The Global Healthcare Digital Experience Platform Market size is expected to reach $2. 1 billion by 2027, rising at a market growth of 12. 8% CAGR during the forecast period. The term “Digital Experience Platform” (DXP) refers to a developing type of corporate software that helps firms navigate the digital transformation process.
New York, March 01, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Healthcare Digital Experience Platform Market By Component, By Application, By Delivery Mode, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027” – https://www.reportlinker.com/p06240999/?utm_source=GNW
Enterprises can use the technology to collect in-depth data on customer insights, create a consistent and linked customer experience, and digitise their business operations. Mobile applications, websites, portals, and other platforms are getting the benefit from this solution.
However, in order for a DXP to be successful, an organisation must consider not just the factors involved in providing a positive patient experience, but also the elements involved in streamlining hospital operations. Audience experience, management, and architecture are the three key categories of elements that make up a digital experience platform. To produce a powerful and effective DXP, all three elements must work together seamlessly.
Patient and user data management, mobility, multilanguage support, a tailored digital experience are all part of the architecture. In the healthcare industry, digital experience platforms may produce tremendous results. However, they must be well-designed and deployed, which can be difficult in hospitals that still rely on legacy systems.
The healthcare digital experience platform functions as an integrated platform that provide streamlined sales, service, and marketing, in line with the holistic view of each patient. These platforms majorly focus on cost-effectiveness and patient engagement. In addition, these platforms can be adjusted or customised to match the needs of such organisations, if payers choose to use them on a large basis.
Patient activity monitoring components, seamless interaction with diverse business activities, and in-built analytical tools are just a few of the advantages that healthcare digital experience platforms provide. The industry’s major companies are concentrating on modernising their digital platforms by incorporating sophisticated technologies like machine learning (ML), artificial intelligence (AI), and big data into their business modules. As a result, market growth of healthcare digital experience platform is likely to accelerate in the next years.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has compelled critical healthcare businesses to become digital in order to improve workflow efficiency and preserve business growth. In addition, ongoing activities for healthcare IT solutions have pushed the adoption of advanced digital experience platforms and services in developing countries even further.
To cut costs, the COVID-19 pandemic has enhanced the level of automation and digitalization in healthcare facilities. The digital experience platforms in healthcare allowed for more efficient operational processes and improved patient involvement in these crises. These platforms assist healthcare businesses in refocusing their efforts to adopt healthcare digital experience platforms in order to maintain business continuity and process optimization. As a result of the pandemic, more vendors are adopting healthcare digital experience platforms, which allow them to reach patients via numerous digital devices, facilitating upselling and cross-selling across the industry.
Market Growth Factors:
Growing adoption of smartphones and other mobile applications
There is an increase in the adoption of smart devices by the healthcare professionals across developed nations like US. Physicians are increasingly using cellphones, which has led to an increase in the usage of digital health methods and platforms. Smartphones, tablets, and other mobile platforms are used by a majority of population across the world, and thus, physicians are highly using them twice as much as the general public.
Increasing usage of advanced technology and software applications
The acceptance rate of the latest technologies and software in healthcare has improved significantly as a result of technological improvements within the healthcare sector of the world. There are many divisions of the digital health software market that include electronic health records (EHRs), mHealth, telemedicine, and healthcare analytics. Furthermore, the digital healthcare software would witness a huge spike in the future due to the low cost of these software applications.
Market Restraining Factors:
Safety and security concerns regarding patients’ data
Patient data security concerns may detract from the industry’s value. The use of digital health solutions like electronic health records, e-prescriptions, and medical apps necessitates a high level of data protection. Breach of data security can result in massive losses of essential and personal information, such as medical records, which commonly contain social security numbers, insurance IDs, addresses, and medical details, harming the company’s brand and operations results.
