MarketsandMarkets forecasts 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.
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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.
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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. 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.
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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