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 touchpoint technique, thus providing stability in user experience across web, mobile, conversational and immersive touchpoint. Therefore, increasing adoption of MXDP in BFSI, IT and other industries is poised to drive the overall market growth during forecast period.
Key Takeaways
- In MXDP market, platform type dominates as it is widely used for web content management, digital assets management, product information management and others.
- In MXDP market cloud type deployment is estimated to have rapid growth as it has many key features such large geographic coverage, easy accessibility and others which are increasingly becoming customer requirements for adoption.
- MXDP market can increase the internal operation efficiency and speed up various business processes by providing single space for accessing everything. Hence it is estimated to have rapid growth in enterprise sector
- Due to major key players such as Salesforce, mendix and others being situated in North America region, North America has witnessed huge demand for multi-experience development platform market.
By Type - Segment Analysis
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.
Deployment-Segment Analysis
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.
Application - Segment Analysis
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 enterprises to create faster operations that are more efficient for developing as well as delivering 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.
Geography - Segment Analysis
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.
Drivers – Multi-experienced Development Platform Market
- Increased internal operational efficiency
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.
- Elimination of shadow information and technology
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.
Challenges – Multi-experience Development Platform Market
- Lack of Skilled professionals or trainers among developers
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 the 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.
Market Landscape
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.
Partnerships/Product Launches/Acquisition
- In 2019, September,Neptune Software and Pyze together developed an integration that provides customer the ability to measure user and product analytics, conduct AI-based segmentation and deliver multi-channel notifications across all app platforms
- In 2019, Oracle developed its mobile app and web development capabilities to native chatbots with trained AI models
- In 2019, SAP Cloud Platform offers a variety of low-code development options, which provides customers with different software depending on project requirements
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