Multiexperience Development Platforms Market Size, Share & Trends Analysis Report By Component (Platforms, Services), By Deployment Type (On Premise, Cloud), By Enterprise Type, By Region, And Segment Forecasts, 2020 - 2027

Report Overview

The global multiexperience development platforms market size was valued at USD 6.52 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 18.2% from 2020 to 2027. The increasing need for rapid customization and scalability, rising need for custom mobile app development, growing penetration of mobile devices and the internet, and swiftly increasing digitalization among industries are the major factors driving the market. Besides, the increasing number of devices, apps, and interaction mode will surge the demand for multi-experience development platforms (MXDP). It helps organizations develop web and mobile apps, as well as voice, Augmented Reality (AR), chat, and wearable experience on a single platform that can be deployed on various devices. Multi experience development platforms cater to various industry verticals such as retail, healthcare, BFSI, IT and telecom, manufacturing, media and entertainment, travel and hospitality, others.

Growing end-use industries such as BFSI, IT and Telecom, retail, healthcare, among others across the developed and emerging economies, are expected to drive the overall market growth. Multi experience development platforms are beneficial for organizations as they increase their operational efficiencies and improve app development time using streamlined design processes and reusable codes. Besides, it can also eliminate the shadow IT, which is a probable security risk that most of the organizations face. Lack of skilled professionals is anticipated to be a key factor hampering the growth of the market for MXDP over the forecast period. The adoption of this software is low in emerging economies compared to developed countries due to the low investments and lack of skilled professionals.

The need for digitalization has grown immensely due to the COVID-19 pandemic. The pandemic has proven that all enterprises need a technology platform to allow rapid change. Several industries, such as manufacturing, tourism, e-commerce, faced a severe loss, but mobile app development companies were running in peak. The players in the multi-experience development platforms market are focused on upgrading their products. In June 2020, Appian announced the launch of its latest version of the Low-code Automation Platform. The latest version unites robotic process automation, artificial intelligence, workflow, and decision rules on a single platform.

Component Insights

The platforms segment accounted for the largest revenue share of around 69.4% in 2019. The segment includes analytics, artificial intelligence, and machine learning; web content management; product information management; digital asset management; and others. Organizations are increasingly adopting these platforms to build, test, and deploy apps for mobile, web, and wearables. Besides, increasing demand for multi-experience development platforms from various industries to develop apps with innovative technologies such as artificial intelligence and machine learning is expected to support the segmental growth.

The services segment is projected to expand at a CAGR of 18.8% from 2020 to 2027. The segment includes professional services and managed services. The managed services are governed and controlled by the solution providers for the whole lifespan of solutions. The growth of the services segment can be attributed to the growing popularity of outsourcing services to solution providers to improve customer experiences and speed up their critical and transactional operations.

Deployment Type Insights

The on-premise segment accounted for the largest revenue share of around 58.3% of the overall MXDP market in 2019. The high revenue share is mainly attributable to the investments by large enterprises for in-house platform deployment. Even though the cloud deployment model has grown in acceptance, on-premise deployment continues to serve various organizations' business needs efficiently. Besides, the growing need to secure critical data is driving segmental growth.

The cloud deployment segment is estimated to expand at a significant CAGR of 21.7% from 2020 to 2027. The rising popularity of cloud computing is expected to drive the segmental growth. Besides, low investment cost, agility, and scalability offered by the cloud deployment model are also driving the growth of the cloud segment. Moreover, an increasing need for mobility and a surge in the adoption of cloud technology by small and mid-size enterprises is expected to provide lucrative growth opportunities over the forecast period.

Enterprise Type Insights

The large enterprise segment accounted for the largest revenue share of around 67% in 2019 and is anticipated to maintain its dominance over the forecast period. Multi-experience development platforms enable organizations to create faster operations that are more effective for developing as well as delivering applications and digital experiences. Thus, increasing adoption in large enterprises to ease the operation process is estimated to support the segment growth. Besides, the rising number of large enterprises across the developed and emerging economies will surge the demand for multi-experience development platforms over the forecast period. According to the European Commission, there were 11,897 large enterprises in Germany in the year 2019 as compared to 11,379 in 2018.

The Small and Mid-size Enterprises (SMEs) segment is projected to expand at the highest CAGR of 19.0% over the forecast period. The growth can be attributed to the increasing number of SMEs in emerging countries, such as China and India. The adoption rate of multi-experience development platforms in SMEs is low as compared to large enterprises. These sized companies have financial constraints owing to which cost reduction becomes the key factor for enterprise growth.

Regional Insights

North America accounted for the largest revenue share of over 45% in 2019 and is anticipated to continue its dominance over the forecast period. The dominance of the region can be attributed to the presence of key companies such as Oracle, Salesforce, Microsoft Corporation, IBM, ServiceNow, Outsystems, and Mendix. Besides, North America has the highest adoption owing to the presence of several small, medium, and large enterprises in the region. According to the Small Business Administration, there are 30.7 million small businesses in the U.S. in 2019.

The Asia Pacific region is projected to expand at the highest CAGR of 19.8% from 2020 to 2027. The growing industry verticals such as Healthcare, IT and telecom, BFSI, others are expected to support regional growth. Besides, the increasing number of small and mid-size enterprises in the regions will also boost the growth of the market over the forecast period.

Key Companies & Market Share Insights

The key players that dominated the market in 2019 include SAP SE, Microsoft Corporation, Oracle, IBM, and Salesforces. These players offer a wide range of platforms for mobile app development and cater industries such as BFSI, IT and Telecom, Healthcare, retail, travel and hospitality, and others. The companies are stressing on providing technological-driven services such as low-code development platforms to offer high productivity and better customer experience. New product launches and up-gradation of the existing platforms have remained the key strategy of the players. For instance, in June 2020, Appian announced its latest version of the Low-code Automation Platform. The latest version unites people, robotic process automation, and artificial intelligence, workflow, and decision rules on a single platform. The companies are also engaging in acquisitions and mergers, aiming to strengthen their manufacturing capacities, product portfolios, and provide competitive differentiation. In February 2020, Salesforce announced the acquisition of Evergage, a leading software platform company. The acquisition will enable the company to offer enhanced personalization solutions to its customers. Some of the prominent players in the multiexperience development platforms market include:

• Appian

• GeneXus

• IBM

• Mendix

• Microsoft Corporation

• Oracle

• Outsystems

• Pegasystems

• Progress Software Corporation

• Salesforce

• SAP SE

• ServiceNow

Multiexperience Development Platforms Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For this study, Grand View Research has segmented the global multi-experience development platforms market report on the basis of component, deployment type, enterprise type, and region:

• Component Outlook (Revenue, USD Million, 2016 - 2027)

  • Platforms

  • Services

• Deployment Type Outlook (Revenue, USD Million, 2016 - 2027)

  • On-premise

  • Cloud

• Enterprise Type Outlook (Revenue, USD Million, 2016 - 2027)

  • Small & Mid-size Enterprises (SMEs)

  • Large Enterprises

• Regional Outlook (Revenue, USD Million, 2016 - 2027)

  • North America

    • The U.S.

    • Canada

  • Europe

    • Germany

    • The U.K.

    • France

  • Asia Pacific

    • China

    • Japan

    • India

  • Rest of the World (RoW)