at a highest rate

Increasing Demand for Streamline Services across the Globe to Boost Market Growth

More than 418 million people worldwide listen to podcasts, including 122 million in the US. By the year 2023, there are expected to be more than 155 million podcast listeners worldwide. Consumers want a streamlined experience when it comes to entertainment and media consumption. This leads to an increased demand for DXPs that give users quick and easy access to podcasts, streaming services and other content. The number of registered top-level domains exceeded 369 million in the third quarter of 2020, while there were more than 320,000 web hosting service providers. As businesses of all sizes use the Internet to create their digital presence, the demand for web hosting services is increasing. This increased demand will increase the need for DXP. Web 2.0 technologies enable users to interact and collaborate in a dynamic and interactive online environment. This allows users to create and share content, including blogs, wikis, and social networking sites, which in turn helps create a more personalized digital experience.

Digital Experience Platform Market: Regional Overview

The digital experience platform market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.

Expanding Integration with existing systems to Drive the Market Growth in North America Region

The digital experience platform market in North America region is estimated to garner the largest revenue by the end of 2035. Personalized experiences are becoming increasingly important in the digital landscape. A study found that 80% of consumers in North America are more likely to do business with companies that offer personalized experiences. Organizations are leveraging data and analytics to gain actionable insights into customer behavior and preferences. According to a survey, 97.2% of North American executives reported that their firms were investing in data and analytics initiatives.

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Seamless integration with existing systems, such as CRM, marketing automation, and e-commerce platforms, is a critical driver for DXP adoption. This integration enables organizations to leverage their existing infrastructure while enhancing digital experiences. Consumers in North America expect seamless and consistent experiences across different channels and touchpoints. A survey found that 73% of North American companies identified delivering an omnichannel customer experience as a strategic priority.

Growing internet penetration and smartphone adoption to Propel the Growth in the North America Region

The Asia Pacific digital experience platform market region is estimated to garner the highest CAGR by the end of 2035. The Asia Pacific region has experienced rapid growth in internet connectivity and smartphone usage, leading to a surge in digital interactions. According to a report, the number of smartphone users in the Asia Pacific region was projected to reach over 2.9 billion by 2023.

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The Asia Pacific region has become a major hub for e-commerce and digital commerce. The increasing number of online shoppers and the growth of digital transactions have created a demand for seamless and engaging digital experiences. According to a report, retail e-commerce sales in Asia Pacific were projected to reach USD 2.27 trillion in 2021. Organizations in the Asia Pacific region are recognizing the importance of customer-centric strategies to drive growth and differentiate themselves in the market. Delivering personalized and engaging digital experiences is a key aspect of these strategies. Governments and businesses in the Asia Pacific region are actively investing in digital transformation initiatives to enhance their competitiveness and drive innovation. These initiatives often include improving digital experiences across various touchpoints.

Digital Experience Platform, Segmentation by Deployment Mode

  • Cloud
  • On-Premise

Amongst these segments, the cloud segment in digital experience platform market is anticipated to hold the largest share over the forecast period. The exponential growth of data has led to increased demand for storage and data analytics capabilities. Cloud storage provides scalable and cost-effective solutions for storing and managing large volumes of data. Additionally, cloud-based analytics platforms offer powerful data processing and analysis capabilities. According to IDC, worldwide spending on cloud-based big data and analytics solutions is projected to reach USD 23.1 billion in 2022, indicating the growing adoption of cloud for data storage and analytics needs.

The proliferation of Internet of Things (IoT) devices and the need for edge computing capabilities have driven the growth of cloud services. Cloud computing provides the necessary infrastructure and platforms to handle and process the massive amounts of data generated by IoT devices. Cloud solutions enable organizations to leverage IoT and edge computing to gain valuable insights and drive innovation. The COVID-19 pandemic has accelerated the adoption of remote work and highlighted the importance of cloud technologies for collaboration and productivity. Cloud-based collaboration tools, virtual desktops, and communication platforms have become essential for remote teams.

