What Is The Scope Of The Global Composable Applications Market?
Composable applications are software systems designed to be modular and easily reconfigurable. They are built using discrete, interchangeable components or services that can be combined or swapped out as needed, allowing for flexible and scalable solutions tailored to specific business needs. This approach enables faster development, easier maintenance, and adaptability to changing requirements.
Composable Applications Global Market Report 2024 provides data on the global composable applications market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The composable applications market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Composable Applications Market Expected To Grow In Size And Annual Rates?
The market for composable applications has grown exponentially, increasing from $5.54 billion in 2023 to $6.69 billion in 2024, at a CAGR of 20.6%. Growth in previous years was fueled by digital transformation initiatives, the rise of microservices, user experience customization, and innovation in development tools. By 2028, the market is expected to reach $14.21 billion, growing at a CAGR of 20.7%, driven by cloud-native technologies, edge computing, omnichannel demand, and security enhancements. Future trends include the rise of composable enterprise architectures, hybrid cloud environments, automated application composition, and integration with emerging technologies.
What Main Forces Are Fueling Expansion In The Composable Applications Market?
The rise of digital transformation initiatives is expected to fuel the growth of the composable applications market. Digital transformation involves adopting technology to enhance processes, customer experiences, and business models. Organizations are investing in digital transformation to improve efficiency, keep up with technological advancements, and meet changing customer expectations. This transformation enables the use of composable applications, which support flexible and modular architectures that can easily adapt to evolving business needs. For example, in 2022, 42% of European companies and 50% of US firms increased their digitalization investments, according to the European Investment Bank. The increasing focus on digital transformation is driving the growth of the composable applications market.
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What Are The Primary Segments In The Global Composable Applications Market?
The composable applications market covered in this report is segmented –
1) By Offering: Platform, Service
2) By Enterprise Size: Large Enterprises, Medium Enterprises, Small Enterprises
3) By Vertical: Banking Financial Services And Insurance (BFSI), Retail And E-commerce, Government, Healthcare And life sciences, Manufacturing, Information Technology (IT) And Information Technology Enabled Services (ITeS), Energy And Utilities, Other Verticals
Which Key Trends Are Driving Changes In The Composable Applications Market?
In the composable applications market, companies are developing digital commerce solutions to stay competitive. Salesforce introduced the Composable Storefront in August 2022, a modular, headless commerce platform that allows businesses to rapidly create customizable digital storefronts, integrate seamlessly with Salesforce's ecosystem, and scale effectively.
What Is The Leading Region In The Composable Applications Market?
North America was the largest region in the composable applications market in 2023. The regions covered in composable applications report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
