PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1339928
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1339928
Multiexperience Development Platforms Market Forecasts to 2030 - Global Analysis By Component (Platforms and Services), Enterprise Size (Large Enterprises and Small and Medium-sized Enterprises), End User and By Geography
According to Stratistics MRC, the Global Multiexperience Development Platforms Market is accounted for $8.91 billion in 2023 and is expected to reach $39.72 billion by 2030 growing at a CAGR of 23.8% during the forecast period. Multiexperience Development Platforms (MXDPs) are used to consolidate a portfolio of multiexperience apps' life cycle operations, including designing, building, testing, distributing, maintaining, and analyzing. Multiexperience is the term used to describe the many combinations of modalities such as touch, voice, and gesture and apps that consumers interact with when travelling around the digital landscape at various touchpoints. In order to provide a consistent user experience across web, mobile, wearable, conversational, and immersive touchpoints, multiexperience development entails developing fit-for-purpose apps based on touchpoint-specific modalities.
According to Daxue Consulting, shipments of AR hardware in China in 2018 totaled approximately 730,000 units, with mobile phones accounting for 60.9% of total shipments. All-in-one devices and host-based shipments accounted for 26.8% and 12.2% of total shipments.
Market Dynamics:
Driver:
Improvement in internal operational efficiency
Developers swear by the tool provided by multi-experience development platforms. These may carry out a wide range of internal processes in a single domain and contain code libraries as well as the ability to graphically develop, preview, and test programs. Since everything is accessible from one space, this makes procedures more efficient and effective. These systems also aid with backend monitoring analytics, which logs information on unforeseen occurrences and other pertinent data.
Restraint:
Requirement to keep up with continuously changing technology
The market for multiexperience development platforms is constantly evolving, with new platforms, tools, and technologies appearing often. Organizations that utilize these platforms must be able to swiftly adapt new technologies and incorporate them into their applications in order to remain competitive. This may be difficult, especially for businesses are strapped for cash or unable to keep up with the rapid speed of change in the digital sector. In order for their platforms to be quickly updated and merged with new technologies as they arise, platform providers may also need to make sure that they are flexible and adaptive in design. As a result, this issue hinders market expansion.
Opportunity:
Growing demand for the creation of applications
Beyond online and mobile app digital experiences, businesses are finding it more and more difficult to build digital user experiences (UX). Therefore, businesses need to alter more than only their consumers' digital customer experiences using multi-experience technologies. Any firm that values its customers must remember that personalization and convenience are crucial aspects of customer service thereby creating wide range of opportunities during the forecast period.
Threat:
Lack of knowledgeable trainers or experts among developers
Since significant expenditures are necessary to implement modern software with developing technologies like AI, machine learning, and others, a lack of talented professionals is impeding the growth of the market for multi-experienced development platforms. Because of a shortage of trained workers and limited investment, developing countries adopt these cutting-edge technologies at a lower rate than industrialized ones. However, many businesses are concentrating on implementing cutting-edge technologies like MXDP by employing tactics like acquisitions and collaborations with universities to offer their staff with the right training facilities.
COVID-19 Impact:
The COVID-19 epidemic has significantly raised the demand for digitization. All firms must have a digital infrastructure that enables a quick shift, as the pandemic has shown. While there were major losses in the industrial, e-commerce, and tourism sectors, the mobile app development industry was booming. Participants in the market for multi-experience development platforms are focusing on making their products better. In June 2020, Appian will roll out the most recent version of its Low-code Automation Platform. The new version integrates robotic process automation, artificial intelligence, workflow, and decision rules on a single platform.
The large enterprises segment is expected to be the largest during the forecast period
The large enterprises segment is estimated to have a lucrative growth, during the forecast period due to the use of multi-experience development platforms, businesses can develop and deliver apps and digital experiences more quickly and more effectively. Therefore, it is predicted that growing usage in big businesses to simplify operations would promote segment growth. Additionally, during the course of the projected period, the need for multi-experience development platforms will increase due to the growing number of significant organizations in both established and developing countries. In comparison to major businesses, SMEs embrace multi-experience development platforms at a slower rate. Due to their financial limitations, several businesses of this size have found that cost reduction is essential for business expansion.