Digital Experience Platform, Segmentation by Application

  • Business to Customer
  • Business to Business

Amongst these segments, the business-to-consumer segment in digital experience platform market is anticipated to hold a significant share over the forecast period. The widespread adoption of smartphones has significantly influenced the B2C segment. Mobile devices have become a primary channel for consumers to interact with businesses, browse products, and make purchases. It was noted that the number of smartphone users worldwide surpassed 3.8 billion in 2021. Businesses are focusing on providing personalized experiences and enhancing customer engagement. Social media platforms have become key channels for businesses to engage with consumers and promote their products. Influencer marketing has gained popularity as businesses collaborate with influencers to reach and connect with their target audiences. Subscription-based business models have witnessed significant growth in the B2C segment. Consumers are increasingly opting for subscription services for products ranging from entertainment (e.g., streaming platforms) to meal kits and beauty products.

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Digital Experience Platform, Segmentation by Component

  • Platform
  • Services

Digital Experience Platform, Segmentation by End Use

  • Retail
  • BFSI
  • Travel and Hospitality
  • IT and Telecom
  • Healthcare
  • Manufacturing
  • Media and Entertainment
  • Education

Few of the well-known market leaders in the global digital experience platform market that are profiled by Research Nester are Acquia Inc., International Business Machines Corporation, Liferay, Inc., Open Text Corporation, Sitecore, Adobe Inc., Oracle Corporation, SAP SE, IBM Corporation, Microsoft Corporation, and other key market players.

Recent Development in the Market

  • Oracle Fusion Cloud Human Capital Management (HCM) is the comprehensive human capital management system selected by Bank of Thailand (BOT) to foster an employee-centric digital workforce. With Oracle Cloud HCM, the BOT can automate processes and improve workflows.
  • In addition to expanding its partner ecosystem, Adobe announced that it will accelerate content velocity and create seamless customer journeys, improving the customer experience for millions of people. This allows them to provide a better user experience, which leads to greater customer retention and satisfaction.

About Research Nester

Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.


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Artificial Intelligence

ZA Tech Rebrands as Peak3, Raises US$35M Series A led by EQT

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SINGAPORE, June 19, 2024 /PRNewswire/ — ZA Tech, the next-generation insurance core system SaaS provider, has rebranded as Peak3. With the successful completion of its US$35 million Series A fundraising from EQT (lead investor) and Alpha JWC Ventures, Peak3 now accelerates its expansion in the EMEA region and investments in complementary data and AI solutions.

