Mobile Application Development Platform (MADP) Market Could Reach $14 Billion by 2023
The mobile application development platform (MADP) is projected to reach a market value of $14 billion by 2023 with an exceptional CAGR of 22%. A number of recent industry reports all project a constant and strong growth through at least 2023. For the many investors who are not familiar with this market, the recent reports can get them up to speed, quickly.
The report from Market Research Future describes MADP ” a group of products and services that allows the easy and fast development of mobile applications. These includes building, testing and deploying the mobile application on tablets and smartphones. Companies can build their own mobile application development platform or can buy from the third-party vendors. The features included in third party mobile application development platform includes front-end development tools for application programming interfaces (APIs).”
Other sources discussing the report further explain that: “A mobile application development platform helps bring down the complexities associated with developing and designing mobile applications. IT solutions, including mobile backend-as-a-service (MBaaS) prevents the need for building back-end systems by for app developers. As a result, the platform enhances the front-end tasks, reduces the overall application development time, and improve the UI design for enhanced user experience.
The Mobile Application Development Platform Market has the potential to grow at a significant pace, backed by the advent of cloud-based technology. In addition, rising number of commercial mobile devices benefits the market. Besides, mounting demand among enterprises for mobile apps coupled with surging adoption rate of bring your own device (BYOD) are bound to spell success for the mobile application development platform market in the years to come.
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