The BFSI segment is expected to have the highest CAGR during the forecast period
The BFSI segment is anticipated to witness the highest CAGR growth during the forecast period, as banking has been a brick-and-mortar industry. However, since the internet's invention, companies are now required to provide online banking and account management services. Almost all banks use mobile applications and have increased their level of online connectivity. This covers the sometimes difficult and complicated task of digitizing financial service offerings across the customer lifecycle, from on boarding to self-service and back-office operations. Organizations require software platforms that enhance user experiences, cut costs, boost business agility, and quicken time to market in order to handle these digitalization problems. Numerous multiexperience development market leaders make it possible for IT and business teams to quickly and simply create innovative banking solutions, which would promote automation.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the main layout items in the next AR market rivalry will come from China. True stable millisecond-level real-time data synchronization is conceivable with 5G's high-speed and low-latency transmission capabilities. The broad use of AR, which will experience revolutionary transformation, is made possible by 5G. In order to advance the AR technology industry chain structure, China Unicom 5G Innovation Center has chosen to collaborate with more than 30 enterprises to promote its AR business platform. The growth of 5G in China contributes to the expansion of AR services. As an illustration, the present mini-program '+ AR' has lightened the load on the APP while enhancing its playability which boosts the market growth in this region.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to expanding industrial sectors including healthcare, IT and telecom, financial services, and others. Additionally, during the course of the projected period, the market's expansion will also be aided by the rising number of small and mid-size businesses in the regions. The presence of important businesses like Oracle, Salesforce, Microsoft Corporation, IBM, ServiceNow, Outsystems, and Mendix may be credited with the region's prominence. In addition, North America has the greatest adoption rate since there are many small, medium, and big businesses there are propelling the regions market.
Key players in the market:
Some of the key players profiled in the Multiexperience Development Platforms Market include: Microsoft, Salesforce, IBM, OutSystems, Mendix, Convergetigo, Appian, Pega, GeneXus, Oracle, SAP, ServiceNow, Temenos, Resco, Cigniti, Neptune Software, Decimal Technologies, Neutrinos, Progress Software AND Easy Software
Key Developments:
- In July 2023, KPMG and Microsoft enter landmark agreement to put AI at the forefront of professional services, The industry-leading collaboration between the two global organizations includes a KPMG multibillion dollar commitment in Microsoft cloud and AI services over the next 5 years.
- In June 2023, Salesforce and Google Cloud Announce Expanded Strategic Partnership to Unlock the Power of AI, Data, and CRM, to help businesses utilize data and AI to deliver more personalized customer experiences, better understand customer behaviour, and run more effective campaigns at a lower cost across marketing, sales, service, and commerce.
- In May 2023, Esquire Financial Holdings, Inc. Expands Collaboration with Salesforce to Drive Business Growth, Esquire will leverage artificial intelligence, advanced data analytics, and personalization features to deliver real-time and relevant thought leadership content and experiences to customers and prospects.
- In August 2022, Outsystems announced that Sodexo Engage had deployed the OutSystems platform in 12 weeks to provide a robust and secure fully managed service to its public sector customers.
