Multiexperience Development Platforms Global Market Report 2024

The multiexperience development platforms market size has grown exponentially in recent years. It will grow from $7.01 billion in 2023 to $8.61 billion in 2024 at a compound annual growth rate (CAGR) of 22.7%. The growth observed during the historical period can be attributed to several key factors, including a growing demand for operational efficiency, a decrease in security risks, an increasing need for app development, a rising demand for rapid customization and scalability, as well as an increasing emphasis on creating a rich and interconnected user experience.

The multiexperience development platforms market size is expected to see exponential growth in the next few years. It will grow to $19.62 billion in 2028 at a compound annual growth rate (CAGR) of 22.9%. The forecasted growth is driven by increased mobile device penetration, expanding internet usage, rising digitalization across industries, proliferation of devices, and growing demand for low-code app development. Key trends include the adoption of Machine Learning, Virtual Reality (VR), and Augmented Reality (AR), along with investments in wearable devices, Natural Language-based software, and user experience enhancements, all fueled by technological advancements and product innovation.

The increasing prevalence of mobile devices is poised to drive the expansion of the multi-experience development platform market in the foreseeable future. This surge in mobile device adoption is fueled by the prominence of social media platforms and the growing significance of instant communication. Multi-experience development platforms offer a unified, efficient, and adaptable approach to application development across a myriad of devices and channels, which can significantly enhance mobile device penetration. For instance, data from Uswitch Limited revealed that in 2022, there were 71.8 million active mobile connections, marking a 3.8% increase from the previous year, with projections indicating a population of 68.3 million in the UK by 2025. Thus, the growing prevalence of mobile devices serves as a key driver for the multi-experience development platform market's growth trajectory.

Leading companies in the multi-experience development platforms sector are focusing on the development of advanced platforms, such as digital multi-experience platforms (MXDPs), to offer customers cutting-edge features. MXDPs enable organizations to develop, manage, and deliver diverse digital experiences across various channels, devices, and interaction modalities. For instance, Tecnotree and MTN Nigeria collaborated to launch the Tecnotree Moments multi-experience platform in March 2022. This digital platform aims to create lifestyle bundles comprising content, applications, and connectivity through a pre-integrated digital partner ecosystem. Targeting sectors such as education, entertainment, gaming, sports, health, and wellness, the platform offers a wide array of digital services and lifestyle bundling products, including multiplayer online e-sports tournaments, educational content, and live classes for career development.

In April 2022, Triton Corp. Limited, a UK-based intermodal container leasing company, entered into an agreement to acquire Neptune Computer Inc. This strategic move aligns with the growing importance of low-code/no-code (LCNC) platforms in developing business applications and addresses the scarcity of IT talent while driving efficiencies within organizations. Neptune Computer Inc., based in Canada, specializes in providing low-code application development platforms, including multiexperience development platforms, offering rapid application development solutions. Through this acquisition, Triton aims to bolster its capabilities in the digital space and leverage Neptune Computer Inc.'s expertise to enhance its offerings and cater to evolving market demands effectively.

Major companies operating in the multiexperience development platforms market are Microsoft Corporation, Amazon Web Services, Tencent Holdings Ltd., Siemens AG, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, SAP SE, Salesforce Inc., HCL Technologies Limited, ServiceNow Inc., Globant SA, Pegasystems Inc., Zoho Corporation, Temenos AG, Progress Software, Cigniti Inc., Appian Corporation, Easy Software Inc., Outsystems Inc., Mendix, Decimal Technologies, GeneXus SA, Neutrinos, Neptune Software, Convertigo SA, XOne Technology Inc.

North America was the largest region in the multiexperience development platforms market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the multiexperience development platforms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the multiexperience development platforms market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Multiexperience development platforms encompass tools and technologies facilitating the creation of applications accessible across diverse devices and touchpoints, ensuring a seamless user experience. These platforms streamline the development process for multiexperience applications, emphasizing tailored touchpoints based on specific modalities while maintaining consistency across various mediums such as websites, mobile and desktop apps, smartwatches, and beyond.

The primary components of multiexperience development platforms consist of platforms and services. Platforms serve as the infrastructure, either hardware or software, hosting applications or services, thereby laying the groundwork for their execution and success. Deployment options range from on-premises to cloud-based solutions, catering to organizations of different sizes, including small and medium-sized enterprises as well as large enterprises. These platforms find application across various sectors such as banking, financial services and insurance (BFSI), IT and telecommunications, government and public sector, manufacturing, retail and consumer goods, healthcare, media and entertainment, among others.

The multiexperience development platforms market research report is one of a series of new reports that provides multiexperience development platforms market statistics, including multiexperience development platforms industry global market size, regional shares, competitors with a multiexperience development platforms market share, detailed multiexperience development platforms market segments, market trends and opportunities, and any further data you may need to thrive in the multiexperience development platforms industry. This multiexperience development platforms market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The multiexperience development platforms market consists of revenues earned by entities by providing services such as voice app development, high-productivity tooling, custom functionality development and chatbot development. The market value includes the value of related goods sold by the service provider or included within the service offering. The multiexperience development platforms market also includes sales of mobile app development tools, AR app development platforms, wearable app development software and AI integration tools. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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