Multiexperience Development Platforms Market worth $7.2 billion by 2027 - Exclusive Study by MarketsandMarkets™
The major factors driving the growth of the multiexperience development platforms market include the increasing need for rapid customization and scalability.
CHICAGO, Jan. 10, 2023 /PRNewswire/ -- The Global Multiexperience Development Platforms Market is projected to grow from USD 2.7 billion in 2022 to USD 7.2 billion by 2027 at a compound annual growth rate (CAGR) of 21.8% during the forecast period, according to a new report by MarketsandMarkets™. The major factors driving the growth of the multiexperience development platforms market include the increasing need for rapid customization and scalability.
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Platforms segment to account for larger market during the forecast period
As the number of devices, apps, and interaction modes grows, so will the demand for multiexperience development platforms. These platforms enable businesses to create web and mobile apps and voice, Augmented Reality (AR), chat, and wearable experiences, on a single platform that can be deployed across multiple devices. The COVID-19 pandemic has demonstrated that all enterprises require a technology platform that allows for rapid change. Several industries suffered significant losses, including manufacturing, tourism, and e-commerce, but mobile app development firms were operating at full capacity. Platforms, such as chatbots, AR, and VR devices, enable people to obtain information from machines in a natural, conversational manner via text and voice. The current global population using a smartphone is 6.6 billion. It means roughly 83.4% of the world's population owns a smartphone. In the second half of 2020, almost 1.3 million wearables were purchased.
Cloud deployment type to record highest growth during forecast period
Cloud platforms enable customers to simplify application extension development, optimize business processes, and accelerate business value for intelligent enterprises. Customers expect consistent, personalized, and unified digital experiences across multisensory touchpoints and modalities. Cloud platforms aid in the digitalization and mobilization of supply chains to refine processes, improve teamwork, and foster enterprise cohesion. They also enable customers to create modern web and mobile apps, as well as chatbots for a variety of applications. Many companies support development by offering low-code tools for citizen developers and professional and cloud-native developer tools that support native architectures, cross-platform app architectures, and web-based app architectures. Many applications can be deployed on any cloud and benefit from continuous delivery and DevOps capabilities. The open-source foundation optimizes resource provisioning and speed, reducing time-to-market and increasing margins. Companies assist with deploying APIs or apps on any cloud, private, public, hybrid, on-premise, or traditional server. A cloud-agnostic approach provides multi-cloud visibility and management, auto-healing, and scalability with low overhead infrastructure.
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North America projected to account for largest market during forecast period
North America is a mature market with growing technological advancements. Significant companies, such as Oracle, Salesforce, Microsoft Corporation, IBM, and ServiceNow, contribute to the region's prominence. Several multiexperience development platforms aid in developing fit-for-purpose apps that work across various digital touchpoints, including mobile, wearables, web, chatbots, AR, and VR. Multiexperience apps are created using platforms, such as IBM, Microsoft, Appian, GeneXus, Oracle, Outsystems, Pega, Progress, Salesforce SAP, and Kony.
North America has the highest adoption rate of multiexperience development platforms due to the presence of numerous small, medium-sized, and large businesses in the region. This region has huge BFSI and IT markets, which is the major driving factor for multiexperience development platforms. Increased demand for multiexperience development platforms in mid-size enterprises is expected to support segmental growth. Over the forecast period, the region is expected to see significant growth opportunities. The large presence of prominent players in the region is a major factor driving the massive growth of the multiexperience development platforms market.
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Market Players
Some prominent players across all service types profiled in the multiexperience development platforms market study include Salesforce (US), SAP (Germany), Outsystems (US), Oracle (US), Microsoft (US), Mendix (US), Pegasystems (US), Progress (US), IBM (US), and ServiceNow (US).
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