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Multiexperience Development Platforms Market Size

Report ID: GMI5531
Published Date: Apr 2023
Report Format: PDF

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Multiexperience Development Platforms Market Size

Multiexperience Development Platforms Market size surpassed USD 2 billion in 2022 and is expected to grow at 20% CAGR from 2023 to 2032, driven by the mounting demand for machine learning technologies, virtual reality (VR), and augmented reality (AR).

Multiexperience Development Platforms Market

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Surging investments are foreseen to propel the demand for multi-experience development platforms. As businesses engage in cutting-edge digital technologies to provide seamless customer experiences, multi-experience platforms are gaining popularity. Moreover, with the development of wearable devices, natural language-based software, and user experience software, digital touchpoints are increasing, which is prompting companies to upgrade their offerings to accommodate consumer needs. To cite an instance, in May 2022, Google enhanced its Firebase platform with new capabilities to help developers by proving customizable code as well as giving superior access to crash data and faster time to production.

Multiexperience Development Platforms Market Report Attributes
Report Attribute	Details
Base Year:	2022
Multiexperience Development Platforms Market Size in 2022:	USD 2 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	20%
2032 Value Projection:	USD 20 Billion
Historical Data for:	2018 to 2022
No. of Pages:	250
Tables, Charts & Figures:	317
Segments covered:	Component, Deployment, Organization size, Application,
Growth Drivers:	Rising need to create a rich and interconnected user experience Increasing investment in MXDP Rising need for low-code application development Increasing sdemand for touchpoints Rapid adoption of advanced technologies
Pitfalls & Challenges:	Limited number of devices MXDPs support Maintaining MXDP platforms

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Expensive maintenance of MXDPs may restrain industry progression

The growing need for ensuring platforms are compatible with the newest technologies and support the newest features is emerging as one of the biggest challenges for market growth. Additionally, platforms requiring frequent upgradation to keep up with the latest trends can be a time-consuming and expensive process, restraining overall product adoption. However, the advent of AR and VR technologies is boosting the utilization of MXDP for business operations and is likely to help the industry overcome this issue.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of multiexperience development platforms (MXDP) was valued at more than USD 2 billion in 2022 and is primed to progress at over 20% CAGR between 2023 and 2032, propelled by the increasing demand for machine learning, virtual reality, and augmented reality technologies.

The cloud segment is poised to grow at 25% CAGR from 2023 to 2032, as a result of the growing popularity of cloud computing and the cloud deployment model, which supports the low investment cost, flexibility, and scalability of the software.

The BFSI application segment is anticipated to reach a valuation of more than USD 4 billion by 2032, owing to the rising focus of companies on fortifying their market presence for mobile apps, which not only provides highly secure and improved control but also enables seamless integration among participants.

The North America industry is speculated to be worth over USD 5 billion by 2032, on account of the strong presence of leading players in the region, such as Microsoft Corporation, OutSystems, Oracle, Salesforce, Mendix, ServiceNow, and others.