Multiexperience Development Platforms Market

Updated on : May 24, 2023

Multiexperience Development Platforms (MXDP) Market Report Overview & Forecast

The global Multiexperience Development Platforms Market size is poised to rise steadily in the anticipated frame, recording a CAGR of 21.8%. The multiexperience development platforms industry spending value will increase from $2.7 billion in 2022 to reach $7.2 billion by the end of 2027. The growing demand for operational efficiency, decrease in security risks, and increase in digital transformation are the major factors fueling the Multiexperience Development Platforms Market growth.

A multiexperience development platform is a well-thought-out, integrated front-end development tool with "backend for frontend" (BFF) capabilities. It enables a distributed, scalable development approach for creating purpose-built apps across digital touchpoints and interaction modalities. As everything in a multiexperience business should be connected, there is a growing need for businesses to create or implement MXDP tools for developing multiple applications across multiple devices. Development platform vendors are expanding their value proposition beyond mobile apps and web development to meet user and industry demands. This has resulted in the use of MXDPs to create chat, voice, AR apps, MR apps, and wearable experiences to support digital business.

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Multiexperience Development Platforms Market Growth Dynamics

Driver: Increasing demand for development of apps

Enterprises are increasingly struggling to create digital user experiences (UX) beyond web and mobile app digital experiences. Organizations must therefore use multiexperience technology to transform more than just the digital customer experience of their customers. Personalization and convenience are essential components of customer service, which any customer-centric organization must keep in mind.

Restraint: Lack of skilled professionals or trainers

COVID-19 has compelled many businesses to enter the digital age. This has enabled IT teams to focus on hiring specialized professionals. However, due to the rapid increase in demand, many organizations have failed to meet this end, and not all IT professionals possess expertise in their areas. This disparity is expected to only grow in the future. According to Daxx, a staffing firm, about 1.4 million tech jobs are expected to remain unfilled in the US by 2021, with only 400,000 graduates annually. In Colombia, 5,500 system engineers graduate each year. However, there is a shortage of 80,000 people in various companies. Globally, there is a shortage of 40 million highly skilled and trained people, which is expected to increase to 85 million by 2030. The rapid evolution of trending technologies, such as AI and Blockchain, has piqued the interest of businesses in hiring developers who are experts in these fields. However, these subjects are not taught in the colleges or boot camps where most developers are educated. Many companies are therefore forced to invest in training programs to upskill their developers, which few want because the field has a high turnover rate. This can act as a restraint to the multiexperience development platforms market.

Opportunity: Increasing need to remove security risks

Enabling multiexperience can help enterprises get a 360-degree view of their software landscape, with all applications feeding into a single platform. As a result, all potential security risks, such as Shadow IT, are eliminated. Multiexperience development platforms help reduce security risks. One of the most appealing aspects of these platforms is the security and peace of mind they provide. They include out-of-the-box API management and data and identity protection. The IT department uses a single platform to manage all apps, devices, and services. This minimizes the risk of third-party installs and shadow IT.

Challenge: Complexity involved in designing multiexperience development tools for different screen sizes and resolutions

When some experiences are built with traditional programming, and others live in off-the-shelf technologies, development becomes exponentially more complex, as multiple technologies create problems in data protection and privacy. As a result, gaining consumer trust becomes difficult to obtain. According to an Edelman study, 81% of consumers said they needed to trust the brands before buying from them. Implementing data protection and information security policies and procedures to ensure customer data is kept private is critical to gaining and maintaining consumer trust.

Deepfake content is becoming more prevalent these days, spreading misinformation. The perceived credibility of video content is being called into question as users become aware that deepfake content can be created and spread, often with malicious intent. User interfaces must therefore be adaptable to the various ways in which users interact with them, whether using a mouse and keyboard on a desktop computer or a touchscreen on a mobile phone.

Another challenge is creating a consistent experience across multiple devices. Users expect to be able to resume where they left off, regardless of the device they are using.

All these factors are expected to challenge the growth of the multiexperience development platforms market.

Based on organization size, the large enterprises segment estimated to be the largest contributor to multiexperience development platforms market during the forecast period

After over a decade of mobility transformation, businesses and enterprises are looking for new application development opportunities. To meet the ever-increasing user demands, an immersive experience through innovative technology has always been a priority. MXDPs enable businesses to support many internal operations in a single location. Processes can be easily streamlined when all processes are present in one system. An MXDP enables organizations to create digital experiences that are more efficient, faster, and more valuable. To address the digital user journey, the MXDP can create integrated software that can run across various devices. Multiexperience solutions can accommodate the increased number of apps, devices, and modes of interaction. They are critical for enterprises and mid-sized businesses, as they enable them to extend their service or product experience to their target audience.

Based on vertical, BFSI segment estimated to dominate multiexperience development platforms market during the forecast period

Banking has traditionally been a brick-and-mortar business. But with the advent of the internet, businesses have been forced to offer online banking and account management services. Today, nearly all banks have adopted mobile applications and a higher level of digital connectivity. In the strictest sense, they are Omnichannel. A mobile device is the heart of a business model, especially in the banking sector, as people can access the banking information and services they require without visiting a branch. The global pandemic has compelled banks to reclaim control of the digital experiences of their customers. This includes digitizing financial service offerings throughout the client lifecycle, from origination to onboarding, self-service, and back-office operations, which can be quite complex and challenging. To address these digitization challenges, organizations need software platforms that improve user experiences, reduce costs, increase business agility, and accelerate time to market. Many multiexperience development market leaders enable business and IT teams to develop intelligent banking solutions rapidly and easily, which would facilitate automation and innovation.

