Multi Experience Development Platform Market - Forecast(2024 - 2030)

The Multi-experience development platform market is forecast to reach $15 billion by 2025, growing at a CAGR of 13.5% in the period 2020-2025. The multi-experience development platform market is driven primarily by factors such as the implementation of advanced technology like artificial intelligence, natural language processing (NLP) and many more. Multi experience development platform is based on creating apps which are specifically designed with touch point technique, thus providing a stability in user experience across web, mobile, conversational and immersive touch point. Therefore, increasing adoption of MXDP in BFSI, IT and other industries is poised to drive the overall market growth during forecast period.

 

In MXDP market the platform type is subdivided into web content management, digital assets management, product information management, analytics, artificial intelligence and others. Among these, the market for platform components is estimated to have a significant growth during the forecast period 2020-2025. As technological advancement will lead to increasing complexity in terms of features such as web content management, product information management and others. Multi-experience development platform market will grow faster than services as platform is a great way to quickly build, innovate, and deploy a new product or service and thus is witnessing adoption.

The Cloud-based deployment holds a largest market size at nearly 65% in 2019. Cloud-based solutions offers convenience to end-users by providing easy access to the multi-experienced development platform through multiple channels, such as laptops, tablets, and mobiles as information can be directly and quickly sent to the cloud server. Cloud based deployment has many other advantages such large geographic reach, no upfront investment and others which are not available in on premises deployment type.

MXDP is a platform which utilized for developing mobile application, web application chat voice, argument reality and others, MXDP is estimated to have huge growth in enterprise sector, as multi-experience development platform are advantageous for enterprises as they increase their operational efficiencies. MXDP allow the enterprise to host a large number of internal operations in one space. MXDP can help the enterprises to create faster operations that are more efficient for the developing as well as delivering the digital experiences and applications. MXDP also help improve the development time up to multiple times with the use of reusable codes and streamlined design processes.

North America is expected to have the highest growth in multi-experienced development platform market at 14.2% followed by Asia Pacific region (APAC) at 12.9% , as the major key player are situated in the above region such as Salesforce, Mendix and others. North America region has many organizations which are based on mobile app development, conversational app development, and other app development

North America also has a huge information & technology, Banking, financial services and insurance (BFSI) market which isgoing to be benefited by multi-experienced development platform  as MXDP has some key features such as Increased internal operational efficiency, Simplified digital transformation, Reduced time to market, Controlled deployment and  others.

Multi-experience development platform provide a tool that developers swear by. These have code libraries and the ability to visually construct, preview, test applications  and carry a wide variety of internal operations in a single domain. This helps in more efficient and effective working the processes since everything is accessible through a single room. Additionally, these platforms also help in backend monitoring analytics which records details of unexpected events and other relevant information.

Multi-experienced development platform eliminates usage, purchase and other information technology related activities without the knowledge of the IT department within the organization as all things are placed on a single platform which enables the IT department to have overview on their application which protects the organization’s data from cyber-attack, and thus reduces the burden maintenance effort of systems and software against shadow IT in an organization.

Lack of skilled professional is hampering the growth of multi-experienced development platform market as high investments are required for adoption of advanced software with growing technologies such as AI, machine learning and others. Adoption of these advanced technologies is comparatively low in developing countries as compared to developed countries due to lack of skilled professionals and low investments.  However, many organizations are focusing on implementation of advanced technologies like MXDP by adopting strategies such as acquisitions, partnerships with universities for proper training facilities to their employees and this set to provide opportunities for MXDP market in near future. Thus, although the lack of training is a hindrance to the market currently, training facilities and programs launched by companies will help alleviate these issues.

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Multi-experienced development platform market. In 2019, the market of Multi-experienced development platform has been consolidated by the top five players – Oracle, Outsystem, Salesforce, Mendix, and among others.