Multiexperience Development Platforms Market size to grow at a CAGR of 21.9% from 2022 to 2027 | Alphabet Inc., Amazon.com Inc., Appian Corp., Cisco Systems Inc. and more among the key companies in the market
NEW YORK, Oct. 31, 2023 /PRNewswire/ -- The multi-experience development platforms market size is estimated to grow by USD 4,670.38 million from 2022 to 2027. The growth momentum will progress at a CAGR of 21.9% during the forecast period. The market is segmented 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). The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors including 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. Download a Sample Report!
Multiexperience Development Platforms (MXDP) Market Insights -
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Multiexperience Development Platforms Market – Market Segmentation
The market share growth by the IT and telecom segment will be significant for market growth during the forecast period. The ongoing business transformation in the IT and telecom industry, where business processes are being digitized through operational efficiency and process optimization are the factors driving the segment growth. The growing penetration of cloud computing is driving the market growth. Furthermore, the proliferation of the cloud phenomenon is driving the adoption and proliferation of multi-experience application development patforms and integrated systems across all industries due to the cost-effectiveness, flexibility, agility, speed, and simplicity inherent in managing cloud-delivered applications.
Multiexperience Development Platforms Market – Market Dynamics
Major Trends -
Application integration for the mobile device platform is identified as an emerging trend shaping the multiexperience development platforms market. The adoption of home office policies that allow access to work via virtual desktop infrastructure has become widespread over time. Due to the advent of multi-experience 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. Hence, such trends boost the market growth during the forecast period.
Key Challenges -
Data privacy and security concerns challenge the growth of the multiexperience development platforms during the forecast period. Various enterprise organizations prefer cloud-based solutions over on-premises solutions because they are more cost-effective and accessible. Thus, cost-effective cloud-based solutions and agility are ideal for businesses with limited budgets and expertise. Additionally, the 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. But organizations transfer data and information to the cloud only if the services are reliable and secure. Hence, such challenges impede market growth during the forecast period.
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Table of Contents
1 Executive Summary
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