The composable applications market to grow from an estimated USD 5.2 billion in 2023 to USD 11.8 billion by 2028 at a CAGR of 17.5%. Increased demand for app development is driving composable application market growth. The major focus is reducing the time to market and cost of app development due to the changing requirements of customers worldwide. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and product development activities to expand their presence in the composable applications market.
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By offering, the services segment is expected to grow at highest CAGR
The services include integration & implementation, consulting & training, and support & maintenance. Companies offering these services have skilled consultants and solution architects who are specialized professionals supporting proper designing and delivering composable applications architecture. Composable applications services provide services to overcome the most challenging connectivity requirements and integrate applications and APIs anywhere. The growing need for businesses to reduce operational and infrastructural costs is driving the demand for cloud-based applications and subsequent.
By vertical, retail & eCommerce to grow at highest CAGR
eCommerce companies built using a traditional, monolithic approach to software development had a set of challenges, such as reliance on a single vendor. In addition, it was complex and expensive to modify customer behavior changes or emerging market trends. Hence, many retailers are now transitioning to a composable, cloud-first, and API-first approach to their e-commerce applications. This approach allows them to select best-of-breed software components and combine them into a composable e-commerce solution.
Composable commerce enables retailers to create personalized experiences for each customer, reduce costs, increase operational efficiency, and reduce errors while saving time and money. It encourages innovation by allowing retailers to experiment with new technologies. Moreover, the retail industry can leverage the low-code development platform with the help of analytical tools to understand real-time customers’ behavior to improve decision-making skills.
By region, North America to account for the largest share in 2023
North America includes the US and Canada. It is the highest revenue-generating region in the global composable applications market, with the US constituting the highest market share. The region is also settled in terms of its economy and witnesses large-scale investments in IT infrastructure. North America is also the region where major security vendors are settled, giving the region an edge over the rest of the world in terms of innovation and growth. These factors are expected to drive the composable applications market in the region.
Also, owing to the emergence of trending technologies, such as IoT, AI, ML, cloud computing, big data, DevOps, and enterprise mobility, users and enterprises have been urged to adopt much more sophisticated and reliable application platform software and the associated services. This fact is expected to contribute to the overall growth of the composable applications market in North America. North America comprises the US and Canada, which are also witnessing a phenomenal adoption of composable applications. These countries have a major dominance with sustainable and well-established economies, empowering them to strongly invest in R&D activities, thereby contributing to the development of new technologies.
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Unique Features in the Composable Applications Market
Apps that may be composed are composed of separate, swappable parts. These parts, which are also known as microservices, are simple to put together, switch out, and update without affecting the operation of the entire program. This modularity makes maintenance easier and promotes agility.
The development and deployment of new apps can be greatly accelerated by developers by utilizing pre-built, reusable components. This shortens time-to-market and enables companies to quickly seize new possibilities.
Businesses can modify their functionalities to meet changing needs by using composeable apps. Organizations may easily remain ahead of the curve by adding or replacing components to include new features or functionalities.
Developers are relieved of tedious coding labor by the emphasis on pre-built components and standardized interfaces. As a result, developer productivity is increased overall as they are able to focus on more creative and advanced features.
Open Application Programming Interfaces (APIs) can be used in the design of composeable apps to enable smooth interaction with an organization’s historical systems. By doing this, the necessity for intricate rewrites is removed, and modernization activities are disrupted as little as possible.
Major Highlights of the Composable Applications Market
The market for modular applications is expected to grow quickly, analysts believe, and could be valued at $1 trillion by 2030. This indicates a notable increase in use in a number of industries.
Initiatives aimed at implementing digital transformation are accelerated by composeable applications. Because of its modular design, companies may quickly innovate and upgrade to meet the ever-evolving needs of the market.
For many firms, one of their biggest concerns is the small pool of competent engineers. Composable applications streamline development processes and enable enterprises to accomplish more with less resources because to their pre-built components and reuse capabilities.
Citizen developers, or non-technical consumers, are now able to construct simple applications because to the rising popularity of low-code/no-code technologies in the composable application arena. This promotes increased company agility and democratizes application development.
Composable deployments are a natural fit for the composable strategy. Cloud platforms facilitate easy integration of modular services as components into composable applications, thereby enabling cloud-native organizations to benefit from scalability and flexibility.
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Top Companies in the Composable Applications Market
Major manufacturers in this market are based in North America and Europe. Salesforce (US), Dell Boomi (US), MuleSoft (US), Informatica (US), and Software AG (Germany) are among a few leading players operating in the composable application market.
Salesforce is an American cloud-based software provider which offers customer relationship management (CRM) software and applications focused on sales, customer service, marketing automation, e-commerce, analytics, and application development. It is focused on developing its CRM platform, an entirely cloud-based platform which enables enterprises to work from any device. Salesforce’s CRM service comprises several broad categories: Commerce Cloud, Sales Cloud, Service Cloud, Data Cloud, Marketing Cloud, Community Cloud, Manufacturing Cloud, Analytics Cloud, App Cloud, Vaccine Cloud, IoT, and Work.com, with over 100,000 customers. The company caters to various industry verticals, including automotive, communications, consumer goods, education, energy & utilities, financial services, government, healthcare & life sciences, manufacturing, media, non-profit, retail, technology, and travel & hospitality. The company has a strong geographic presence within America, Europe, and Asia Pacific.
Boomi is a software company specializing in integration platform-as-a-service (iPaaS), API management, master data management, and data preparation. It provides an iPaaS that enables the connection of applications and data sources. It is a low-code development platform. The platform provides API, lifecycle management, and event-driven architecture features for cloud integration. This includes an API Proxy, API Gateway, and API Developer Portal. The platform also supports event-driven architectures. Boomi’s EDA partners include Dell EMC and Solace as well as vendors specializing in message brokers, event meshes, streaming, and pub/sub technology. The platform also offers integrations for Amazon SQS, Microsoft’s Azure Service Bus services, and Pivotal’s RabbitMQ. In May 2021, Dell Technologies reached a deal to sell its cloud business, Boomi, to global investment firm Francisco Partners and private equity platform TPG Capital.
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