The Global Composable Applications Market size is expected to reach $13.1 billion by 2029, rising at a market growth of 17.4% CAGR during the forecast period.
BFSI is the major end user of composable applications as banks and other financial institutions rely on composable infrastructure solutions to safeguard their data against cybercrime. Thereby, BFSI is expected to contribute approximately 1/5th revenue share of the market by 2029. These institutions are widely deploying platforms that enable event-driven architectures, greatly encouraging businesses to use composable applications, making platforms a leading category by generating $3,131.2 million revenue in 2022. Some of the factors impacting the market are Rising digitalization across the IT industry, Growing need for app development and Difficulties faced while using composable applications.
Composable applications can provide the necessary assistance via an interdependent system in a "digital transformation" process, which can be regarded as a modern approach to corporate processes. Hence, it is anticipated that due to the accelerated digital transformation, the usage of composable applications will increase in the years to come, boosting market expansion. The volume of applications has increased dramatically in recent times. Over half of small-to-medium-sized SaaS businesses ought to employ integrated business capability architecture to outperform their competitors. As a result, market growth is anticipated in the next years.
However, for composable applications to deliver on their promises, careful planning, design, development, and administration are necessary. An architectural software strategy that involves disassembling a program into smaller, independent building pieces or services is required for composable applications. Thus, the difficulties faced while using composable applications may restrict their adoption and hamper the market's expansion.
Based on vertical, the market is fragmented into BFSI, retail & e-commerce, government, healthcare & life science, manufacturing, IT & ITes, energy & utilities, other verticals. The IT & ITes segment garnered a significant revenue share in the market in 2022. The current environment drives IT organizations to expedite their applications, data, and innovations. It has to manage traditional bare-metal and virtualized applications more effectively while also enabling composable applications with software-driven automation and a resource pool that can be tailored to meet particular requirements.
By offering, the market is segmented into platform and services. In 2022, the platform segment held the highest revenue share in the market. The ability to connect apps and data sources is made possible by the iPaaS offered by many vendors. These platforms include functionality for event-driven architecture, lifecycle management, and API interaction. This comprises an API Proxy, an API Gateway, and an API Developer Portal..
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 4.3 Billion |
| Market size forecast in 2029 | USD 13.1 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2029 |
| Revenue Growth Rate | CAGR of 17.4% from 2023 to 2029 |
| Number of Pages | 195 |
| Number of Table | 300 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Offering, Vertical, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. The region's economy is established, and significant sums are invested in IT infrastructure. In terms of innovation & growth, North America has an advantage over the rest of the world due to large security suppliers in the region. The growth of popular technologies like big data, IoT, ML, AI, cloud computing, DevOps, and corporate mobility has also pushed users and businesses to adopt far more advanced and reliable application platform software and related services.
Free Valuable Insights: Global Composable Applications Market size to reach USD 13.1 Billion by 2029
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Salesforce, Inc., Informatica, LLC, Software AG, Nutanix, Inc., Juniper Networks, Inc., Lenovo Group Limited, Western Digital Corporation, Hewlett-Packard Enterprise Company, NetApp, Inc. and Dell Technologies, Inc.
By Offering
By Vertical
By Geography
The Market size is projected to reach USD 13.1 billion by 2029.
Rising digitalization across the IT industry are driving the Market in coming years, however, Difficulties faced while using composable applications restraints the growth of the Market.
Salesforce, Inc., Informatica, LLC, Software AG, Nutanix, Inc., Juniper Networks, Inc., Lenovo Group Limited, Western Digital Corporation, Hewlett-Packard Enterprise Company, NetApp, Inc. and Dell Technologies, Inc.
The expected CAGR of this Market is 17.4% from 2023 to 2029.
The BFSI segment is leading the Market by Vertical in 2022 thereby, achieving a market value of $2.9 billion by 2029.
The North America market dominated the Market by Region in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $5 billion by 2029.
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