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Mobile Application Development Platform Market size is poised to gain remarkable traction from 2023 to 2032, led by the increasing inclination of the BFSI and healthcare sectors toward cloud services.
A paradigm shift toward digital technologies, rising number of internet users, and rapid penetration of smartphones are contributing to robust demand for MADP solutions. Additionally, the emergence of the COVID-19 outbreak consolidated the need for mobile solutions with an escalating demand for bring-your-own-device (BYOD) systems. Leading cloud experts are introducing apps allowing customers to work on multiple devices with access to common functions, data, and features, which is anticipated to foster MADP industry growth.
The advent of wearable medical devices leveraging IoT, AI, and advanced sensor technologies is further prompting the need for suitable software platforms. Factors such as rapid urbanization, growing consumer spending capabilities, the increasing popularity of smart homes, and ongoing efforts toward business automation are generating substantial demand for MADP systems. As SME turn to mobile marketing to boost customer acquisition, interaction, and retention using social media channels and mobile apps, developers are likely to introduce highly advanced platform development solutions.
Moreover, companies are ramping up their efforts in the field of cross-platform mobile development. Cross-platform apps effectively cater to the needs of both Android and IOS users. Due to a rising number of individuals owning an Android or an IOS-based smartphone, companies are focusing on cross-platform mobile development. Currently, Android remains the most popular operating system in the world with more than 2.5 billion active users in over 190 countries. However, certain limitations associated with the security of mobile applications and technical issues may impede the market demand.
North America mobile application development platform (MADP) market is projected to escalate exponentially during 2023 to 2032, attributed to the presence of robust IT infrastructure. Additionally, the U.S. and Canada provide exceptional internet connectivity to their massive population, most of whom own a smartphone. Furthermore, favorable government initiatives aiming to provide internet access nationally will add impetus to the MADP market development.
For instance, in May 2022, the U.S. Administration instituted an Internet for All initiative, backed by an investment of USD 45 billion to offer access to reliable, affordable, and high-speed internet to every individual in the country. Similar efforts implemented by the National Telecommunications & Information Administration (NTIA) of the U.S. Department of Commerce will complement mobile application development platform market growth in the region.
Some of the leading companies operating in the mobile application development platform (MADP) market include OutSystems, IBM, Oracle, SAP, Kony, Telerik, Verivo Software, Salesforce, Axway, HP, Progress Software, Microsoft, Appery, MicroStrategy, Backbase, Adobe, Intellectsoft and Red Hat.
However, the fallout between Russia and Ukraine is expected to introduce unprecedented challenges for MADP developers worldwide. The war is projected to hamper smartphone production and sales owing to supply chain disruptions, shortage in raw material components, and inflation. Furthermore, strict sanctions imposed by foreign nations on Russia will create substantial setbacks for the global industry, with the Russian government banning foreign mobile applications and companies, and the counterparts withdrawing business.