Multiexperience Development Platforms Market Size By Component (Platforms, Services), By Deployment (On-premise, Cloud), By Organization Size (Large Enterprises, SMEs), Application & Global Forecast, 2023 - 2032

Multiexperience Development Platforms Market Size

Multiexperience Development Platforms Market size surpassed USD 2 billion in 2022 and is expected to grow at 20% CAGR from 2023 to 2032, driven by the mounting demand for machine learning technologies, virtual reality (VR), and augmented reality (AR).
 

Surging investments are foreseen to propel the demand for multi-experience development platforms. As businesses engage in cutting-edge digital technologies to provide seamless customer experiences, multi-experience platforms are gaining popularity. Moreover, with the development of wearable devices, natural language-based software, and user experience software, digital touchpoints are increasing, which is prompting companies to upgrade their offerings to accommodate consumer needs. To cite an instance, in May 2022, Google enhanced its Firebase platform with new capabilities to help developers by proving customizable code as well as giving superior access to crash data and faster time to production.

Expensive maintenance of MXDPs may restrain industry progression

The growing need for ensuring platforms are compatible with the newest technologies and support the newest features is emerging as one of the biggest challenges for market growth. Additionally, platforms requiring frequent upgradation to keep up with the latest trends can be a time-consuming and expensive process, restraining overall product adoption. However, the advent of AR and VR technologies is boosting the utilization of MXDP for business operations and is likely to help the industry overcome this issue.
 

Multiexperience Development Platforms Market Analysis

The multiexperience development platforms market from the platform segment accounted for USD 1.5 billion revenue in 2022, attributed to the rising demand to create, test, and distribute apps for wearables, the web, and mobile devices by businesses. Besides, the integration of artificial intelligence and machine learning in these platforms is bolstering product adoption. For instance, in May 2022, SAP SE, a German software company, upgraded its SAP Process Automation platform with the incorporation of new AI capabilities.
 

The multiexperience development platforms market from the cloud deployment segment is primed to expand at 25% CAGR through 2032, owing to the growing popularity of cloud computing and the cloud deployment model, which supports the low investment cost, flexibility, and scalability of the software. Additionally, more small- and mid-sized businesses are anticipated to adopt cloud platforms on account of a growing need for mobility to create lucrative growth possibilities.
 

Based on organization size, the multiexperience development platforms market from the SMEs segment is slated to surpass USD 10 billion by 2032, propelled by the mounting number of SMEs in emerging and developed regions, such as Asia Pacific and North America. For instance, in 2022, over 23,000 new SMEs were registered under the Ministry of Micro, Small, & Medium Enterprises’ MSME-Sustainable (ZED) Certification Scheme.
 

The multiexperience development platforms market size from the BFSI application segment is poised to reach USD 4 billion by 2032. Banks or financial institutions are adopting MXD platforms to fortify their market presence for mobile apps, which not only provide highly secure and improved control over real deployment but also attract both producers and consumers for providing seamless integration among participants. Recently, Temenos unveiled that it benchmarked 850 customers in November 2022 for their Temenos Infinity digital banking platform.
 

The North America multiexperience development platforms market will be worth over USD 5 billion by 2032, due to the escalating product adoption by large enterprises and small and medium enterprises. Additionally, the strong presence of leading players in the region, such as Microsoft Corporation, Outsystems, Oracle, Salesforce, Mendix, ServiceNow, and IBM, is fueling the regional market development. In February 2023, Microsoft launched its hybrid cloud platform, Azure Operations Nexus, for communication service providers.
 

Multiexperience Development Platforms Market Share

Some of the leading companies involved in the multiexperience development platforms market include:

• Microsoft Corporation
• Google LLC
• SAP SE
• Salesforce
• OutSystems.

These firms are engaging in strategic partnerships and product innovation tactics to stay ahead in the competitive landscape. For instance, in August 2022, OutSystems, an enterprise software firm, announced the launch of Sodexo Engage, which deployed the OutSystems platform to deliver a secure and robust fully managed service for its public sector customers, in just 12 weeks. This new platform also directly links to the aggregators used to purchase vouchers.

Impact of COVID-19 Pandemic

The MXDP industry witnessed an upsurge in demand during the COVID-19 pandemic as a result of the rapid expansion of digital banking, fintech services, streaming video services, EdTech, and online delivery. Moreover, the rise of remote working businesses increasingly turned to multiplexperience development platforms owing to the extensive use of VR and AR applications, which allowed people to understand the rapidly changing digital landscape. Businesses and organizations shifted to these platforms to create engagement with customers and employees.
 

This Mutliexperience Development Platforms (MXDP) Market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD from 2018 to 2032 for the following segments:

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Market, By Component:

• Platform
• Services

Market, By Deployment:

• On-premises
• Cloud

Market, By Organization size:

• Large enterprise
• SMEs

Market, By Application:

• BFSI
• IT and Telecom
• Government and Public Sector
• Manufacturing
• Retail and Consumer Goods
• Healthcare
• Media and Entertainment
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
• Latin America
  • Brazil
  • Mexico
• MEA
  • Saudi Arabia
  • UAE
  • South Africa