In a market dominated by fragmented legacy technology, Peak3 has pioneered a cloud-native, modular insurance core and distribution system that combines comprehensive capabilities for life, health, and property and casualty (P&C) insurance. Since its founding in 2018, Peak3 has become a trusted technology partner to global insurers such as AIA, Generali, Prudential, and Zurich for their digital and traditional business. It has also partnered with leading digital platforms such as Carro, Grab, Klook, and PayPay to build and scale their embedded insurance businesses.
Besides the successful fundraising, Peak3 has recently achieved key milestones underpinning the rebranding. These transformative achievements include launching its first multi-country, multi-tenant core modernisation in Europe, rolling out an integrated customer data and big data platform for scaling analytics and AI capabilities, and establishing its first technology centre in Europe. The rebranding coincides with another major milestone: Issuing over a billion insurance policies on Peak3’s systems – including the first policies issued to North American customers and the first ones to be issued in Africa.
“We have evolved from an embedded insurance pioneer in Asia to a global end-to-end technology partner for the insurance industry,” said Bill Song, Peak3 Group CEO and Co-Founder. “Our new name represents three pinnacles: scaling the heights of innovation, surpassing performance limits, and delivering superior reliability – as we help insurers reach the highest summits of their cloud, data, and AI transformation.”
Bill Song also emphasised the growth opportunity: “There is an incredible tech investment backlog in the US$7-trillion global insurance industry. Continued digitalisation and the proliferation of AI will require structural investments by insurers over the next decade to modernise their core systems. We are uniquely positioned to capture this opportunity by providing the tech core foundations and innovation use cases.” 
To accelerate its growth journey, Peak3 completed its Series A fundraising and welcomed two new investors on its cap table: EQT, a major global technology investor with a deep heritage in Europe, and Alpha JWC Ventures, a leading venture firm in Southeast Asia. With the funding, Peak3 will advance its analytics and AI capabilities toward an intelligent core insurance solution, grow its EMEA operations and establish new system integrator partnerships. Peak3 targets double-digit ARR growth this year and is on the path to reach cashflow breakeven over the coming quarters.
“Peak3 has also proven its capability to deliver greenfield digital insurance initiatives and complex multi-country core modernisation projects in APAC and EMEA. As the lead investor, EQT is committed to empowering Peak3 in its go-to-market acceleration by leveraging our global network,” stated Clara Ho, Partner at EQT.
J.P. Morgan acted as exclusive financial advisor to Peak3 for this Series A fundraising.
For media inquiries and interview requests, please contact Carling Sia, Global Head of Branding and Marketing, at [email protected].
For more information on Peak3, please visit www.peak3.com. For more information on EQT, please visit www.eqtgroup.com.For more information on Alpha JWC Ventures, please visit www.alphajwc.com.
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Artificial Intelligence

Lucinity Recognized as One of the Top 100 AI Fintech Companies Globally

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REYKJAVIK, Iceland, June 18, 2024 /PRNewswire/ — Lucinity has been featured in the AIFinTech100 list for 2024, marking its recognition as one of the top AI companies in the financial services industry. The AIFinTech100 list, curated by industry experts, highlights the most innovative fintech companies globally. Lucinity was selected from over 2,000 fintech firms for its problem-solving, market potential, innovation, and customer engagement. Earlier this year, Lucinity was also highlighted as a RegTech100 company.

 
 
This recognition comes amid rapid AI adoption in fintech. According to Fintech Global, research predicts the AI market in fintech will grow from $42.83 billion to $44.08 billion by 2024, reaching $50.87 billion by 2029. Banks alone are expected to spend $4.9 billion on AI platforms by 2024, with a 21.8% annual growth rate since 2019.
Lucinity’s inclusion in the AIFinTech100 list reflects its success in developing AI solutions that enhance efficiencies and cost savings for financial crime operations teams. Notably, Luci, the world’s first Generative AI copilot for financial crime investigations, launched in 2023, leverages Microsoft OpenAI technologies to augment human analysts’ capabilities, reducing investigation times from 3 hours to just 30 minutes. 
Lucinity also recently launched Luci as a copilot plugin at Money20/20. Financial institutions are now able to integrate Luci with any web-based enterprise application including CRM systems, Case Manager systems, and Excel, delivering immediate ROI with zero upfront integration. 
Security remains a significant challenge in AI adoption. Lucinity addresses this by partnering with Microsoft Azure develop a secure infrastructure. With a strong emphasis on compliance, Luci offers comprehensive auditability through its detailed Audit Log functionality.
Guðmundur Kristjánsson (GK), CEO of Lucinity, comments, “Being named in the AIFinTech100 showcases our impact amongst banks and fintech through advanced AI. It underscores our platform’s ability to empower compliance teams, deliver ROI, and reduce operational costs.”
Richard Sachar, Director of FinTech Global, added, “AI is revolutionizing financial services, increasing efficiencies and offering personalized products. This year’s AIFinTech100 list includes top innovators transforming the industry with AI applications.”
Lucinity’s inclusion in the AIFinTech100 list for 2024 follows several achievements, including winning the Microsoft Partner of the Year Awards for Sustainability and Social Impact and Partner of the Year – Iceland. Lucinity was also included in Chartis Research’s FinCrime and Compliance 50 Ranking for 2024 and was recognized as the best tool for Workflow Automation.
Name: Celina PabloEmail: [email protected] +354 792 4321
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CRISIL wins Model Validation Tools and Accelerators category award, other recognitions from Chartis

