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Multiexperience Development Platforms Market size to reach $20 Bn by 2032
- Published Date: April 5, 2023
Multiexperience Development Platforms Market size is projected to exceed USD 20 billion by 2032, according to a new research report by Global Market Insights Inc.
The growth is influenced by the growing need to create rich and interconnected user experiences. The demand for touchpoints, including Conversational UI, Augmented Reality (AR), Location-based services (LBS), Virtual Reality (VR), and multi-touch interactions, among others, are accelerating in line with the escalating popularity of mobile applications. Besides, the escalating use of technology and digital transformation are bolstering product adoption. Recently, the Europe Union invested more than €4.5 billion in digital transformation in December 2022, which is planned to become available in the 2023-2024 Horizon Europe work program.
Surging requirement for platform management to boost services segment growth
The multiexperience development platforms market from the services segment is expected to be worth more than USD 5 billion by 2032. These services consist of professional services offered by component providers and managed services offered by third parties. The extensive demand for the maintenance of MXDP due to constant updates and the introduction of new technologies propel the product demand. In May 2022, Google Cloud announced the extension of Contact Center AI with CRM integration and end-to-end management for customer experience.
Improved security from data thefts to increase on-premise deployment of MXDPs
With respect to deployment, the MXDP market from the on-premise segment is predicted to cross USD 10 billion by 2032. In the upcoming years, the on-premise segment is estimated to maintain the largest share as a result of the increasing need to secure confidential data as they provide access to only authorized personnel for sensitive data and information, offering better protection than cloud systems. Moreover, increased security from external breaches is also encouraging companies to deploy multiexperience development platforms on-premises.
Browse key industry insights spread across 250 pages with 283 market data tables and 36 figures & charts from the report, “Multiexperience Development Platforms Market Size By Component (Platforms, Services), By Deployment, By Organization Size, By Application (BFSI, IT & Telecom, Media and Entertainment, Government & Public Sector, Manufacturing, Retail and Consumer Goods, Healthcare) & Forecast, 2023 – 2032” in detail along with the table of contents:
Expanding business and emerging unicorn companies to push large enterprises market
The multiexperience development platforms market from the large enterprises segment will surpass USD 5 billion by 2032, supported by the rising uptake of development platforms in large enterprises to ease the operation process. Furthermore, the growing number of large enterprises in developed and emerging economies is driving the demand for multi-experience development platforms. According to the Crunchbase Unicorn Board, 34 new companies became unicorns in May 2022.
Soaring prominence of no-code platforms to favor the retail & consumer goods segment
The multiexperience development platforms (MXDP) market size from the retail and consumer goods application segment will expand at a CAGR of 20% from 2023 to 2032. Multiexperience Development Platforms (MXDP) have facilitated the retail industry with low and no-code platforms for developers and non-developers for creating software through graphic consoles instead of outdated programming. No-code and low-code offer effective results to clients demanding custom software. Moreover, the emergence of online shopping trends has fostered the utilization of MXDP with augmented reality for a personalized experience.
Booming telecom sector to augment Asia Pacific industry revenues
The Asia Pacific multiexperience development platforms market is poised to depict growth at over 25% CAGR between 2023 and 2032. The region is witnessing rapid expansion of retail and consumer goods, healthcare, IT & telecom, BFSI, and other expanding industry verticals, which are strongly contributing to market progression. As of January 2023, India’s Reliance Jio became the second-largest telecom brand in the world compared to fifth place in 2022, according to Brand Finance 2023 rankings.
Promising organic acquisitions to upgrade product portfolios to remain a key growth strategy
The Some of the leading companies involved in the MXDP market include Microsoft Corporation, Google LLC, SAP SE, Salesforce and OutSystems. The competitive landscape of the market is anticipated to showcase several organic growth tactics including acquisitions and partnerships over the upcoming years. For instance, in April 2022, Globant, an IT and software development firm, announced the acquisition of GeneXus to strengthen its product portfolio. GeneXus agreed to provide its low-code platform that simplifies software development and evolution and Artificial intelligence (AI) features that maintain end-to-end solutions ready to run on a variety of devices.