Multiexperience Development Platforms Market Analysis

Multiexperience Development Platforms Market Analysis

The multiexperience development platforms market from the platform segment accounted for USD 1.5 billion revenue in 2022, attributed to the rising demand to create, test, and distribute apps for wearables, the web, and mobile devices by businesses. Besides, the integration of artificial intelligence and machine learning in these platforms is bolstering product adoption. For instance, in May 2022, SAP SE, a German software company, upgraded its SAP Process Automation platform with the incorporation of new AI capabilities.
 

The multiexperience development platforms market from the cloud deployment segment is primed to expand at 25% CAGR through 2032, owing to the growing popularity of cloud computing and the cloud deployment model, which supports the low investment cost, flexibility, and scalability of the software. Additionally, more small- and mid-sized businesses are anticipated to adopt cloud platforms on account of a growing need for mobility to create lucrative growth possibilities.
 

Based on organization size, the multiexperience development platforms market from the SME segment is slated to surpass USD 10 billion by 2032, propelled by the mounting number of SME in emerging and developed regions, such as Asia Pacific and North America. For instance, in 2022, over 23,000 new SME were registered under the Ministry of Micro, Small, & Medium Enterprises’ MSME-Sustainable (ZED) Certification Scheme.
 

The multiexperience development platforms market size from the BFSI application segment is poised to reach USD 4 billion by 2032. Banks or financial institutions are adopting MXD platforms to fortify their market presence for mobile apps, which not only provide highly secure and improved control over real deployment but also attract both producers and consumers for providing seamless integration among participants. Recently, Temenos unveiled that it benchmarked 850 customers in November 2022 for their Temenos Infinity digital banking platform.
 

The North America multiexperience development platforms market will be worth over USD 5 billion by 2032, due to the escalating product adoption by large enterprises and small and medium enterprises. Additionally, the strong presence of leading players in the region, such as Microsoft Corporation, Outsystems, Oracle, Salesforce, Mendix, ServiceNow, and IBM, is fueling the regional market development. In February 2023, Microsoft launched its hybrid cloud platform, Azure Operations Nexus, for communication service providers.