According to a research report "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" published by MarketsandMarkets, the composable applications market size is estimated at USD 5.2 billion in 2023 and is projected to reach USD 11.8 billion by 2028, at a CAGR of 17.5%. Factors such as the increasing need for rapid customization and scalability and increased app development demand drives the market.
Browse 162 market data Tables and 33 Figures spread through 187 Pages and in-depth TOC on "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"
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By offering, the services segment is expected to grow at highest CAGR
The services include integration & implementation, consulting & training, and support & maintenance. Companies offering these services have skilled consultants and solution architects who are specialized professionals supporting proper designing and delivering composable applications architecture. Composable applications services provide services to overcome the most challenging connectivity requirements and integrate applications and APIs anywhere. The growing need for businesses to reduce operational and infrastructural costs is driving the demand for cloud-based applications and subsequent.
By vertical, retail & eCommerce to grow at highest CAGR
eCommerce companies built using a traditional, monolithic approach to software development had a set of challenges, such as reliance on a single vendor. In addition, it was complex and expensive to modify customer behavior changes or emerging market trends. Hence, many retailers are now transitioning to a composable, cloud-first, and API-first approach to their e-commerce applications. This approach allows them to select best-of-breed software components and combine them into a composable e-commerce solution.
Composable commerce enables retailers to create personalized experiences for each customer, reduce costs, increase operational efficiency, and reduce errors while saving time and money. It encourages innovation by allowing retailers to experiment with new technologies. Moreover, the retail industry can leverage the low-code development platform with the help of analytical tools to understand real-time customers’ behavior to improve decision-making skills.
By region, North America to account for the largest share in 2023
North America includes the US and Canada. It is the highest revenue-generating region in the global composable applications market, with the US constituting the highest market share. The region is also settled in terms of its economy and witnesses large-scale investments in IT infrastructure. North America is also the region where major security vendors are settled, giving the region an edge over the rest of the world in terms of innovation and growth. These factors are expected to drive the composable applications market in the region.
Also, owing to the emergence of trending technologies, such as IoT, AI, ML, cloud computing, big data, DevOps, and enterprise mobility, users and enterprises have been urged to adopt much more sophisticated and reliable application platform software and the associated services. This fact is expected to contribute to the overall growth of the composable applications market in North America. North America comprises the US and Canada, which are also witnessing a phenomenal adoption of composable applications. These countries have a major dominance with sustainable and well-established economies, empowering them to strongly invest in R&D activities, thereby contributing to the development of new technologies.
Major players operating in the composable applications market are Salesforce (US), Dell Boomi (US), MuleSoft (US), Informatica (US), and Software AG (Germany).
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