The global Application Development Software Market is anticipated to reach USD 733.5 billion by 2028, expanding at a CAGR of 24.3% from 2021 to 2028, as per the research conducted by Grand View Research, Inc. The growing trend of cloud-based solutions, coupled with an increase in the usage of the Internet of Things (IoT) technology, is anticipated to propel the market over the forecast period. Furthermore, a surge in the demand for advanced applications to improve work efficiency, resolve various business issues, and streamline business and operations due to digitalization is expected to support the market growth over the forecast period.
Low-code development platforms are being deployed to
enable rapid production and adoption of functional software to meet the unique
processes and data needs of various small and medium enterprises and large
enterprises. The revolution of microcomputers has allowed mass integration of
business operations using several customized software, as business segments
have circulated required devices widely around their employees’ centers. This
has allowed software developers to design and develop tailored systems to cater
to the needs of organizations.
Several factors such as a strong ecosystem designed
and developed for DevOps and Agile practices, rise in the demand for
digitization, and a growing need for quick scalability and customization are
driving the adoption of application development software, thereby supporting
the market growth.
The increasing spread of the COVID-19 virus has
negatively impacted market growth. Lockdown restrictions imposed by various
governments have led to a temporary closure of business operations in multiple
sectors such as media and entertainment and travel and tourism. Employees in
the IT and telecom industry have been directed to adopt the work from home
model. This has led to a significant decline in the adoption of technological
advancements in the existing business systems. However, with the ease of the
lockdown restrictions and resumption of business operations, the market is
anticipated to witness significant growth over the forecast period.
The prominent players that dominated the market for
application development software globally in 2020 include Oracle Corporation;
Salesforce.com Inc.; Zoho Corporation; Fujitsu Ltd.; and HCL Technologies.
These players majorly focus on new products, applications, and service launches
to enhance their business operations. In June 2021, HCL Technologies announced
the launch of Domino. Domino is the company’s secure enterprise application
development platform. The launch assisted HCL Technologies in expanding its
service offerings to various enterprises.
Related Press Release@ Application Development Software Market Report
Application Development Software
Market Report Highlights
- The low-code development platform segment is expected to dominate
the market due to the increasing presence of tech-savvy software
developers across the globe. The segment is expected to reach USD 407.1
billion by 2028
- The small and medium enterprise segment is anticipated to expand at
the highest CAGR of 25.0% over the forecast period
- The cloud deployment segment is expected to dominate the deployment
segment over the forecast period. The segment is anticipated to reach USD
381.8 billion by 2028
- The media and entertainment segment is anticipated to register the
highest CAGR of 27.3% over the forecast period. The growth can be
attributed to increasing demand for technological innovations in the media
and entertainment segment and the increasing adoption of OTT platforms
globally
- North America is projected to account for the largest market share
over the forecast period. The region is anticipated to reach USD 278.5
billion by 2028. The rapid adoption of technological innovations and the
presence of various prominent players in the region are some of the major
drivers of the market growth in this region
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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