Components Covered:
- Platforms
- Services
Enterprise Sizes Covered:
- Large Enterprises
- Small and Medium-sized Enterprises
End Users Covered:
- BFSI
- Government
- Retail & Consumer Goods
- Healthcare & Life Sciences
- Information Technology
- Media & Entertainment
- Manufacturing
- Energy & Utilities
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 End User Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Multiexperience Development Platforms Market, By Component
- 5.1 Introduction
- 5.2 Platforms
- 5.3 Services
6 Global Multiexperience Development Platforms Market, By Enterprise Size
- 6.1 Introduction
- 6.2 Large Enterprises
- 6.3 Small and Medium-sized Enterprises
7 Global Multiexperience Development Platforms Market, By End User
- 7.1 Introduction
- 7.2 BFSI
- 7.3 Government
- 7.4 Retail & Consumer Goods
- 7.5 Healthcare & Life Sciences
- 7.6 Information Technology
- 7.7 Media & Entertainment
- 7.8 Manufacturing
- 7.9 Energy & Utilities
- 7.10 Other End Users
8 Global Multiexperience Development Platforms Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Microsoft
- 10.2 Salesforce
- 10.3 IBM
- 10.4 OutSystems
- 10.5 Mendix
- 10.6 Convergetigo
- 10.7 Appian
- 10.8 Pega
- 10.9 GeneXus
- 10.10 Oracle
- 10.11 SAP
- 10.12 ServiceNow
- 10.13 Temenos
- 10.14 Resco
- 10.15 Cigniti
- 10.16 Neptune Software
- 10.17 Decimal Technologies
- 10.18 Neutrinos
- 10.19 Progress Software
- 10.20 Easy Software
List of Tables
- Table 1 Global Multiexperience Development Platforms Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Multiexperience Development Platforms Market Outlook, By Component (2021-2030) ($MN)
- Table 3 Global Multiexperience Development Platforms Market Outlook, By Platforms (2021-2030) ($MN)
- Table 4 Global Multiexperience Development Platforms Market Outlook, By Services (2021-2030) ($MN)
- Table 5 Global Multiexperience Development Platforms Market Outlook, By Enterprise Size (2021-2030) ($MN)
- Table 6 Global Multiexperience Development Platforms Market Outlook, By Large Enterprises (2021-2030) ($MN)
- Table 7 Global Multiexperience Development Platforms Market Outlook, By Small and Medium-sized Enterprises (2021-2030) ($MN)
- Table 8 Global Multiexperience Development Platforms Market Outlook, By End User (2021-2030) ($MN)
- Table 9 Global Multiexperience Development Platforms Market Outlook, By BFSI (2021-2030) ($MN)
- Table 10 Global Multiexperience Development Platforms Market Outlook, By Government (2021-2030) ($MN)
- Table 11 Global Multiexperience Development Platforms Market Outlook, By Retail & Consumer Goods (2021-2030) ($MN)
- Table 12 Global Multiexperience Development Platforms Market Outlook, By Healthcare & Life Sciences (2021-2030) ($MN)
- Table 13 Global Multiexperience Development Platforms Market Outlook, By Information Technology (2021-2030) ($MN)
- Table 14 Global Multiexperience Development Platforms Market Outlook, By Media & Entertainment (2021-2030) ($MN)
- Table 15 Global Multiexperience Development Platforms Market Outlook, By Manufacturing (2021-2030) ($MN)
- Table 16 Global Multiexperience Development Platforms Market Outlook, By Energy & Utilities (2021-2030) ($MN)
- Table 17 Global Multiexperience Development Platforms Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 18 North America Multiexperience Development Platforms Market Outlook, By Country (2021-2030) ($MN)
- Table 19 North America Multiexperience Development Platforms Market Outlook, By Component (2021-2030) ($MN)
- Table 20 North America Multiexperience Development Platforms Market Outlook, By Platforms (2021-2030) ($MN)
- Table 21 North America Multiexperience Development Platforms Market Outlook, By Services (2021-2030) ($MN)
- Table 22 North America Multiexperience Development Platforms Market Outlook, By Enterprise Size (2021-2030) ($MN)
- Table 23 North America Multiexperience Development Platforms Market Outlook, By Large Enterprises (2021-2030) ($MN)
- Table 24 North America Multiexperience Development Platforms Market Outlook, By Small and Medium-sized Enterprises (2021-2030) ($MN)
- Table 25 North America Multiexperience Development Platforms Market Outlook, By End User (2021-2030) ($MN)
- Table 26 North America Multiexperience Development Platforms Market Outlook, By BFSI (2021-2030) ($MN)
- Table 27 North America Multiexperience Development Platforms Market Outlook, By Government (2021-2030) ($MN)
