Composable Applications Market worth $11.8 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, May 2, 2023 /PRNewswire/ -- The Composable Applications industry will have new prospects for innovation and expansion because of the adoption of cutting-edge technology like blockchain, machine learning, and artificial intelligence. The demand for composable apps will be driven by the increasing demand for quick application development and delivery as well as the requirement for adaptable and scalable solutions. There are several small and mid-sized businesses in the currently fragmented market for composable apps. However, consolidation is anticipated to happen, with major players acquiring smaller firms to broaden their product and customer bases. Composable commerce, which enables companies to pick and combine best-of-breed solutions, is anticipated to keep expanding as companies work to enhance their eCommerce capabilities and compete in the online market. Businesses will continue to realise the value of security.

The Composable Applications Market size is estimated at USD 5.2 billion in 2023 and is projected to reach USD 11.8 billion by 2028, at a CAGR of 17.5%, according to a new report by MarketsandMarkets™. Factors such as the increasing need for rapid customization and scalability and increased app development demand drives the market.

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Scope of the Report

By offering, the services segment is expected to grow at highest CAGR

The services include integration & implementation, consulting & training, and support & maintenance. Companies offering these services have skilled consultants and solution architects who are specialized professionals supporting proper designing and delivering composable applications architecture. Composable applications services provide services to overcome the most challenging connectivity requirements and integrate applications and APIs anywhere. The growing need for businesses to reduce operational and infrastructural costs is driving the demand for cloud-based applications and subsequent.

By vertical, retail & eCommerce to grow at highest CAGR

eCommerce companies built using a traditional, monolithic approach to software development had a set of challenges, such as reliance on a single vendor. In addition, it was complex and expensive to modify customer behaviour changes or emerging market trends. Hence, many retailers are now transitioning to a composable, cloud-first, and API-first approach to their e-commerce applications. This approach allows them to select best-of-breed software components and combine them into a composable e-commerce solution.

Composable commerce enables retailers to create personalized experiences for each customer, reduce costs, increase operational efficiency, and reduce errors while saving time and money. It encourages innovation by allowing retailers to experiment with new technologies. Moreover, the retail industry can leverage the low-code development platform with the help of analytical tools to understand real-time customers' behavior to improve decision-making skills.

By region, North America to account for the largest share in 2023

North America includes the US and Canada. It is the highest revenue-generating region in the global composable applications market, with the US constituting the highest market share. The region is also settled in terms of its economy and witnesses large-scale investments in IT infrastructure. North America is also the region where major security vendors are settled, giving the region an edge over the rest of the world in terms of innovation and growth. These factors are expected to drive the composable applications market in the region.

Also, owing to the emergence of trending technologies, such as IoT, AI, ML, cloud computing, big data, DevOps, and enterprise mobility, users and enterprises have been urged to adopt much more sophisticated and reliable application platform software and the associated services. This fact is expected to contribute to the overall growth of the composable applications market in North America. North America comprises the US and Canada, which are also witnessing a phenomenal adoption of composable applications. These countries have a major dominance with sustainable and well-established economies, empowering them to strongly invest in R&D activities, thereby contributing to the development of new technologies.

Composable Applications Market Dynamics

Driver:

• Enterprises are increasingly challenged to create digital user experiences.
• Enables eCommerce teams to choose, construct, and compose best-of-breed solutions to meet their company demands.
• Increased uses of cutting-edge technologies and methodologies

Restraint:

• In the digital world, quick application delivery is crucial for corporate success.
• Software provided by a vendor offers a completely integrated solution that can satisfy unique business needs.
• businesses are unaware of the benefits of internal software development.

Opportunities:

• Productivity improvement is a key element encouraging organizations to pursue digital transformation.
• The traditional business model has been modernized by digital technologies.
• Internet services are widely used in the banking and financial industry, to increase online activities.

Challenges:

• In COVID-19 pandemic, business adopted digital solutions which needed specialized software and committed developers.
• IT teams expanded and became more specialized.
• The interest of businesses in hiring expert developers in this field.

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Key Market Players:

Major players operating in the Composable Applications Market are Salesforce (US), Dell Boomi (US), MuleSoft (US), Informatica (US), and Software AG (Germany).

• In August 2022, the company launched Composable Storefront, a customizable headless storefront that allows users to make changes to eCommerce websites with increased speed and flexibility.
• In April 2021, Informatica announced a cloud platform that employs microservices and an AI engine to combine data management capabilities and enable data and application programming interface (API) integration. The Informatica Intelligent Data Management Cloud (IDMC) is a revamped implementation of an Informatica platform that extensively uses an existing AI engine dubbed CLAIRE.
• In April 2021, Software AG launched innovations of its web Methods platform for APIs, integration, and microservices. With this release, companies can simplify and accelerate their digital transformation initiatives while speeding up their cloud adoption.

Composable Applications Market Advantages

• Composable give organisations more flexibility and agility since they can swiftly put together and take apart components to accommodate shifting business needs.
• Composable applications make it simple for organisations to customise their software solutions by selecting the precise modules they require and leaving out ones they don't.
• Composable applications make it simple to scale up or down as company demands change without having to rewrite their software from the ground up.
• Companies can use open-source modules instead of spending a lot of money creating custom software from scratch, composable apps can be economical.

Report Objectives

• To describe and forecast the global composable applications market by offering, vertical, and region based on individual growth trends and contributions toward the overall market
• To provide detailed information about the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the composable applications market
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the composable applications market
• To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific, and the Rest of the World
• To analyze sub-segments of the market with respect to individual growth trends, prospects, and contributions to the overall market
• To profile the key players of the composable applications market and comprehensively analyze their market size and core competencies.
• To track and analyze competitive developments, such as product enhancements and product launches, acquisitions, partnerships, and collaborations in the composable applications market globally.

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