Selbyville, Delaware, April 19, 2023 (GLOBE NEWSWIRE) --
The multiexperience development platforms market valuation is predicted to cross USD 20 billion by 2032, as reported in a research study 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.
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The multiexperience development platforms market from the services segment will exceed 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.
The MXDP market from the on-premise segment is set to be worth USD 10 billion by 2032. In the upcoming years, the on-premise segment is expected 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.
The The multiexperience development platforms market from the large enterprises segment is projected to reach 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 market demand.
The MXDP market from the retail and consumer goods application segment is estimated to witness over 20% CAGR between 2023 and 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.
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Asia Pacific multiexperience development platforms market will expand at a CAGR of 25% from 2023 to 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.
Prominent participants operating across the multiexperience development platforms (MXDP) market include Microsoft Corporation, Google LLC, SAP SE, Salesforce and OutSystems. The competitive landscape of the market is poised 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.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Mutliexperience development platforms industry 360° synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023 - 2032
2.3 Regional trends
2.4 Component trends
2.5 Deployment trends
2.6 Organization size trends
2.7 Application trends
Chapter 3 Mutliexperience Development Platforms Market Industry Insights
3.1 Impact of COVID-19 pandemic
3.1.1 North America
3.1.2 Europe
3.1.3 Asia Pacific
3.1.4 Latin America
3.1.5 MEA
3.2 Russia-Ukraine war impact
3.3 Industry ecosystem analysis
3.3.1 Platforms providers
3.3.2 Service providers
3.3.3 Technology providers
3.3.4 System integrators
3.3.5 Profit margin analysis
3.4 Patent analysis
3.5 Key initiative & news
3.5.1 New product launch
3.5.2 Partnership/collaboration
3.5.3 Merger/acqusition
3.5.4 Business expansion
3.6 Technology & innovation landscape
3.7 Regulatory landscape
3.7.1 North America
3.7.2 Europe
3.7.3 Asia Pacific
3.7.4 Latin America
3.7.5 MEA
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Rising need to create rich and interconnected user experiences
3.8.1.2 Increasing investment on MXDP
3.8.1.3 Rising need for low code application development
3.8.1.4 Increasing demand for touchpoints
3.8.1.5 Rapid adoption of advanced technologies
3.8.2 Industry pitfalls and challenges
3.8.2.1 Limited number of devices MXDPs support
3.8.2.2 Maintaining MXDP platforms
3.9 Multiexperience development platforms use case
3.10 Multiexperience development platforms architecture
3.11 Growth potential analysis
3.12 Porter's analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