Based on component, the healthcare digital experience platform market is bifurcated into Platform and Services. The services segment garnered a significant revenue share in the healthcare digital experience platform market in 2020. It is owing to rising demand for services like education, training, and consulting from major end-use healthcare industries like biotechnology and pharmaceuticals, as well as healthcare professionals and payer organisations. These firms can use digital experience platform services to save costs, increase return-on-investment (ROI), and improve company operational performance.
By application, the healthcare digital experience platform market is classified into Business-to-Consumer (B2C), Business-to-Business (B2B) and others. The Business-to-Business (B2B) segment procured a significant revenue share in healthcare digital experience platform market in 2020. The B2B customer experience performance in the healthcare sector continues to lag and is frequently overshadowed by corporate priorities. Furthermore, there are many large-scale B2B companies that are actually consumer-centric, and are taking steps to become more consumer-centric, providing the opportunities to differentiate their brands and deliver superior customer experience.
Delivery Mode Outlook
On the basis of delivery mode, the healthcare digital experience platform is divided into cloud-based and on-premise. The cloud segment acquired the largest revenue share in the healthcare digital experience platform market in 2020. It is due to the growing demand for cloud technology across different healthcare organisations for secure information sharing, optimising costs, and enhancing operational efficiency, along with enhanced patient services.
Region-wise, the healthcare digital experience platform market is analyzed across North America, Europe, Asia Pacific and LAMEA. North America emerged as leading region in the healthcare digital experience platform market with the largest revenue share in 2020 and is estimated to maintain this dominance over the forecast period. It is because of the significant demand for healthcare digital experience platforms in the US healthcare business, as well as the presence of large-scale IT suppliers supplying these platforms in the region, such as Salesforce; SoftServe; Accenture; Adobe; IBM Corporation; Cognizant; and Wipro Digital.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; IBM Corporation, Adobe, Inc., Accenture PLC are the forerunners in the Healthcare Digital Experience Platform Market. Companies such as Cognizant Technology Solutions Corporation, Wipro Limited, Oneview Healthcare, PLC are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SoftServe, Inc., Oneview Healthcare, PLC, Optimizely, Inc., Sitecore, Inc., Adobe, Inc., IBM Corporation, Accenture PLC, Cognizant Technology Solutions Corporation, Liferay, Inc., and Wipro Limited.
Recent Strategies Deployed in Healthcare Digital Experience Platform Market
Partnerships, Collaborations and Agreements:
Nov-2021: Accenture teamed up with Organon, a worldwide health care company. The collaboration aimed to set up and manage the transformation of the company’s ERP technology in a cloud-based digital core. This would improve the employee and patient experience.
Jul-2021: Cognizant signed a collaboration agreement with Royal Philips, a leader in health technology. Under this collaboration, the companies are focused on developing end-to-end digital health solutions. These solutions allow healthcare organizations as well as life science companies to increase clinical trials and enhance patient care.
Jul-2021: Liferay partnered with Link Development, a digital partner. The partnership provides private and public sector organizations the opportunities for creating unified, personalized, and modern digital experiences together with a good ROI.
Apr-2021: Adobe collaborated with various healthcare players comprising Mercy Health and Walgreens for supporting their digital health and cloud platform services. Walgreens Boots Alliance has been utilizing Adobe’s analytics, marketing, and audience manager tools for personalizing the customer experience for its loyalty members. Moreover, Mercy Health has been delivering a retail-like healthcare experience with Adobe.
Feb-2021: OneView Healthcare signed a distribution agreement with Samsung SDS America, Inc., the enterprise IT solution provider of Samsung. The agreement aimed to provide a bundled solution for bedside digital services for patients in the US.
Dec-2020: IBM Watson Health signed a partnership agreement with Salesforce for helping the organizations as they aim to reopen physical operations safely. The combination of Salesforce Work.com Workplace Command Center with IBM Digital Health Pass was focused on providing a single hub to the organizations to help them in making data-driven decisions while minimizing risk.
