Multi Experience Development Platforms Market Trends | Exactitude Consultancy Reports
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The global Multi Experience Development Platforms market is expected to grow at a 19.2% CAGR from 2022 to 2029, from USD 7.77 billion in 2020.
Multi Experience Development Platforms are various combinations of modalities (such as touch, gesture, and voice), devices, and apps with which users can interact on their digital journey via various touchpoints. MXDP entails the development of apps that are based on various touchpoint-specific modalities. MXDPs, in other words, are app development platforms used to create chat, voice, augmented reality, and wearable experiences, as well as mobile and web apps.
segment Analysis
The multi experience development platforms market is divided into two segments based on deployment type: on premise and cloud. The on premise sector had the highest revenue share in 2021, accounting for approximately 21% of the global MXDP market. The significant revenue share is largely due to large organizations’ investments in in-house platform implementation. Despite the popularity of the cloud deployment model, on premise deployment continues to meet the business needs of a wide range of enterprises. Furthermore, the increased need to protect sensitive data is fueling segment growth.
The cloud deployment segment is expected to grow at a 21% CAGR from 2020 to 2029. The growing popularity of cloud computing is likely to fuel segmental growth. Furthermore, the cloud deployment model’s low investment cost, agility, and scalability are driving growth in the cloud segment. This is why both small and large businesses have embraced cloud computing.
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