by The global composable applications market size accounted for USD 5.5 billion in 2023 and is projected to hit around USD 27.71 billion by 2033, notable at a CAGR of 17.60% from 2024 to 2033.
Key Points
- North America dominated the market with the largest share of 47% in 2023.
- Asia Pacific is expected to exhibit the highest CAGR of 19.5% during the forecast period of 2024-2033.
- By offering, the platform segment dominated the market while carrying a 73% market share in 2023.
- On the other hand, the services segment is projected to experience the highest CAGR of 19.9% during the forecast period in the composable applications market.
- By vertical, The BFSI segment held the largest share of 29% in 2023.
- On the other hand, the retail & e-commerce sector is projected to experience the highest CAGR of 18.9% during the forecast period.
The Composable Applications Market refers to the rapidly evolving landscape of software development and deployment, characterized by the ability to create and deploy applications using modular, interchangeable components. This approach allows organizations to build custom-tailored applications quickly and efficiently by assembling pre-built components, APIs, and services. Composable applications enable greater flexibility, scalability, and agility in meeting the evolving needs of businesses across various industries.
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Growth Factors:
Several factors contribute to the growth of the composable applications market. Firstly, the increasing demand for agile software development methodologies drives organizations to adopt composable architecture to accelerate application delivery while maintaining quality. Additionally, the rise of cloud computing and microservices architecture provides a conducive environment for composable applications, facilitating seamless integration and scalability. Moreover, the proliferation of APIs and the adoption of DevOps practices further fuel the growth of the composable applications market by promoting collaboration and automation in the software development lifecycle.
Composable Applications Market Scope
| Report Coverage | Details |
| Growth Rate from 2024 to 2033 | CAGR of 17.60% |
| Global Market Size in 2023 | USD 5.5 Billion |
| Global Market Size by 2033 | USD 27.17 Billion |
| U.S. Market Size in 2023 | USD 1.81 Billion |
| U.S. Market Size by 2033 | USD 919 Billion |
| Base Year | 2022 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | By Offering and By Vertical |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Composable Applications Market Dynamics
Drivers:
Key drivers propelling the growth of the composable applications market include the need for digital transformation initiatives within organizations. Composable applications enable businesses to adapt to changing market dynamics, customer demands, and competitive landscapes effectively. Furthermore, the demand for personalized and innovative user experiences drives the adoption of composable applications, as they empower developers to rapidly iterate and customize applications according to user feedback and preferences. Additionally, the cost efficiency and resource optimization benefits associated with composable architecture incentivize organizations to embrace this approach for application development and deployment.
Restraints:
Despite its potential, the composable applications market faces certain challenges and restraints. One significant restraint is the complexity associated with managing and orchestrating a large number of modular components within composable applications. Ensuring compatibility, security, and governance across diverse components can pose operational challenges for organizations. Moreover, legacy systems and infrastructure may not readily support composable architecture, necessitating significant investments in modernization and integration efforts. Additionally, concerns surrounding data privacy, compliance, and regulatory requirements present barriers to the widespread adoption of composable applications, particularly in highly regulated industries.
Opportunities:
The composable applications market presents various opportunities for innovation and growth. One significant opportunity lies in leveraging artificial intelligence (AI) and machine learning (ML) technologies to enhance the capabilities of composable applications further. By embedding intelligence into modular components, organizations can automate decision-making processes, optimize resource utilization, and deliver more intelligent and predictive applications. Moreover, the expansion of the Internet of Things (IoT) and edge computing ecosystems creates new opportunities for composable applications in enabling real-time data processing, analysis, and decision-making at the network edge. Furthermore, partnerships and collaborations between software vendors, cloud service providers, and industry stakeholders can foster ecosystem development and accelerate the adoption of composable applications across diverse domains and verticals.
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Recent Developments
- In August 2022, the company introduced Composable Storefront, a customizable headless storefront designed to enhance e-commerce websites’ agility and flexibility. This solution enables users to make rapid changes to their online stores, catering to evolving customer needs and market trends effectively.
- In April 2021, Informatica unveiled a cloud platform leveraging micro services and an AI engine to integrate data management capabilities and facilitate seamless data and application programming interface (API) integration. The Informatica Intelligent Data Management Cloud (IDMC) represents a significant upgrade to the Informatica platform, leveraging the CLAIRE AI engine to deliver advanced data management functionalities.
- In April 2021, Software AG announced innovations to its webMethods platform for APIs, integration, and micro services. These enhancements empower companies to streamline and expedite their digital transformation endeavors while accelerating their transition to the cloud. The updated webMethods platform offers comprehensive capabilities to support organizations’ evolving needs in the rapidly changing digital landscape.
Composable Applications Market Companies
- Salesforce (US)
- Dell Boomi (US)
- MuleSoft (US)
- Informatica (US)
- Software AG (Germany)
- TIBCO Software (US)
- Mendix (US)
- OutSystems (US)
- SnapLogic (US)
- OpenLegacy (US)
- AgilePoint (US)
- IBM (US)
- Shopify (Canada)
- Akinon (Turkey)
- Infosys Equinox (US)
- Contentstack (US)
- WaveMaker (US)
- Virtusa (US)
- SymphonyAI (US)
- L7 Informatics (US)
- Scheer PAS (Germany)
- Michaels, Ross, and Cole (US)
Segments Covered in the Report
By Offering
- Platform
- Service
By Vertical
- BFSI
- Retail & e-commerce
- Government
- Healthcare and life sciences
- Manufacturing
- IT and ITeS
- Energy and Utilities
- Other Verticals
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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