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Recognized among top 50 financial services firms for analytics and risk tech
MUMBAI, India, June 18, 2024 /PRNewswire/ — CRISIL, a global provider of advanced analytics and risk management solutions, has won the Solution Category award for Model Validation Tools and Accelerators as part of the latest Chartis STORM 2024 report.

Published by Chartis Research, the leading provider of research and analysis on the global market for risk technology, STORM 2024 is an annual report on quantitative technologies and the computational infrastructure supporting it.
Following an extensive evaluation process, which included a risk technology survey, product demo, customer reference checks, and third-party sources of information, CRISIL won the following recognitions:
Solution category award for Model Validation Tools and AcceleratorsRanked Top 25 (#24) in QuantTech50 2024 rankingsRanked Top 25 (#24) in BuySideRisk50 2024 rankingsRanked Top 50 (#38) in RetailFinanceAnalytics50 2024 rankingsThe recognitions reflect the unparalleled value CRISIL brings to its clients through deep domain expertise, specialized analytical and technical knowledge and our global perspective.
Says Jan Larsen, President and Head, CRISIL Global Research & Risk Solutions, “CRISIL is honored by the recognition across multiple STORM50 award categories this year, including being named first place for Model Validation Tools and Accelerators. This is a great testament to the contributions of our team in giving clients and their regulators confidence in the models they use for making critical decisions.”
The core tenets of CRISIL’s value proposition include expertise across asset classes and risk stripes, analytical excellence and regulatory experience, tailored solutions focused on client delight, continuous improvement and technological innovation. 
Says Ashish Vora, President, CRISIL Market Intelligence and Analytics, “This prestigious recognition underscores the global acceptance of our risk management solutions and highlights our unwavering commitment to excellence in the risk technology space. Our Credit+ technology solutions have been instrumental in offering AI-enabled advanced analytics and driving efficiency, and we are particularly proud of the exceptional client feedback we have received for these solutions. We are constantly exploring new ways to enhance customer value and are investing in cutting-edge technology and domain expertise to maintain our position at the forefront of the industry.”
Notable examples of CRISIL’s platforms that help demonstrate this value proposition include: 
Model Infinity: A leading platform for model inventory management and model risk management. This innovative platform empowers our client to centralize all model activities, eliminates manual processes and operational risk, and provides a full audit trail of approvals for modeling assumptions and updates. Scenario Expansion Manager (SEM): A platform for clients to expand, analyze and track all regulatory and internal scenarios used for stress testing. As a centralized repository of scenarios, SEM allows institutions to eliminate redundant internal work and even provide clients the ability to share internal scenarios with one another. Credit+ ICON: The platform enables credit decision-making through its extensive financial spreading and front-end based credit risk scorecard hosting capabilities. Powered by deep domain expertise, AI-driven analytics and extensive configurability, it serves 40+ global clients across 15 countries.Credit+ Early Warning Signals: The AI-powered solution provides banks with actionable insights to monitor their credit quality, lower loan-loss contingencies and track corrective action plan.About CRISIL Market Intelligence & Analytics
About Global Research & Risk Solutions
About CRISIL Limited
Connect with us: LINKEDIN | TWITTER | YOUTUBE | FACEBOOK 
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This press release is transmitted to you for the sole purpose of dissemination through your newspaper/ magazine/ agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution of its press releases for consideration or otherwise through any media including websites, portals, etc.
CRISIL has taken due care and caution in preparing this press release. Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of information on which this press release is based and is not responsible for any errors or omissions or for the results obtained from the use of this press release. CRISIL, especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this press release.
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