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Multiexperience Development Platforms Market Size & Share, Trends - 2027
The global Multiexperience
Development Platforms Market size 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. 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.
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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