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Application Development Software Industry Overview
The global application development software market size was valued at USD 131.4 billion in 2020 and is projected to expand at a compound annual growth rate (CAGR) of 24.3% from 2021 to 2028.
The increasing demand for various software applications to speed up and simplify business operations using advanced IoT technology and cloud-based solutions is expected to support the market growth over the forecast period. The demand for application development software is anticipated to gain steady traction over the coming years owing to the need for scalable and customized software. Due to the COVID-19 pandemic, increasing health awareness among individuals has directed various doctors and health workers to deliver their services over applications. This factor is anticipated to contribute to market growth.
Gather more insights about the market drivers, restrains and growth of the Global Application Development Software Market
In the first half of 2020, the market witnessed negative growth due to the spread of the COVID-19 virus. Various offices, manufacturing units, and media houses have witnessed a temporary closure owing to the lockdown restrictions globally. However, the demand for software applications from media and entertainment and IT and telecom industries, owing to work from home strategies, is expected to support the market growth over the forecast period.
Application development software is used to design and develop various advanced applications depending on the end user’s requirements. The apps developed can be run on several computer devices, digital gadgets, and smartphones. They help in accomplishing a task more quickly and efficiently. The developed application is equipped with several characteristics to perform tasks such as generating sales reports, scheduling appointments, calculating monthly expenditures, and helping businesses automate processes. The increasing demand for cloud deployment among various small, medium, and large enterprises is expected to support market growth in the coming years.
Application development software allows organizations to develop software products, including desktop and mobile applications, which assist them in reaching mass audiences and catering to different user requirements. They require vast technical knowledge such as code assist tools, mobile development and integration, development tools, application programming interface (API), and testing to cater to customer expectations and requirements. The app assists in managing complex operations with better efficiency at a high speed and minimal cost. It can also help automate processes in robotic automation and enable the collection of feedback from end-users for better business alignment.
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Application Development Software Market Segmentation
Grand View Research has segmented the global application development software market based on type, deployment type, organization size, application, and region:
Application Development Software Type Outlook (Revenue, USD Million, 2018 - 2028)
- Low-code Development Platforms
- No-code Development Platforms
Application Development Software Deployment Type Outlook (Revenue, USD Million, 2018 - 2028)
- On-premise
- Cloud
Application Development Software Organization Size Outlook (Revenue, USD Million, 2018 - 2028)
- Small Medium Enterprise
- Large Enterprise
Application Development Software Application Type Outlook (Revenue, USD Million, 2018 - 2028)
- BFSI
- Media Entertainment
- IT Telecom
- Healthcare
- Travel Tourism
- Others
Application Development Software Regional Outlook (Revenue, USD Million, 2018 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa
Market Share Insights
- May 2020: Oracle Corporation unlocked its second Cloud region in South Korea. The company plans to work around 36 second-gen cloud regions by 2020 as a part of its global plan.
- October 2019: Zoho Corporation introduced Catalyst. It is a full-stack server-less developer platform that allows developers to create and run applications and microservices.
Key Companies profiled:
Some of the prominent players operating in the global application development software market are:
- Oracle Corporation
- Fujitsu Ltd.
- HCL Technologies
- Wipro Ltd.
- Zoho Corporation
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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