- Table 28 North America Multiexperience Development Platforms Market Outlook, By Retail & Consumer Goods (2021-2030) ($MN)
- Table 29 North America Multiexperience Development Platforms Market Outlook, By Healthcare & Life Sciences (2021-2030) ($MN)
- Table 30 North America Multiexperience Development Platforms Market Outlook, By Information Technology (2021-2030) ($MN)
- Table 31 North America Multiexperience Development Platforms Market Outlook, By Media & Entertainment (2021-2030) ($MN)
- Table 32 North America Multiexperience Development Platforms Market Outlook, By Manufacturing (2021-2030) ($MN)
- Table 33 North America Multiexperience Development Platforms Market Outlook, By Energy & Utilities (2021-2030) ($MN)
- Table 34 North America Multiexperience Development Platforms Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 35 Europe Multiexperience Development Platforms Market Outlook, By Country (2021-2030) ($MN)
- Table 36 Europe Multiexperience Development Platforms Market Outlook, By Component (2021-2030) ($MN)
- Table 37 Europe Multiexperience Development Platforms Market Outlook, By Platforms (2021-2030) ($MN)
- Table 38 Europe Multiexperience Development Platforms Market Outlook, By Services (2021-2030) ($MN)
- Table 39 Europe Multiexperience Development Platforms Market Outlook, By Enterprise Size (2021-2030) ($MN)
- Table 40 Europe Multiexperience Development Platforms Market Outlook, By Large Enterprises (2021-2030) ($MN)
- Table 41 Europe Multiexperience Development Platforms Market Outlook, By Small and Medium-sized Enterprises (2021-2030) ($MN)
- Table 42 Europe Multiexperience Development Platforms Market Outlook, By End User (2021-2030) ($MN)
- Table 43 Europe Multiexperience Development Platforms Market Outlook, By BFSI (2021-2030) ($MN)
- Table 44 Europe Multiexperience Development Platforms Market Outlook, By Government (2021-2030) ($MN)
- Table 45 Europe Multiexperience Development Platforms Market Outlook, By Retail & Consumer Goods (2021-2030) ($MN)
- Table 46 Europe Multiexperience Development Platforms Market Outlook, By Healthcare & Life Sciences (2021-2030) ($MN)
- Table 47 Europe Multiexperience Development Platforms Market Outlook, By Information Technology (2021-2030) ($MN)
- Table 48 Europe Multiexperience Development Platforms Market Outlook, By Media & Entertainment (2021-2030) ($MN)
- Table 49 Europe Multiexperience Development Platforms Market Outlook, By Manufacturing (2021-2030) ($MN)
- Table 50 Europe Multiexperience Development Platforms Market Outlook, By Energy & Utilities (2021-2030) ($MN)
- Table 51 Europe Multiexperience Development Platforms Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 52 Asia Pacific Multiexperience Development Platforms Market Outlook, By Country (2021-2030) ($MN)
- Table 53 Asia Pacific Multiexperience Development Platforms Market Outlook, By Component (2021-2030) ($MN)
- Table 54 Asia Pacific Multiexperience Development Platforms Market Outlook, By Platforms (2021-2030) ($MN)
- Table 55 Asia Pacific Multiexperience Development Platforms Market Outlook, By Services (2021-2030) ($MN)
- Table 56 Asia Pacific Multiexperience Development Platforms Market Outlook, By Enterprise Size (2021-2030) ($MN)
- Table 57 Asia Pacific Multiexperience Development Platforms Market Outlook, By Large Enterprises (2021-2030) ($MN)
- Table 58 Asia Pacific Multiexperience Development Platforms Market Outlook, By Small and Medium-sized Enterprises (2021-2030) ($MN)
- Table 59 Asia Pacific Multiexperience Development Platforms Market Outlook, By End User (2021-2030) ($MN)
- Table 60 Asia Pacific Multiexperience Development Platforms Market Outlook, By BFSI (2021-2030) ($MN)
- Table 61 Asia Pacific Multiexperience Development Platforms Market Outlook, By Government (2021-2030) ($MN)
- Table 62 Asia Pacific Multiexperience Development Platforms Market Outlook, By Retail & Consumer Goods (2021-2030) ($MN)
- Table 63 Asia Pacific Multiexperience Development Platforms Market Outlook, By Healthcare & Life Sciences (2021-2030) ($MN)
- Table 64 Asia Pacific Multiexperience Development Platforms Market Outlook, By Information Technology (2021-2030) ($MN)
- Table 65 Asia Pacific Multiexperience Development Platforms Market Outlook, By Media & Entertainment (2021-2030) ($MN)
