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3. Multiexperience Development Platforms Market Size & Share - Future Growth Expectations

According to MarketsandMarkets, the global multiexperience development platforms market is expected to grow from USD 2.7 billion in 2022 to USD 7.2 billion by 2027, with a compound annual growth rate (CAGR) of 21.8% over the forecast period.

The elimination of gaps in required technical skills, as well as increased demand for chatbots, AI, AR, VR, and machine learning, are major drivers of market growth.

Multiexperience Development Platforms Market is poised for substantial growth in the coming years, driven by several key factors:

• Increasing Demand for Digital Transformation Solutions.
• Rise in Adoption of Low-Code and No-Code Development.
• Expansion of IoT and Edge Computing Applications.
• Demand for Personalized and Omnichannel User Experiences.
• Integration of AI and Machine Learning Capabilities.
• Emphasis on Agile Development and DevOps Practices.
• Growing Need for Cross-Platform Application Development.
• Escalating Importance of Security and Compliance Measures.

To know about the assumptions considered for the study download the pdf brochure

Increasing Demand for Digital Transformation Solutions:

• Organizations across industries are increasingly investing in digital transformation initiatives to stay competitive and meet evolving customer expectations. Multiexperience development platforms play a crucial role in this process by enabling the rapid creation of modern, user-centric applications that enhance engagement and productivity.

Rise in Adoption of Low-Code and No-Code Development:

• The adoption of low-code and no-code development platforms is on the rise due to their ability to democratize application development and empower citizen developers. These platforms allow users with varying levels of technical expertise to build complex applications quickly, driving innovation and accelerating time-to-market.

Expansion of IoT and Edge Computing Applications:

• The proliferation of Internet of Things (IoT) devices and the adoption of edge computing are creating new opportunities for multiexperience development platforms. These platforms enable developers to create applications that leverage IoT data and perform real-time processing at the edge, enhancing efficiency and enabling new use cases across industries such as manufacturing, healthcare, and smart cities.

Demand for Personalized and Omnichannel User Experiences:

• Today's users expect personalized and seamless experiences across all digital touchpoints. Multiexperience development platforms enable organizations to deliver such experiences by providing tools for building applications that adapt to user preferences and behavior, whether on web, mobile, or other devices.

Integration of AI and Machine Learning Capabilities:

• AI and machine learning are increasingly being integrated into multiexperience development platforms to enable intelligent features such as natural language processing, image recognition, and predictive analytics. These capabilities enhance user experiences, automate repetitive tasks, and provide valuable insights for decision-making.

Emphasis on Agile Development and DevOps Practices:

• Agile development and DevOps practices are becoming standard in the software industry, enabling organizations to iterate quickly, respond to changing requirements, and deliver high-quality software efficiently. Multiexperience development platforms support these practices by providing collaboration tools, continuous integration and delivery pipelines, and automated testing capabilities.

Growing Need for Cross-Platform Application Development:

• With the proliferation of devices and operating systems, there is a growing demand for cross-platform development solutions that allow developers to build applications that run seamlessly across different platforms. Multiexperience development platforms address this need by providing tools and frameworks for building and deploying applications across web, mobile, and desktop environments.

Escalating Importance of Security and Compliance Measures:

• As cyber threats continue to evolve, ensuring the security and compliance of applications is paramount for organizations. Multiexperience development platforms offer built-in security features and compliance controls to help developers create applications that adhere to industry standards and regulatory requirements, mitigating risks and protecting sensitive data.

Multiexperience Development Platforms Market Share - Global Industry Landscape:

• Progress (US)
• IBM (US)
• ServiceNow (US)

These companies are at the forefront of empowering organizations to create modern, user-centric applications that deliver exceptional digital experiences across multiple channels and devices

Progress (US)

• Market Share: Progress holds a significant share in the Multiexperience Development Platforms market, known for its expertise in providing solutions for web, mobile, and omnichannel application development.
• Key Offering: Progress offers the Kinvey platform, which provides a comprehensive suite of tools for building, deploying, and managing modern applications across various devices and channels. It includes features such as low-code development, serverless computing, and integration with backend systems.

IBM (US) :

• Market Share: IBM is a major player in the Multiexperience Development Platforms market, leveraging its extensive experience in cloud computing, AI, and enterprise software solutions.
• Key Offering: IBM offers the IBM Cloud Pak for Applications, which provides a set of tools and services for building, deploying, and managing applications across hybrid cloud environments. It includes capabilities such as containerization, Kubernetes orchestration, and AI-powered insights.

ServiceNow (US) :

• Market Share: ServiceNow has a growing presence in the Multiexperience Development Platforms market, known for its expertise in IT service management and workflow automation solutions.
• Key Offering: ServiceNow's Now Platform is a low-code development platform that enables organizations to build custom applications for various business processes, including IT service management, HR, and customer service. It offers features such as drag-and-drop interface, workflow automation, and integration with ServiceNow's ecosystem of applications and services.

Related Reports:

Multiexperience Development Platforms Market by Component (Platforms, Services), Deployment Type (On-premises, Cloud), Organization Size (Large Enterprises, SMEs), Vertical (BFSI, IT & Telecom) and Region - Global Forecast to 2027