As per MarketsandMarkets forecasts, the global multiexperience development platforms market is projected to grow from USD 2.7 billion in 2022 to USD 7.2 billion by 2027 at a compound annual growth rate (CAGR) of 21.8% during the forecast period. The major factors driving the market’s growth include the elimination of gaps in the required technical skills and increasing demand for chatbots, AI, AR, VR, and machine learning.
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Platforms segment to account for larger market during the forecast period
As the number of devices, apps, and interaction modes grows, so will the demand for multiexperience development platforms. These platforms enable businesses to create web and mobile apps and voice, Augmented Reality (AR), chat, and wearable experiences, on a single platform that can be deployed across multiple devices. The COVID-19 pandemic has demonstrated that all enterprises require a technology platform that allows for rapid change. Several industries suffered significant losses, including manufacturing, tourism, and e-commerce, but mobile app development firms were operating at full capacity. Platforms, such as chatbots, AR, and VR devices, enable people to obtain information from machines in a natural, conversational manner via text and voice. The current global population using a smartphone is 6.6 billion. It means roughly 83.4% of the world’s population owns a smartphone. In the second half of 2020, almost 1.3 million wearables were purchased.
Cloud deployment type to record highest growth during forecast period
Cloud platforms enable customers to simplify application extension development, optimize business processes, and accelerate business value for intelligent enterprises. Customers expect consistent, personalized, and unified digital experiences across multisensory touchpoints and modalities. Cloud platforms aid in the digitalization and mobilization of supply chains to refine processes, improve teamwork, and foster enterprise cohesion. They also enable customers to create modern web and mobile apps, as well as chatbots for a variety of applications. Many companies support development by offering low-code tools for citizen developers and professional and cloud-native developer tools that support native architectures, cross-platform app architectures, and web-based app architectures. Many applications can be deployed on any cloud and benefit from continuous delivery and DevOps capabilities. The open-source foundation optimizes resource provisioning and speed, reducing time-to-market and increasing margins. Companies assist with deploying APIs or apps on any cloud, private, public, hybrid, on-premise, or traditional server. A cloud-agnostic approach provides multi-cloud visibility and management, auto-healing, and scalability with low overhead infrastructure.
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The major vendors operating in the multiexperience development platforms market include Salesforce (US), SAP (Germany), Outsystems (US), Oracle (US), Microsoft (US), Mendix (US), Pegasystems (US), Progress (US), IBM (US), and ServiceNow (US). These market players have adopted various growth strategies, such as partnerships, acquisitions, agreements, collaborations, and product enhancements, to expand their presence in the multiexperience development platforms market. Product launches, enhancements, and collaborations have been the most adopted strategies by players in the past few years. This has helped them innovate and broaden their customer base.
As a prominent player in the multiexperience development platforms market, Salesforce focuses on inorganic growth strategies, such as product launches, partnerships, collaborations, and acquisitions. In November 2022, it launched a new product, Marketing Effectiveness Bundle, to consolidate marketing technology tools onto a single platform. This product would enable businesses to exceed customer expectations, reduce costs, and drive efficient growth. Similarly, in June 2022, it introduced new Customer 360 innovations to connect marketing, commerce, and service data on a single platform, to allow businesses to connect, automate, and personalize every interaction while building trust at scale. Likewise, in June 2021, Salesforce and Amazon Web Services expanded their global strategic partnership, making it easier for customers to use the full set of Salesforce and AWS capabilities to quickly build and deploy powerful new business applications that accelerate digital transformation.
Salesforce has a multiexperience development platform, Salesforce Lightning, a component-based framework for developing Salesforce apps. It aims at making Salesforce app development easier for business users who do not have programming experience. Salesforce Lightning has been the driving force behind the launching of the Salesforce1 Platform (now known as App Cloud), the company’s mobile app development platform.
OutSystems, another key vendor in the multiexperience development platforms market, offers a low-code development platform that enables businesses to create, deploy, and manage omnichannel enterprise applications. The application runs on cloud, on-premises or in hybrid environments. OutSystems released a free version of the platform in 2014, allowing developers to create and deploy web and mobile applications in personal cloud environments. For both the paid and unpaid versions, the current version is 11. Engineers designed every aspect of the OutSystems platform with obsessive attention to detail to help organizations build enterprise-grade apps and transform their businesses faster. OutSystems is the only solution that combines the power of minimal coding with advanced mobile capabilities, allowing the visual development of entire application portfolios that integrate seamlessly with existing systems. Today, it is regarded as a global leader in the modern application platform space, with over 435,000 community members, 350 partners, and thousands of active customers in 87 countries and 22 industries. The OutSystems platform significantly increases developer productivity; promotes elite-level CI/CD; and enables teams to deliver unique, high-value, complex apps quickly. Without missing a beat, it delivers complex enterprise applications and orchestrates workflows. The OutSystems platform automates all development layers, including front-end, back-end, and integrations. It connects to 400+ systems and existing technological investments, allowing faster development of the most complex integrations and providing high-performance, low-latency data access.
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