What Is The Current and Historic Market Size Analysis Of The Multiexperience Development Platforms Market?
The multiexperience development platforms market has seen considerable growth due to a variety of factors.
• In recent times, there has been a significant expansion in the size of the multiexperience development platforms market. The market is predicted to surge from $8.61 billion in 2024 to $10.6 billion in 2025, with a compound annual growth rate (CAGR) of 23.2%.
The past period's growth can be linked to the escalated demand for operational effectiveness, a reduction in security threats, a rising demand for application development, a growing necessity for swift customization and scalability, and an increasing obligation to establish a comprehensive and interconnected user experience.
What are the Market Size and Expected Growth Rates for the Multiexperience Development Platforms Market?
The multiexperience development platforms market is expected to maintain its strong growth trajectory in upcoming years.
• The market for multiexperience development platforms is predicted to witness extraordinary expansion in the coming years. It's projected to reach a value of $24.07 billion in 2029 with a compound annual growth rate (CAGR) of 22.8%.
This growth in the projected period could be credited to the escalating use of mobile devices, proliferation of internet usage, heightened digitalization across different sectors, and an increased count of devices, along with a burgeoning demand for low-code application development. Key trends identified during the forecast period incorporate the growing demand for Machine Learning technologies, Virtual Reality (VR), and Augmented Reality (AR), burgeoning investments, the creation of wearable devices, software reliant on Natural Language, and user experience software, as well as progress in technology and product innovation.
Which Key Drivers Are Propelling The Multiexperience Development Platforms Market's Growth?
The rise in mobile device usage is anticipated to fuel the expansion of the multi-experience development platform market in the future. This surge in mobile device adoption comes as a result of the increasing popularity of social media networks and the significance of immediate communication. Employing multi-experience development platforms could greatly amplify the reach of mobile devices by offering a coherent, effective, and flexible method for developing applications across a variety of devices and channels. As an illustration, a report issued by Uswitch Limited, a UK telephone comparison and switching service, in February 2023, stated that there were 71.8 million active mobile connections in 2022, indicating a 3.8% rise compared to the earlier year. Furthermore, it's projected that the UK will possess 68.3 million residents by 2025. Hence, the escalating utilization of mobile devices is propelling the growth of the multi-experience development platform market.
What Are The Key Segments Within The Global Multiexperience Development Platforms Market?
The multiexperience development platforms market covered in this report is segmented –
1) By Component: Platforms, Services
2) By Deployment: On-Premises, Cloud
3) By Organization Size: Small And Medium-Sized Enterprises, Large Enterprises
4) By Application: Banking, Financial Services And Insurance (BFSI), IT And Telecommunication, Government And Public Sector, Manufacturing, Retail And Consumer Goods, Healthcare, Media And Entertainment, Other Applications
Subsegments:
1) By Platforms: Cloud-Based Platforms, On-Premise Platforms
2) By Services: Consulting Services, Integration Services, Support And Maintenance Services, Training And Education Services
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How Are New Trends Impacting The Size Of The Multiexperience Development Platforms Market?
Leading businesses in the multi-experience development platforms domain are innovating advanced solutions, such as digital multi-experience platforms, to provide customers with enhanced functions. A digital multi-experience platform (MXDP) is a software tool that allows companies to devise, administer, and offer diverse digital experiences over various channels, devices, and interaction methods. For example, in March 2022, Tecnotree, a software company based in Finland, and MTN Nigeria, a mobile telecommunication company from Nigeria, introduced the Tecnotree Moments multi-experience platform. The launch of the digital multi-experience platform by MTN Nigeria, alongside Tecnotree Moments, is a crucial step forward in generating lifestyle bundles of content, applications, and connectivity within a pre-coordinated digital partner environment. The platform aims to cater to a wide range of sectors such as education, entertainment, gaming, sports, health, and wellness by providing a portal of digital services and lifestyle bundle products. The platform features online multiplayer e-sports tournaments, highly played arcade games in Africa, immersive and interactive educational material, live classes, and a Massive Online Open Curriculum (MOOC) for career progression.
Who Are the Key Players In The Multiexperience Development Platforms Market?
Major companies operating in the multiexperience development platforms market are:
• Microsoft Corporation
• Amazon Web Services
• Tencent Holdings Ltd.
• Siemens AG
• International Business Machines Corporation
• Cisco Systems Inc.
• Oracle Corporation
• SAP SE
• Salesforce Inc.
• HCL Technologies Limited
• ServiceNow Inc.
• Globant SA
• Pegasystems Inc.
• Zoho Corporation
• Temenos AG
• Progress Software
• Cigniti Inc.
• Appian Corporation
• Easy Software Inc.
• Outsystems Inc.
• Mendix
• Decimal Technologies
• GeneXus SA
• Neutrinos
• Neptune Software
• Convertigo SA
• XOne Technology Inc.
What Are The Regional Insights Into The Multiexperience Development Platforms Market?
North America was the largest region in the multiexperience development platforms market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the multiexperience development platforms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
