Multiexperience Development Platforms Market Booms with Adoption -

The global multiexperience development platforms market size is expected to reach USD 13.51 billion by 2030, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 21.8% from 2024 to 2030. The increasing demand for custom mobile app development across several organizations, coupled with better internal operational efficiency offered by multi-experience development platforms (MXDP), is expected to drive the overall market growth. The multi-experience development platform is an application development platform that is used to develop web and mobile apps, as well as voice, Augmented Reality (AR), chat, and wearable experience. It enables enterprises to build a single application that can be deployed on various devices. Thus, increasing adoption of multi-experience development platforms in IT and Telecom, BFSI, Retail, Travel and Hospitality, and other industries to ease the operational process will fuel the market growth over the forecast period.

Post the COVID-19 pandemic; most businesses utilize apps as they are easily accessible with rising digitalization levels. Besides, the increasing importance of new interfaces such as natural language or new devices such as wearables will surge the demand for multi-experience development platforms over the forecast period. Adopting MXDP has various benefits as it reduces time to market for mobile apps, eliminates potential security risk, and provides better control over actual deployment.

North America held the largest revenue share of the overall market in 2019, owing to the presence of several key players such as Oracle, IBM, Microsoft Corporation, and Salesforce. The European market held the second-largest revenue share during the same year due to the presence of a high number of large enterprises in the region. According to the European Commission, there were over 11,800 large enterprises in Germany in the year 2019.

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Multiexperience Development Platforms Market Report Highlights

The platforms segment dominated the market with a revenue share of 62.7% in 2023. This is owing to the increasing demand for comprehensive and integrated solutions that enable businesses to design, develop, and deploy multiexperience applications efficiently.
The hosted segment accounted for a largest market revenue share in 2023. The increasing preference for cloud-based solutions that offer scalability, flexibility, and cost-effectiveness to organizations is accountable for a larger segment share.
Large enterprises held a leading revenue share in the market in 2023. This is attributed to their significant investments in digital transformation initiatives and a constant need for scalable, robust, and secure solutions to support their complex operations.
BFSI accounted for the largest revenue share in 2023. The sector’s significant investments in digital transformation initiatives aimed at improving customer satisfaction, reducing operational costs, and mitigating risks have contributed to its dominant share in the market.
North America led the global market with a revenue share of 44.2% in 2023. This is attributed to the region’s early adoption of digital technologies, robust IT infrastructure, and high demand for personalized customer experiences.

List of Key Players in the Multiexperience Development Platforms Market