Multiexperience Development Platforms Market Size Worth $24.64 Billion By 2027: Grand View Research, Inc.
SAN FRANCISCO, Aug. 25, 2020 /PRNewswire/ -- The global multiexperience development platforms market size is expected to reach USD 24.64 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 18.2% over the forecast period. The increasing demand for custom mobile app development across several organizations, coupled with better internal operational efficiency offered by multi-experience development platforms (MXDP), is expected to drive the overall market growth. The multi-experience development platform is an application development platform that is used to develop web and mobile apps, as well as voice, Augmented Reality (AR), chat, and wearable experience. It enables enterprises to build a single application that can be deployed on various devices. Thus, increasing adoption of multi-experience development platforms in IT and Telecom, BFSI, Retail, Travel and Hospitality, and other industries to ease the operational process will fuel the market growth over the forecast period.
Key suggestions from the report:
- The services segment is estimated to expand at the highest CAGR of 18.8% over the forecast period owing to the increasing demand for managed services
- The on-premise segment emerged as the largest segment in 2019 and is anticipated to generate revenue of over USD 11.99 billion by the end of the forecast period
- The small & mid-size enterprises (SMEs) segment is projected to grow at the fastest CAGR of 19.0% over the forecast period. Increasing demand for multi-experience development platforms from the mid-size enterprises is anticipated to support segmental growth.
- The North America market held the largest share in 2019 as the region has a huge BFSI and Information & Technology market.
Read 120 page research report with ToC on "Multiexperience Development Platforms Market Size, Share & Trends Analysis Report By Component (Platforms, Services), By Deployment Type (On Premise, Cloud), By Enterprise Type, By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/multiexperience-development-platforms-market
Post the COVID-19 pandemic; most businesses utilize apps as they are easily accessible with rising digitalization levels. Besides, the increasing importance of new interfaces such as natural language or new devices such as wearables will surge the demand for multi-experience development platforms over the forecast period. Adopting MXDP has various benefits as it reduces time to market for mobile apps, eliminates potential security risk, and provides better control over actual deployment.
North America held the largest revenue share of the overall market in 2019, owing to the presence of several key players such as Oracle, IBM, Microsoft Corporation, and Salesforce. The European market held the second-largest revenue share during the same year due to the presence of a high number of large enterprises in the region. According to the European Commission, there were over 11,800 large enterprises in Germany in the year 2019.
Grand View Research has segmented the multiexperience development platforms market on the basis of component, deployment type, enterprise type, and region:
- Multiexperience Development Platforms Component Outlook (Revenue, USD Million, 2016 - 2027)
- Platforms
- Services
- Multiexperience Development Platforms Deployment Type Outlook (Revenue, USD Million, 2016 - 2027)
- On-premise
- Cloud
- Multiexperience Development Platforms Enterprise Type Outlook (Revenue, USD Million, 2016 - 2027)
- Small & Mid-size Enterprises (SMEs)
- Large Enterprises
- Multiexperience Development Platforms Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- Canada
- Europe
- Germany
- The U.K.
- France
- Asia Pacific
- China
- Japan
- India
- Rest of the World (RoW)
- List of Key Players of Multiexperience Development Platforms Market
- Appian
- GeneXus
- IBM
- Mendix
- Microsoft Corporation
- Oracle
- Outsystems
- Pegasystems
- Progress Software Corporation
- Salesforce
- SAP SE
- ServiceNow.
Find more research reports on IT Services & Applications Industry , by Grand View Research:
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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