IMARC Group, a leading market research company, has recently released a report titled “Multiexperience Development Platforms Market Report by Component (Platforms, Services), Deployment Mode (On-premises, Cloud-based), Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), Industry Vertical (BFSI, IT and Telecom, Retail and Consumer Goods, Manufacturing, Energy and Utilities, Healthcare and Life Sciences, Government and Public Sector, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the multiexperience development platforms market trends, size, share and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global multiexperience development platforms market size reached US$ 5.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 23.6 Billion by 2032, exhibiting a growth rate (CAGR) of 17.82% during 2024-2032.
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Factors Affecting the Growth of the Multiexperience Development Platforms Industry:
- Rapid Digital Transformation Across Industries:
The rapid digital transformation witnessed across various industries is one of the major factors fueling the market growth. Moreover, the rising recognition among businesses about the necessity of a strong digital presence and the ability to engage customers through multiple touchpoints is fueling the market growth. In line with this, the burgeoning integration of advanced technologies such as artificial intelligence (AI), augmented reality (AR), virtual reality (VR), and the Internet of Things (IoT) into business operations and customer interactions is favoring the market growth. Multiexperience development platforms provide the tools needed to create cohesive and seamless user experiences across a range of devices and interfaces, such as mobile apps, web applications, wearables, and immersive technologies.
- Growing Adoption of Mobile and Web Applications:
The escalating adoption of mobile and web applications is another critical factor propelling the market growth. In line with this, the growing reliance of consumers and enterprises on mobile and web-based solutions for their daily operations, creating the need for platforms that can support the development, deployment, and management of these applications across various devices and operating systems, is fueling the market growth. Multiexperience development platforms enable developers to create versatile applications that offer consistent and engaging experiences, regardless of the user’s device or platform. Besides this, the ability to develop applications that perform efficiently across different environments to enhance user satisfaction and reduce development time and costs is driving the market growth.
- Increasing Focus on Customer Experience:
The increasing focus on customer experience for retaining customers and building brand loyalty is acting as a growth-inducing factor. Multiexperience development platforms offer the capability to create rich, interactive, and personalized experiences that can significantly enhance customer engagement. Moreover, it enables businesses to develop applications that provide intuitive user interfaces, real-time interaction, and personalized content tailored to individual preferences and behaviors. Besides this, the growing focus on employee-facing solutions, which can improve workforce productivity and satisfaction, is positively impacting the market growth. Furthermore, multi-experience development platforms support the integration of various communication channels, ensuring that users have a consistent and unified experience across mobile apps, web portals, chatbots, and other interfaces.
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Multiexperience Development Platforms Market Report Segmentation:
By Component:
- Platforms
- Services
Platform represented the largest segment as it provides the foundational infrastructure and tools necessary for developing and managing multiexperience applications.
By Deployment Mode:
- On-premises
- Cloud-based
On-premises accounted for the largest market share due to enterprises' preference for greater control over their data and security.
By Enterprise Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Large enterprises represented the largest segment as they have the resources and demand for complex and scalable multiexperience solutions to support extensive operations.
By Industry Vertical:
- BFSI
- IT and Telecom
- Retail and Consumer Goods
- Manufacturing
- Energy and Utilities
- Healthcare and Life Sciences
- Government and Public Sector
- Others
IT and telecom constituted the largest segment as these sectors are at the forefront of technological innovation and require robust multiexperience platforms to enhance service delivery and customer engagement.
Regional Insights:
- North America
- United States
- Canada
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
North America's dominance in the multiexperience development platforms market is attributed to its advanced technological infrastructure, high adoption rates of emerging technologies, and strong presence of key industry players.
Global Multiexperience Development Platforms Market Trends:
The burgeoning integration of low-code/no-code development tools within these platforms, enabling non-technical users and business professionals to create and modify applications without extensive programming knowledge, is fostering the market growth. Additionally, the rise of fifth-generation (5G) technology that provides the necessary bandwidth and latency improvements to support more immersive and real-time experiences, such as augmented reality (AR) and virtual reality (VR) applications, is boosting the market growth. Moreover, the growing emphasis on security and compliance, boosting the use of multi-experience development platforms as they incorporate robust security features and comply with international standards, is fueling the market growth.
Top Companies Operated in Multiexperience Development Platforms Industry:
- Appian Corporation
- Convertigo SA
- GeneXus
- Mendix Technology BV (Siemens AG)
- Neptune Software AS
- Pegasystems
- Servicenow, Inc.
- Temenos AG
Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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