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Asia Pacific estimated to grow at the highest CAGR during forecast period

Low-code and no-code development platforms have gained value in China since 2016. In 2016, China recorded ten financial investments in low-code products. By 2020, this figure had risen to 59, with 13 exceeding the RMB 100 million (USD 14.29 million) mark. The number of low-code investments in China has steadily increased, with a few exceeding the RMB 100 million (USD 14.29 million) mark each year. Overall, investments increased by 28.6% between 2016 and 2020, indicating that the low-code market is at its early stages, with a high number of startups and rapid growth. This drives the growth of the multiexperience development platforms market. According to Daxue Consulting, shipments of AR hardware in China in 2018 totaled approximately 730,000 units, with mobile phones accounting for 60.9% of total shipments. All-in-one devices and host-based shipments accounted for 26.8% and 12.2% of total shipments. We can see that the proportion of mobile phone products is absolute, and mobile phones in China will be the key layout objects in future competition in the AR market. Because of 5G's high-speed and low-latency transmission characteristics, true stable millisecond-level real-time data synchronization is possible. 5G is the foundation for the widespread adoption of AR, which will undergo revolutionary change. China Unicom 5G Innovation Center decided to promote its AR business platform cooperation with more than 30 companies to promote the AR technology industry chain layout. The development of 5G in China aids in expanding AR services. For example, the current mini-program ‘+ AR’ has reduced the APP's burden while diversifying its gameplay.

Several Augmented Reality (AR) and Virtual Reality (VR) skilled-based companies offer immersive solutions in India. Hiring an AR/VR company is a wise investment because these technologies are exploding in the Indian market. However, there is a term for the combination of Augmented and Virtual Reality, which is known as Mixed Reality. The digital and physical worlds are combined in Mixed Reality. Physical and digital objects coexist and interact in real-time here. The incorporation of technology into daily life is quickly becoming the norm. Augmented Reality (AR) and Virtual Reality (VR) will be integrated into daily life in the near future to improve the quality of life, experience, efficiency, and productivity. All these factors are driving the growth of the MXDP market in Asia Pacific.

Key Market Players

Salesforce (US), SAP (Germany), Outsystems (US), Oracle (US), Microsoft (US), Mendix (US), Pegasystems (US), Progress (US), IBM (US), ServiceNow (US), Appian (US), GeneXus (US), Temenos (Switzerland), and Convertigo (France) are the key players in the multiexperience development platforms market.

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Scope of the Report

This research report categorizes the Multiexperience Development Platforms Market based on application, rack unit, organization size, vertical, and region.

Based on component, the MXDP market has been segmented as follows:

• Platforms
• Services

Based on deployment, the market has been segmented as follows:

• On-premises
• Cloud

Based on organization size, the multiexperience development platforms (MXDP) market has been segmented as follows:

• Small and Medium-sized Enterprises
• Large Enterprises

Based on vertical, the multiexperience development platforms market has been segmented as follows:

• Banking, Financial Services, and Insurance (BFSI)
• IT & Telecommunication
• Government & Public Sector
• Manufacturing
• Retail & Consumer Goods
• Healthcare & Life Sciences
• Other Verticals (Energy & Utilities, Media & Entertainment, Transportation & Logistics)

Based on region, the multiexperience development platforms market has been segmented as follows:

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Rest of Asia Pacific
• Middle East and Africa
  • KSA (Kingdom of Saudi Arabia)
  • United Arab Emirates (UAE)
  • Rest of Middle East and Africa
• Latin America
  • Brazil
  • Rest of Latin America

Recent Developments

• In August 2022, Outsystems announced that Sodexo Engage had deployed the OutSystems platform in 12 weeks to provide a robust and secure fully managed service to its public sector customers. The new platform not only tightly integrates with Sodexo Engage's systems, such as its CRM, payment gateways, and helpdesk, but it also directly links to the aggregators used to purchase vouchers. This contributes to process improvement, increasing efficiency and streamlining the entire process for customers and end users.
• In June 2021, Mendix executives coined the term ‘low-code operations’ or ‘low-codeOps’ to describe the ability of low-code development platforms to automate and reduce an enterprise's operational burden. Its overarching goal is to leverage low-proven code's ability to quickly launch digital solutions into the adjacent domains of IT maintenance and operations within large, hybrid environments.
• In March 2020, Temenos Quantum, the market-leading multiexperience development platform (MXDP), expanded itself, giving businesses greater control over their digital transformation and enabling them to offer smarter, AI-powered digital experiences. Integrating Temenos Quantum with Explainable AI (XAI) power intelligent and hyper-personalized digital experiences resulted in high user engagement, satisfaction, and origination levels. Temenos Quantum boosts developer productivity, accelerates software delivery, and enables the rapid launch of competitive product innovations through AI-driven development, integrated DevOps processes, and low-code tooling for end-to-end automated testing.

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