Multiexperience Development Platforms Market Worth $7.2 Billion By 2027, Growing At A CAGR Of 21.8%: Report By Marketsandmarkets


(MENAFN- GlobeNewsWire - Nasdaq) Chicago, April 04, 2024 (GLOBE NEWSWIRE) -- The global Multiexperience Development Platforms Market size is projected to grow from $ 2.7 billion in 2022 to $7.2 billion by 2027 at a CAGR of 21.8% during the forecast period 2022 to 2027, according to a new report by MarketsandMarketsTM.

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Multiexperience Development Platforms Market Dynamics:

Drivers:

  • Increasing need for rapid customization and scalability
  • Enterprise mobility to enable users to develop business applications using MXDP
  • Elimination of gaps in required IT skills
  • Increasing demand for chatbots, AI, and ML technologies
  • Increased demand for app development
  • Growing demand to decrease time to market for mobile apps

Opportunities:

  • Growing digital transformation in IT industry
  • Rising demand for robust solutions to maximize visibility and control over processes
  • Increasing demand to reduce security risk

Restraints:

  • Dependence on vendor-supplied customization
  • Lack of skilled professionals or trainers among developers

List of key Players in Multiexperience Development Platforms Market:

  • Salesforce (US),
  • SAP (Germany),
  • Outsystems (US),
  • Oracle (US),
  • Microsoft (US),
  • Mendix (US),
  • Pegasystems (US),
  • Progress (US),
  • IBM (US)
  • ServiceNow (US).

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By component, the services segment is projected to grow at a higher CAGR during the forecast period. Cloud-hosted artificial intelligence is frequently used in multiexperience mobile apps. Other technologies employed include native Android and iOS and mobile back-end development services. These provide conversational interfaces and voice and image recognition functions, which are common in MXDP applications. They are used to provide a consistent multiexperience while using the apps, a consistent experience when the device is changed, and a complementary experience when multiple devices are used. Multiexperience development platform and service vendors offer these services to plan, design, implement, integrate, and deploy business applications. Implementation and integration services provided by multiexperience development vendors offer cohesive services to end users, from large enterprises and SMEs, for efficiently implementing and integrating multiexperience development platforms into their existing IT infrastructure systems. Consulting and training services help organizations understand and implement multiexperience development platforms and keep themselves updated on market trends, changing business conditions, and customer insights. Multiexperience development platform providers help users by giving training sessions as needed to resolve upcoming and existing business complexities.

By deployment mode, the on-premises segment is expected to grow steadily over the forecast period. The on-premises deployment type includes the deployment of software and hardware at the client's premises, which is a traditional and expensive model compared to the cloud model. Currently, this approach of on-premises deployment type is followed in enterprises where user credentials and security are critical to business operations, as they grant full control of applications, platforms, data, and systems, all of which are handled and managed by the internal IT staff. On-premise means all an organization's applications are hosted in-house, driving the company to buy servers, software licenses, and office spaces and pay employees to manage the infrastructure. This means that the organization controls the software's security and upkeep. On-premise software is installed on local computers and servers. Cloud software, on the other hand, is hosted offsite on the cloud provider's server, and users can access it via a web browser. Everything is hosted in an organization's on-premise environment, and resources are deployed within the company's IT infrastructure in an on-premise setup. The organization is responsible for the upkeep of the servers, software, and all related components.

The geographic analysis of the Multiexperience Development Platforms Market covers five regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is expected to be the leader in adopting and implementing multiexperience development platforms, followed by Europe and Asia Pacific. The high emphasis on technology in North American countries, a growing AI, big data, high demand for smart and connected devices among young generations, and an increasing number of technology startups are some factors driving demand for multiexperience development platforms in this region. In addition, a favourable multiexperience market growth scenario, the rising popularity of low-code or no-code solutions, and the rising trend of digitalization in major North American countries are boosting the growth opportunities for market players operating in the North American Multiexperience Development Platforms Market.

The advent of the pandemic has increased the need for implementing multiexperience platforms, as many employees and clients needed remote access to their work environment, communication channels, services, and even workplaces. New models are emerging, and incumbents are examining their digital solutions more closely while governments consider mechanisms for equitable access and outcomes.

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Canada, a growing market in the region, is well-positioned to dominate the global landscape when it comes to applying big data and machine learning to its most important primary industries. The country has a presence of the world's largest, best-equipped, and most modern primary industries, with world-class subject matter experts and top university graduates. The historical data collected in the country's industries is unsuitable for the new big data methods. But the expensive part of the infrastructure is already in place and can be used to collect the new type of data required. Many AR companies, such as Librestream, Airy 3D, BlackCart, and Precision OS, are driving the growth of AR and VR technologies in this region, which is also driving the growth of the Multiexperience Development Platforms Market in the region.

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