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The Global Multiexperience Development Platforms (MXDP) Market size is estimated to grow at a CAGR of 21.9% between 2022 and 2027. The market size is forecast to increase by USD 4,670.38 million. The growth of the market depends on several factors, including the growing penetration of cloud computing, the growing need to enhance business efficiency, and the increased adoption of bring your device (BYOD) concept.
This multiexperience development platforms (MXDP) market report extensively covers market segmentation by end-user (IT and telecom, manufacturing, healthcare, BFSI, and others), deployment (cloud-based and on-premise), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing penetration of cloud computing is notably driving the multiexperience development platforms (MXDP) market growth. The increasing popularity and adoption of cloud computing is a major driver of the global multiexperience development platform market. In recent years, cloud computing has become more and more popular around the world. This growth is expected to continue throughout the forecast period. This proliferation of the cloud phenomenon is driving the adoption and proliferation of multi-experience application development platforms and integrated systems across all industries due to the cost-effectiveness, flexibility, agility, speed, and simplicity inherent in managing cloud-delivered applications.
Cloud-based multi-experience application development platform supports various devices, apps, and interfaces such as wearables, web, and mobile with different modalities. Deploying software applications in the cloud requires no upfront investment in infrastructure. Moreover, all such applications can be scaled quickly and easily. Furthermore, with the proliferation of cloud computing, there is a need for an application integration system that efficiently connects various cloud and on-premise environments within an enterprise and facilitates the exchange of useful information. Hence, this rise of cloud computing is the major driver of the global MXDP market during the forecast period.
Application integration for the mobile device platform is identified as the key trend shaping the multiexperience development platforms (MXDP) market. Over time, the adoption of home office policies that allow access to work via virtual desktop infrastructure has become widespread. The proliferation of smart mobile devices is expected to complement this trend. Today's workers are increasingly dependent on mobile devices in the workplace. The emergence and popularity of BYOD policies, Near Field Communication (NFC), virtualized workspaces, smart devices, and biometrics are driving this growth of the mobility phenomenon.
With the advent of multiexperience development platforms, the integration of data and applications can become more intuitive and accessible across devices and platforms, providing users with a secure and integrated experience. It also enables businesses to efficiently and quickly deliver unique user experiences (UX) that support multiple devices such as wearables, digital touchpoints, and interaction modalities. Therefore, increasing application integration on mobile devices is expected to boost the growth of the MXDP market during the forecast period.
Data privacy and security concerns may challenge the growth of the multiexperience development platforms (MXDP) market. Many enterprise organizations prefer cloud-based solutions over on-premises solutions because they are more cost-effective and more accessible. Therefore, cost-effective cloud-based solutions and agility are ideal for businesses with limited budgets and expertise. The cloud has become an integral part of government IT. For example, federal, state, and local government agencies around the world are migrating sensitive employee data to the cloud. Central data storage and high-speed networking improve information and communication management, enabling increased productivity, better data sharing, and better collaboration.
Advantages of cloud-based solutions include simplified management of software maintenance and upgrades, low up-front costs, effective security, high reliability, and integration capabilities to fill functional gaps in existing systems and processes. However, organizations transfer data and information to the cloud only if the services are reliable and secure. Because organizations rely on cloud computing service providers, they don't have much control over their data. Many end-users, such as those in the IT and telecom industries, are also concerned about the data security policies of cloud-based solutions, as cloud storage is a gateway to security threats and privacy concerns. Therefore, risks related to privacy and security in cloud-based multiexperience development platforms are expected to hamper the growth of the MXDP market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Multiexperience Development Platforms Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alphabet Inc.: The company offers Multiexperience Development Platforms called Google Workshop for connecting and collaborating with organizations.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the IT and telecom segment will be significant during the forecast period. In 2022, the IT and telecommunications segment held the largest market share. The segment is driven by the ongoing business transformation in the IT and telecom industry, where business processes are being digitized through operational efficiency and process optimization.
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The IT and telecom segment was valued at USD 491.87 million in 2017 and continued to grow until 2021. As large and small organizations focus more and more on their IT infrastructure, the demand for customized multiexperience development platforms is increasing. Moreover, multi-experience development platforms will continue to grow as business processes become more digital. The rising demand for customizable multi-experience development platforms for managing enterprise application portfolios is expected to fuel the growth of the segment during the forecast period.
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North America is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The US and Canada are the largest revenue contributors to the multiexperience development platform market in North America. The regional market is driven by the need to integrate multiexperience development platforms with advanced technologies such as blockchain, AI, Internet of Things (IoT)-enabled applications, and data analytics.
The growing need for efficiency and transparency in business processes due to digital transformation is also driving the adoption of multi-experience development platforms in the region. In the US, various end-user industries such as banking, financial services, insurance (BFSI), and healthcare, are digitizing, which is increasing the demand for multi-experience development platforms in the region. Also, healthcare organizations are turning to cloud-based solutions to address complex regulatory issues such as the data explosion from the General Data Protection Regulation and Digital Transformation Initiatives. Such factors are driving the growth of the regional market.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. In 2020, the spread of COVID-19 adversely affected the economies of the United States, Canada, and other regional countries. However, the shift to remote work has increased the demand for cloud-based platforms such as multi-experience development platforms, contributing to the growth of the regional market. In addition, the growing need for digital transformation and the rise of e-commerce also contribute to the market growth.
The multiexperience development platforms market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Multiexperience Development Platforms Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 21.9% |
Market growth 2023-2027 |
USD 4,670.38 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
21.45 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 31% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alphabet Inc., Amazon.com Inc., Appian Corp., Cisco Systems Inc., Convertigo SA, Globant SA, International Business Machines Corp., Microsoft Corp., Neutrinos, Oracle Corp., OutSystems Software em Rede SA, Pegasystems Inc., Progress Software Corp., Salesforce Inc., SAP SE, ServiceNow Inc., Siemens AG, Temenos Headquarters SA, Tencent Holdings Ltd., and Zoho Corp. Pvt. Ltd. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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