The global multiexperience development platforms market size is expected to reach USD 24.64 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 18.2% over the forecast period. The increasing demand for custom mobile app development across several organizations, coupled with better internal operational efficiency offered by multi-experience development platforms (MXDP), is expected to drive the overall market growth. The multi-experience development platform is an application development platform that is used to develop web and mobile apps, as well as voice, Augmented Reality (AR), chat, and wearable experience. It enables enterprises to build a single application that can be deployed on various devices. Thus, increasing adoption of multi-experience development platforms in IT and Telecom, BFSI, Retail, Travel and Hospitality, and other industries to ease the operational process will fuel the market growth over the forecast period.
Post
the COVID-19 pandemic; most businesses utilize apps as they are easily
accessible with rising digitalization levels. Besides, the increasing
importance of new interfaces such as natural language or new devices such as
wearables will surge the demand for multi-experience development platforms over
the forecast period. Adopting MXDP has various benefits as it reduces time to
market for mobile apps, eliminates potential security risk, and provides better
control over actual deployment.
North
America held the largest revenue share of the overall market in 2019, owing to
the presence of several key players such as Oracle, IBM, Microsoft Corporation,
and Salesforce. The European market held the second-largest revenue share
during the same year due to the presence of a high number of large enterprises
in the region. According to the European Commission, there were over 11,800
large enterprises in Germany in the year 2019.
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Multiexperience
Development Platforms Market Report Highlights
- The services
segment is estimated to expand at the highest CAGR of 18.8% over the
forecast period owing to the increasing demand for managed services
- The
on-premise segment emerged as the largest segment in 2019 and is
anticipated to generate revenue of over USD 11.99 billion by the end of
the forecast period
- The small
& mid-size enterprises (SMEs) segment is projected to grow at the
fastest CAGR of 19.0% over the forecast period. Increasing demand for
multi-experience development platforms from the mid-size enterprises is
anticipated to support segmental growth.
- The North
America market held the largest share in 2019 as the region has a huge
BFSI and Information & Technology market.
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company, registered
in the State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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