Multiexperience Development Platforms Market Records Growth of USD 4.67 billion from 2022-2027, Major Innovations and Key Vendor Offerings - Technavio

NEW YORK, Jan. 30, 2024 /PRNewswire/ -- The global multiexperience development platforms market size is estimated to grow by USD 4.67 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 21.9% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 31%. Alphabet Inc., Amazon.com Inc., Appian Corp., Cisco Systems Inc., Convertigo SA, Globant SA, International Business Machines Corp., Microsoft Corp., Neutrinos, Oracle Corp., OutSystems Software em Rede SA, Pegasystems Inc., Progress Software Corp., Salesforce Inc., SAP SE, ServiceNow Inc., Siemens AG, Temenos Headquarters SA, Tencent Holdings Ltd., and Zoho Corp. Pvt. Ltd. are some of the major companies. For more insights on the historical data (2017 to 2021) and forecast size (2023 to 2027) - Request a sample report

Technavio has segmented the market based on End-user (IT and telecom, Manufacturing, Healthcare, BFSI, and Others), Deployment (Cloud-based and On-premise), and Geography (North America, Europe, APAC, Middle East and Africa, and South America). 

• The growth is primarily driven by the IT and telecom segment. This segment holds the largest share, fueled by ongoing digital transformation efforts and the digitization of business processes in the industry. Increased focus on IT infrastructure by organizations, both large and small, is leading to a rising demand for customizable multiexperience development platforms. As business processes become increasingly digital, the need for such platforms to manage enterprise application portfolios is expected to further propel segment growth during the forecast period.

By geography, the global multiexperience development platforms industry is segmented into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global market.

• North America will contribute 31% to the growth during the forecast period.

Insights on the contribution of various segments including country and region wise historical data (2017 to 2021), and forecast size (2023 to 2027) - Download a Sample Report

A significant growth is driven by the increasing adoption of cloud computing. Cloud technology offers cost-effectiveness, flexibility, and scalability, driving the demand across industries. Cloud-based platforms support various devices and interfaces, facilitating easy scalability and efficient application integration across cloud and on-premise environments. This trend is expected to continue, fueling the growth of the MXDP market during the forecast period.

Application integration for the mobile device platform is the leading trend fueling the growth, however, factors including data privacy and security concerns may hamper the growth during the forecast period.

Insights on Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this report?

• CAGR during the forecast period
• Detailed information on factors that will drive the growth between 2023 and 2027
• Precise estimation of the size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the industry across North America, Europe, APAC, Middle East and Africa, and South America
• A thorough analysis of the competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of vendors

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Integration of Several Technologies to Shape the Growth

The Multiexperience Development Platforms industry is characterized by the integration of various technologies like Augmented Reality (AR), Virtual Reality (VR), and Artificial Intelligence (AI) to enhance User Experience (UX) Design. With a focus on Application Programming Interfaces (APIs) and Mobile Application Development, platforms support diverse interfaces such as Progressive Web Apps (PWAs) and Chatbots. Embracing technologies like IoT, Cloud Computing, and Edge Computing, the market emphasizes Cybersecurity, Privacy, and Digital Transformation Strategies for personalized Customer Experience Management (CEM) and Analytics.

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The product design development services market size is estimated to grow at a CAGR of 9.44% between 2022 and 2027. The size is forecast to increase by USD 5,739.02 million.

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.

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SOURCE Technavio