Published on : Jan 23, 2023
The "Multiexperience Development Platforms Market by Component (Platforms, Services), Deployment Type (On-premises, Cloud), Organization Size (Large Enterprises, SMEs), Vertical (BFSI, IT & Telecom) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The multiexperience development platform 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%
Few multiexperience development platforms combine low-code productivity and ease of use with deep enterprise capabilities for consumer-grade digital experiences across multiple touchpoints and robust backend services for identity, integration, orchestration, business process automation, and business rules management.
MXDPs simplify and accelerate the design process. HCL Volt MX, for example, comes with a visual design canvas with pre-wired components, templates, and sample apps. Reusable code and real-time previews make it easier to brainstorm and design apps.
Platform segment to achieve significant growth during the forecast period
In software development, multi-experience development refers to the process of creating applications that provide a consistent user experience across multiple devices and platforms. Multiexperience development necessitates designers and developers to consider how users interact with their applications, whether through voice, touch, gesture, or even augmented reality.
Creating a consistent user experience across all of these different touchpoints can be difficult, but it is critical in today's multiexperience world. In some ways, multiexperience development can be viewed as a progression in business strategy and marketing, in which companies seek to gain a competitive advantage by creating a unified experience across multiple platforms.
Multiexperience development platforms assist businesses in balancing development ease versus scalability and custom functionality. These platforms make creating apps that work across multiple touchpoints and devices easier, allowing businesses to test and improve their user experience on a new platform with minimal investment.
Developers must also consider the various operating systems and platforms that users may use. While many applications are now available across multiple platforms, each has its own set of rules and conventions that must be followed.
IT & Telecom vertical to grow at high CAGR during forecast period
The IT & telecom industry requires high data security, integrated physical security, and productivity. The sector is booming largely due to the high-scale growth in mobile subscribers, app subscribers, and data penetration. IT & telecom service providers invest large amounts in multiexperience development platform constructions.
Multiexperience development platforms provide comprehensive solutions for managing all the data needs of the IT & telecom sector by providing secure and high-speed deployment. Multiexperience is a digital transformation strategy that emphasizes creating engaging experiences across multiple touchpoints.
MXDP technologies include AR, VR, Location-based services (LBS), and multi-touch interactions. LBS is a GPS-based technology that provides users with information about their surroundings. Retail, banking, and healthcare can all benefit from LBS applications. Users can interact with digital content using multiple fingers with multi-touch interactions.
Gaming, education, and training can all benefit from multi-touch interactions.
North America to account for the largest market for multiexperience development platforms during the forecast period
North America is expected to be the world's fastest multiexperience development platforms market during the forecast period. As per the research done by the International Trade Administration, it has been found that in 2021, the Canadian ICT sector was highly trade-dependent and imported USD 37.5 billion in goods and exported USD 7.7 billion globally.
The US is Canada's second-largest supplier of ICT goods after China, and it is the top market for Canadian ICT exports, with USD 5.1 billion shipped to the US in 2020. Total ICT imports in 2021 were led by Ontario (USD 28.1 billion), British Columbia (USD 4.1 billion), Quebec (USD 3.2 billion), and Alberta (USD 1.2 billion).
Canada has a thriving domestic technology sector. The Canadian Information and Communications Technologies (ICT) sector employs over 43,200 people. The majority are employed in the software and computer services industries. The sector is dominated by small businesses, with approximately 35,500 employing fewer than ten people.
Approximately 100 large companies employ more than 500 people, including subsidiaries of foreign multinational corporations. According to a global threat research project conducted by Carbon Black, cybersecurity threats are increasing in Canada, with the vast majority of organizations reporting being victims of cyber-attacks in the previous 12 months. As a result, cybersecurity is one of the most pressing concerns in government and business.
While AI has been popular for the last decade, its use in conjunction with the real-time response and hyper-connectivity of 5G is reviving its growth prospects. AI is used in various industries to improve demand prediction, resource utilization, and behavioral patterns. As AI approaches real-time data analysis, personalized needs will be quickly met.
Case Study Analysis