MarketsandMarkets forecasts the composable applications market to grow from an estimated USD 5.2 billion in 2023 to USD 11.8 billion by 2028 at a CAGR of 17.5%. Increased demand for app development is driving composable application market growth.
Major manufacturers in this market are based in North America and Europe. Salesforce (US), Dell Boomi (US), MuleSoft (US), Informatica (US), and Software AG (Germany) are among a few leading players operating in the composable application market. The major focus is reducing the time to market and cost of app development due to the changing requirements of customers worldwide. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and product development activities to expand their presence in the composable applications market.
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Salesforce is an American cloud-based software provider which offers customer relationship management (CRM) software and applications focused on sales, customer service, marketing automation, e-commerce, analytics, and application development. It is focused on developing its CRM platform, an entirely cloud-based platform which enables enterprises to work from any device. Salesforce’s CRM service comprises several broad categories: Commerce Cloud, Sales Cloud, Service Cloud, Data Cloud, Marketing Cloud, Community Cloud, Manufacturing Cloud, Analytics Cloud, App Cloud, Vaccine Cloud, IoT, and Work.com, with over 100,000 customers. The company caters to various industry verticals, including automotive, communications, consumer goods, education, energy & utilities, financial services, government, healthcare & life sciences, manufacturing, media, non-profit, retail, technology, and travel & hospitality. The company has a strong geographic presence within America, Europe, and Asia Pacific.
Boomi is a software company specializing in integration platform-as-a-service (iPaaS), API management, master data management, and data preparation. It provides an iPaaS that enables the connection of applications and data sources. It is a low-code development platform. The platform provides API, lifecycle management, and event-driven architecture features for cloud integration. This includes an API Proxy, API Gateway, and API Developer Portal. The platform also supports event-driven architectures. Boomi’s EDA partners include Dell EMC and Solace as well as vendors specializing in message brokers, event meshes, streaming, and pub/sub technology. The platform also offers integrations for Amazon SQS, Microsoft’s Azure Service Bus services, and Pivotal’s RabbitMQ. In May 2021, Dell Technologies reached a deal to sell its cloud business, Boomi, to global investment firm Francisco Partners and private equity platform TPG Capital.
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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