Dec-2020: IBM Deutschland together with Siemens Healthineers launched an open digital platform. The platform aims to advance the networking of the German healthcare system and broaden the infrastructure for the provision of digital services.
Oct-2020: OneView Healthcare partnered with Cloudbreak Health, unified telemedicine, and video medical interpretation solutions provider. The partnership focuses on bringing Martti, Cloudbreak’s video remote interpretation services in OneView’s virtual care platform for delivering providers and patients an integrated solution for overcoming the language barriers in healthcare.
Jun-2020: Adobe announced its collaboration with Microsoft and Change Healthcare. Following this collaboration, Change Healthcare introduced the Connected Consumer Health Suite, a consumer and financial engagement platform suite. This platform has been launched for healthcare providers and it offers a modern and streamlined experience across the patient journey.
Mar-2020: Wipro partnered with Plexis Healthcare Systems, a technology firm. Together, the companies have been providing digital-first healthcare plan solutions to the customers in the healthcare sector while being compliant with government regulations.
Product Launches and Product Expansions:
Nov-2021: SoftServe introduced Human360° DataMask healthcare solution on the Google Cloud Marketplace. The solution focuses on depersonalizing patient data through obfuscating and identifying Personally Identifiable Information (PII) and Protected Health Information (PHI) data while keeping the real data structure intact.
Nov-2021: Liferay announced the launch of Liferay DXP 7.4, the new version of the company’s digital experience platform. This version helps in improving the capabilities that further help the organizations in quickly adapting their digital channels to changing demands from dealers, customers, employees, and partners while advancing in digitizing operations.
Sep-2021: Optimizely released data core service that enhanced its digital experience platform with deeper analytics and unified data insights throughout its portfolio of products. With this service, companies can have a better understanding of their customers as well as the overall digital business performance.
Mar-2021: OneView Healthcare introduced the CXP Cloud Enterprise, the world’s first and only cloud-based care experience platform. This platform has been deployed on Microsoft Azure and allows health systems to adopt technology for engaging patients quickly, minimizing non-clinical demands on care teams, and optimizing operational and clinical effectiveness.
Apr-2020: OneView Healthcare unveiled a system, OneView Cloud for COVID-19. This system helps medical staff and families in communicating with COVID-19 patients in nursing homes and hospitals. This system is installed on computer tablets and then allocated to the patients.
Acquisitions and Mergers:
Sep-2021: Accenture took over Gevity, a strategy and consulting service provider focused on helping the healthcare industry. The acquisition expanded Accenture’s capabilities in delivering health transformation services internationally.
May-2021: Sitecore took over Moosend, a provider of SaaS-based marketing automation platforms. The acquisition marked a significant step forward in Sitecore’s transformation into a SaaS-based digital experience platform capable of supporting the most complex digital experiences.
Mar-2021: Optimizely completed the acquisition of Zaius, a customer data platform. The acquisition enabled the company to help the organizations in unlocking their digital potential by understanding, harmonizing, and acting seamlessly on their digital data in a single platform.
Dec-2020: Accenture acquired OpusLine, one of the leading consulting companies that focuses on delivering strategic advisory and transformational services to healthcare, life science, and insurance companies in France. The acquisition strengthened Accenture’s ability to help clients in innovating and delivering digital innovation throughout their organizations.
Aug-2021: SoftServe established a new office in Dubai for supporting the fastly expanding user base in the Middle East. With this office, the company brought its expertise in fulfilling the demand for digital transformation and software development in the region.
Scope of the Study
Market Segments covered in the Report:
• Platform (without services), and
• Business-to-Consumer (B2C)
• Business-to-Business (B2B), and
By Delivery Mode
• Cloud and
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• SoftServe, Inc.
• Oneview Healthcare, PLC
• Optimizely, Inc.
• Sitecore, Inc.
• Adobe, Inc.
• IBM Corporation
• Accenture PLC
• Cognizant Technology Solutions Corporation
• Liferay, Inc.
• Wipro Limited
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