Multiexperience Development Platforms Market to Reach $14.1 Billion, Globally, by 2031 at 19.3% CAGR: Allied Market Research

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Apr 18, 2023, 10:01 ET

The rising demand for custom mobile app development in various organizations, increasing need for flexibility and rapid stability, growing demand for customized mobile applications, and rapid digitization of the industry drive the global multiexperience development platforms market.

PORTLAND, Ore., April 18, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, Multiexperience Development Platforms Market by Component (Platforms, Services), by Deployment Mode (On-premises, Cloud), by Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), by Industry Vertical (BFSI, IT and Telecom, Retail and Consumer Goods, Manufacturing, Energy and Utilities, Healthcare and Life Sciences, Government and Public Sector, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031. According to the report, the global multiexperience development platforms industry generated $2.5 billion in 2021, and is anticipated to generate $14.1 billion by 2031, witnessing a CAGR of 19.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

Drivers, restraints, and opportunities:

The rising demand for custom mobile app development in various organizations, surging internal operational efficiencies offered by multi-experience development platforms (MXDP), increasing need for flexibility and rapid stability, growing demand for customized mobile applications, proliferation of mobile devices and the internet, and rapid digitization of the industry drive the global multiexperience development platforms market. However, the lack of skilled professionals and trainers restricts market growth. Moreover, an increasing adoption of digital technologies like cloud and IoT is expected to provide new opportunities in the coming years.

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Covid-19 Scenario

The outbreak of the COVID-19 pandemic had a positive impact on the global multiexperience development platforms market, owing to the increased demand for digitalization by businesses for an accelerated transition and a rise in demand for mobile app developments from various end users such as BFSI and retail for smooth operations.
Multiexperience development platforms played a crucial role in this adaptation, allowing companies to create and deploy digital applications that can be accessed across a variety of devices and interfaces. As a result, there was a surge in demand for these platforms, particularly in industries such as healthcare, education, and retail during the pandemic.

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The platforms segment to maintain its leadership status throughout the forecast period
Based on component, the platforms segment held the highest market share in 2021, accounting for more than two-thirds of the global multiexperience development platforms market and is estimated to maintain its leadership status throughout the forecast period. This is because, there is a rise in focus on the integration of artificial intelligence and machine learning technologies into MXDP platforms to improve the overall user experience. Furthermore, the services segment is projected to manifest the highest CAGR of 21.7% from 2022 to 2031. This is due to an increase in focus on data analytics and artificial intelligence (AI) services, which help businesses to gain insights and optimize their multiexperience applications for better customer experiences.

The cloud segment to garner the largest revenue by 2031

By deployment mode, the on-premises segment contributed to the largest share of nearly three-fifths of the global multiexperience development platforms market in 2021 as it provides additional security of data. The cloud segment, on the other hand, is estimated to dominate the market in terms of revenue and is projected to witness the fastest CAGR of 22.5% throughout the forecast timeframe. The cloud provides flexibility, scalability, complete visibility and efficiency of all processes which drives the growth of the segment.

The large enterprises segment to dominate the market during the forecast period

On the basis of enterprise size, the large enterprises segment grabbed the highest share of nearly two-thirds of the global multiexperience development platforms market in 2021 and is expected to dominate the market in 2031. This is because, the large enterprises typically have a large number of customers and employees, which means they need to be able to provide a consistent and high-quality user experience across multiple touchpoints, including web, mobile, voice, and other emerging channels, which leads to the growth of the segment. However, the small and medium-sized segment would witness the fastest CAGR of 21.0% from 2022 to 2031. This is because multiexperience development platforms help SMEs to stay competitive by enabling them to keep up with the latest trends and technologies in their industry, and they also help to reduce expenditure costs.

North America garnered the major share in 2021

By region, North America held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global multiexperience development platforms market. This is due to surge in adoption of emerging technologies such as AI, IoT, and AR/VR in region, which are being integrated into MXDP solutions to enhance the capabilities of developers and improve the user experience. However, the market in Asia-Pacific is likely to show the fastest CAGR of 22.6% during the forecast period and is expected to dominate the market in 2031. The growth is attributed to the increase in demand for digital transformation and the rising adoption of new technologies such as AR and VR.

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Leading Market Players:

Neptune Software
ServiceNow
GeneXus
Mendix Technology BV
OutSystems
Temenos
Oracle, SAP SE
Pegasystems Inc.
Salesforce, Inc.

The report analyzes these key players of the global multiexperience development platforms market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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