The composable applications market is projected to grow at a compound annual growth rate (CAGR) of 17.5%, rising from an estimated USD 5.2 billion in 2023 to USD 11.8 billion by 2028. This growth is primarily driven by the rising demand for application development.
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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
Composable applications are built with a modular architecture, allowing businesses to create applications from a set of interchangeable building blocks, or “modules.” This modularity enables organizations to quickly assemble, reconfigure, and update applications based on changing needs, offering a high level of flexibility and adaptability in response to market demands or customer preferences.
A standout feature of composable applications is their ability to accelerate development timelines. By reusing pre-built components and integrating new ones seamlessly, developers can build and launch applications faster.
Composable applications offer scalable solutions that allow businesses to grow and adjust their applications as needed. As organizations expand, they can easily add new modules or update existing ones without overhauling the entire application.
Composable applications are designed to integrate smoothly with existing systems and third-party services, enhancing interoperability across different platforms. This interoperability ensures that components can be easily connected and work together, providing a unified experience without the challenges of traditional software integration.
The reusability of components in composable applications contributes to cost savings, as organizations can repurpose modules across multiple applications. This minimizes development costs and reduces maintenance expenses, since updating or fixing a module can instantly enhance all applications that use it.
Major Highlights of the Composable Applications Market
A key highlight of the composable applications market is the shift to modular architecture, enabling organizations to build applications from a set of flexible, independent modules.
Composable applications are designed to accelerate the development process. By reusing components and leveraging pre-configured modules, developers can build applications faster, significantly reducing time-to-market.
Businesses increasingly seek scalable solutions that can grow and evolve with organizational needs. Composable applications offer this scalability, allowing companies to add or modify modules as required.
One of the major highlights of composable applications is their cost-effectiveness, driven by the reusability of modules across different applications. By repurposing existing components, businesses can cut down on development costs and streamline maintenance.
Composable applications support continuous innovation by enabling businesses to update and iterate applications in real-time. This feature is particularly beneficial for companies in fast-paced industries, as it allows them to introduce new functionalities or improve existing ones quickly.
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Top Companies in the Composable Applications Market
Major players operating in the composable applications market are Salesforce (US), Dell Boomi (US), MuleSoft (US), Informatica (US), and Software AG (Germany).
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.
MuleSoft, a leading player in the Composable Applications Market, offers the Anypoint Platform, empowering organizations to build flexible, scalable, and innovative applications. As a subsidiary of Salesforce, MuleSoft specializes in integration solutions, particularly in the integration platform as a service (iPaaS) segment. The Anypoint Platform provides comprehensive API management, data integration, application integration, and other capabilities, enabling businesses to connect applications, data, and devices across cloud and on-premises environments seamlessly. With a focus on enabling composable architectures, MuleSoft facilitates rapid development and deployment of modular applications, empowering organizations to adapt quickly to evolving business needs and technological advancements.
Informatica, a prominent player in the Composable Applications Market, offers the Intelligent Data Management Cloud (IDMC) platform, empowering organizations to compose applications by seamlessly integrating and managing data from various sources. With a strong presence in the data integration and management space, Informatica specializes in providing solutions that ensure data quality, security, and compliance. The IDMC platform offers a wide range of data integration, governance, and analytics solutions, enabling businesses to harness the power of data and drive innovation. Leveraging Informatica’s platform, organizations can accelerate the development of composable applications, streamline business processes, and deliver exceptional customer experiences in today’s dynamic digital landscape.
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