Composable Applications Global Market Report 2023: Increased Demand for App Development Boosts Growth

News provided by

Research and Markets

Jun 06, 2023, 10:45 ET

DUBLIN, June 6, 2023 /PRNewswire/ -- The "Composable Applications Market by Offering (Platform And Services), Vertical (BFSI, Retail & eCommerce, Government, Healthcare & Life Sciences, Manufacturing, IT & ITeS, Energy & Utilities), & Region (North America, Europe, APAC, RoW) - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The composable applications market is projected to grow from USD 5.2 billion in 2023 to USD 11.8 billion by 2028 at a CAGR of 17.5%. The market growth can be attributed to the growing demand for application development. However, a lack of professional skills is expected to hinder the market growth.

By offerings, platform segment is expected to account for the largest market share during the forecast period

The increasing usage of cloud applications is driving the demand for application integration solutions, APIs, and microservices, boosting the adoption of composable application architecture. Organizations use it to reduce development time by automating procedures and using drag-and-drop features, as well as allowing developers to create visual models of any business logic. Enterprise low-code applications help build applications through easy-to-use, drag-and-drop functionality with ready-made PBCs supporting the composability principle. The main objective of implementing the low-code development platform is to reduce the need for a native programming language and assemble the application using graphical elements and reusable code blocks. These platforms allow organizations to scale up the application as per the changing needs without further developing new applications.

By vertical, BFSI is expected to account for the largest market share during the forecast period

Composable banking represents a paradigm shift in the way financial institutions operate with key features such as modularity, reusability, and adaptability. Modern-day banks and financial institutions must realize application development is among the key pillars of digital transformation to remain competitive in the global market. Thus, low-code and API integration is rapidly gaining traction in the sector as it provides unparalleled opportunities for the banking sector to achieve its digital transformation. API integration helps banking customers to check bank balances, pay credit card bills online, see what loans they qualify for, and transfer money to other accounts. For instance, the integration of PayPal and Siri enabled customers to transfer money using voice commands. This growing digital transformation in the banking industry is likely to boost the adoption of composable applications, platforms, and services.

By region, North America is expected to account for the largest market share during the forecast period

North America comprises the US and Canada, which witness a phenomenal adoption of composable applications. These countries have a major dominance with sustainable and well-established economies, empowering them to invest strongly in R&D activities, thereby contributing to the development of new technologies. Wide adoption of advanced technologies and the development of mobile and web applications are the factors driving the composable applications market in the region. The US has the maximum of vendors in the composable applications market. The presence of key application platform market players in this country has become a major factor responsible for the growth of the overall market size.

Market Dynamics

Drivers

  • Increased Demand for App Development
  • Increased Need for Rapid Customization and Scalability
  • Growing Demand to Decrease Time-To-Market for Apps

Restraints

  • Dependency on Vendor-Supplied Customized Solutions

Opportunities

  • Growing Digital Transformation in IT Sector
  • Shift of Organizations from Traditional Monolithic Approach to Composable Applications
  • Low-Code Composable Applications to Help in Business Composability

Challenges

  • Lack of Skilled Professionals or Trainers

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview and Industry Trends

6 Composable Applications Market, by Offering
6.1 Introduction
6.2 Platform
6.2.1 Requirement for Native Programming Language and Need to Assemble Application Using Graphical Elements to Drive Market
6.3 Services
6.3.1 Need for Technical Expertise to Implement and Deploy Composable Applications to Boost Market
6.3.3 Implementation and Integration Services
6.3.4 Consulting and Training Services
6.3.5 Support and Maintenance Services

7 Composable Applications Market, by Vertical
7.1 Introduction
7.2 Banking, Financial Services, and Insurance
7.2.1 Reduction in Time-To-Market, Detecting Fraud and Compliance, and Leveraging Customer Insights to Propel Market
7.2.2 Banking, Financial Services, and Insurance: Market Drivers
7.3 Retail and Ecommerce
7.3.1 Need for Digitalizing Business Operations and Automating End-To-End Supply Chain Processes to Drive Market
7.3.2 Retail and Ecommerce: Composable Applications Market Drivers
7.4 Government
7.4.1 Need to Automate and Optimize Business Operations and Drive Digital Transformation to Boost Market
7.5 Healthcare and Life Sciences
7.5.1 Need for Assessing and Analyzing Data from Multiple Sources and Reducing Data Management Time to Boost Market
7.6 Manufacturing
7.6.1 Advent of Industry 4.0 and Need to Integrate Different Software Applications to Propel Market
7.7 IT and ITES
7.7.1 Need to Build and Test New Applications and Services Quickly and Adapt to Changing Business Needs to Propel Market
7.8 Energy and Utilities
7.8.1 Need to Improve Power Grid Efficiency, Adapt to New Energy Sources, and Manage Complex Energy Systems to Boost Market
7.9 Other Verticals

8 Composable Applications Market, by Region

9 Competitive Landscape

10 Company Profiles

11 Adjacent Markets

12 Appendix

Companies Mentioned

  • Agilepoint
  • Akinon
  • Contentstack
  • Dell Boomi
  • IBM
  • Informatica
  • Infosys
  • L7 Informatics
  • Mendix
  • Michaels, Ross & Cole
  • Mulesoft
  • Openlegacy
  • Outsystems
  • Salesforce
  • Scheer Pas
  • Shopify
  • Snaplogic
  • Software Ag
  • Symphonyai
  • Tibco Software
  • Virtusa
  • Wavemaker

For more information about this report visit https://www.researchandmarkets.com/r/va6his

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets

21%

more press release views with 
Request a Demo