Mobile Application Development Platform (MADP) Market size is driven by the increasing adoption of the cloud services among the industry verticals such as BFSI and healthcare. The growth is attributed to the increasing demand for the mobility and BYOD solutions, among the enterprises. As the demand for mobility solutions among the enterprises is rising, app developers are also looking forward to developing advanced mobile applications to integrate and sync them across the multiple devices. The cloud technology assists developers to build apps and enables them to work on multiple devices with the access to the same data, functions, and features, which are estimated to drive the growth of the market.
The development of the IoT and wearable devices is also one of the major driving forces that support the mobile application development platform market growth. As the adoption of the IoT and wearable devices is increasing rapidly, developers also started to explore the opportunities for the apps on IoT and wearable devices. The growing demand for the IoT devices among the smart home and business automation solutions are encouraging the developers to build the application to control and monitor IoT devices. Furthermore, the integration of the IoT devices into the customer engagement platforms and beacon technology among the enterprises to reach customers is also one of the major factors for the market growth.
Growing demand for the cross-platform apps also fosters the MADP market growth. Approximately 40% of the developers work primarily on the Android platform while about 35% of the developers are focused on IOS. As the adoption of both Android- and IOS-based smartphone increases, companies are also focusing on the development of the cross-platform development. However, the security of the mobile application is one of the major factors hindering the growth of the market. Furthermore, the technical issues associated with the development of mobile application development is also one of the major constraints in the growth of the market.
The MADP market is evolving as enterprises are taking advantage of both consumer and enterprise mobile applications. Furthermore, the rising requirement to automate the mobile application development and reduce the time required for application development also fuels the market growth.
North America holds a significant share of the global MADP market due to the presence of highly sophisticated IT infrastructure in the region along with the availability of excellent internet connectivity and extensive penetration of mobile devices. Also, large-scale investments on R&D by major technology companies operating in the U.S. are expected to foster the market growth over the forecast timeline. Asia Pacific, on the other hand, will register a lucrative growth over the period in the market. This accelerated growth can be attributed to the rapidly increasing smartphone penetration in India and China, increasing the popularity of smart cities, along with favorable government initiatives for the digitalization of the economy and administrative framework in these countries.
The key companies operating in the MADP market are emphasizing on offering competitive prices along with advanced features to enable differentiation in their solutions compared to those offered by their competitors. Also, the strategic acquisitions of emerging companies by major market players are largely contributing to the consistent growth of the overall market. Some of the companies operating in the mobile application development platform market are IBM, SAP, Oracle, Kony, Verivo Software, Telerik, Salesforce, HP, Axway, Progress Software, Appery, Microsoft, MicroStrategy, Adobe, Backbase, Intellectsoft, OutSystems, and Red Hat.