- Table 66 Asia Pacific Multiexperience Development Platforms Market Outlook, By Manufacturing (2021-2030) ($MN)
- Table 67 Asia Pacific Multiexperience Development Platforms Market Outlook, By Energy & Utilities (2021-2030) ($MN)
- Table 68 Asia Pacific Multiexperience Development Platforms Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 69 South America Multiexperience Development Platforms Market Outlook, By Country (2021-2030) ($MN)
- Table 70 South America Multiexperience Development Platforms Market Outlook, By Component (2021-2030) ($MN)
- Table 71 South America Multiexperience Development Platforms Market Outlook, By Platforms (2021-2030) ($MN)
- Table 72 South America Multiexperience Development Platforms Market Outlook, By Services (2021-2030) ($MN)
- Table 73 South America Multiexperience Development Platforms Market Outlook, By Enterprise Size (2021-2030) ($MN)
- Table 74 South America Multiexperience Development Platforms Market Outlook, By Large Enterprises (2021-2030) ($MN)
- Table 75 South America Multiexperience Development Platforms Market Outlook, By Small and Medium-sized Enterprises (2021-2030) ($MN)
- Table 76 South America Multiexperience Development Platforms Market Outlook, By End User (2021-2030) ($MN)
- Table 77 South America Multiexperience Development Platforms Market Outlook, By BFSI (2021-2030) ($MN)
- Table 78 South America Multiexperience Development Platforms Market Outlook, By Government (2021-2030) ($MN)
- Table 79 South America Multiexperience Development Platforms Market Outlook, By Retail & Consumer Goods (2021-2030) ($MN)
- Table 80 South America Multiexperience Development Platforms Market Outlook, By Healthcare & Life Sciences (2021-2030) ($MN)
- Table 81 South America Multiexperience Development Platforms Market Outlook, By Information Technology (2021-2030) ($MN)
- Table 82 South America Multiexperience Development Platforms Market Outlook, By Media & Entertainment (2021-2030) ($MN)
- Table 83 South America Multiexperience Development Platforms Market Outlook, By Manufacturing (2021-2030) ($MN)
- Table 84 South America Multiexperience Development Platforms Market Outlook, By Energy & Utilities (2021-2030) ($MN)
- Table 85 South America Multiexperience Development Platforms Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 86 Middle East & Africa Multiexperience Development Platforms Market Outlook, By Country (2021-2030) ($MN)
- Table 87 Middle East & Africa Multiexperience Development Platforms Market Outlook, By Component (2021-2030) ($MN)
- Table 88 Middle East & Africa Multiexperience Development Platforms Market Outlook, By Platforms (2021-2030) ($MN)
- Table 89 Middle East & Africa Multiexperience Development Platforms Market Outlook, By Services (2021-2030) ($MN)
- Table 90 Middle East & Africa Multiexperience Development Platforms Market Outlook, By Enterprise Size (2021-2030) ($MN)
- Table 91 Middle East & Africa Multiexperience Development Platforms Market Outlook, By Large Enterprises (2021-2030) ($MN)
- Table 92 Middle East & Africa Multiexperience Development Platforms Market Outlook, By Small and Medium-sized Enterprises (2021-2030) ($MN)
- Table 93 Middle East & Africa Multiexperience Development Platforms Market Outlook, By End User (2021-2030) ($MN)
- Table 94 Middle East & Africa Multiexperience Development Platforms Market Outlook, By BFSI (2021-2030) ($MN)
- Table 95 Middle East & Africa Multiexperience Development Platforms Market Outlook, By Government (2021-2030) ($MN)
- Table 96 Middle East & Africa Multiexperience Development Platforms Market Outlook, By Retail & Consumer Goods (2021-2030) ($MN)
- Table 97 Middle East & Africa Multiexperience Development Platforms Market Outlook, By Healthcare & Life Sciences (2021-2030) ($MN)
- Table 98 Middle East & Africa Multiexperience Development Platforms Market Outlook, By Information Technology (2021-2030) ($MN)
- Table 99 Middle East & Africa Multiexperience Development Platforms Market Outlook, By Media & Entertainment (2021-2030) ($MN)
- Table 100 Middle East & Africa Multiexperience Development Platforms Market Outlook, By Manufacturing (2021-2030) ($MN)
- Table 101 Middle East & Africa Multiexperience Development Platforms Market Outlook, By Energy & Utilities (2021-2030) ($MN)
- Table 102 Middle East & Africa Multiexperience Development Platforms Market Outlook, By Other End Users (2021-2030) ($MN)
