PUBLISHER: The Business Research Company | PRODUCT CODE: 1088833
PUBLISHER: The Business Research Company | PRODUCT CODE: 1088833
“Application Development Software Global Market Report 2022” from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global application development software market.
This report focuses on application development software market which is experiencing strong growth. The report gives a guide to the application development software market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
Where is the largest and fastest growing market for the application development software? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The Application Development Software market global report” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider application development software market, and compares it with other markets.
Major players in the market are: Alphabet Inc., AppSheet, Axure RP, Azure, CA Techology, Compuware Corporation, Datadog Cloud Monitoring, Fujitsu Ltd., GitHub, Google Cloud Platform, HCL Technologies, HP, IBM Corporation, Joget Workflow, Microsoft Corporation, Oracle Corporation, Salesforce, SAP HANA Cloud Platform, ServiceNow Inc., Snappii Custom Mobile Apps, Wipro Limited, and Zoho Corporation.
The global application software development market is expected to grow from $205.15 billion in 2021 to $260.38 billion in 2022 at a compound annual growth rate (CAGR) of 26.92%. The market is expected to grow to $703.13 billion in 2026 at a CAGR of 28.19%.
The application development software market includes sales of application development software by entities (organizations, sole traders, and partnerships) that refer to the process of designing, developing, and implementing software applications for various industrial uses. The application development can be done by a large team or single programmer as well and describes the process of how the application is made, and generally follows a standard methodology.
The main types of application development software are low code and no code. Low code development is an approach of software development to optimize the development process and speed up the delivery of the software, thus helping the enterprises to automate every step of the application of the product lifecycle. The various deployment types of application development software are on-cloud and on premise. Application development software are mainly used by organizations such as small and medium enterprises and large enterprises. The various applications of application development software are media and entertainment, telecom and IT, BFSI, and healthcare.
North America was the largest region in the application development software market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing demand for customized apps is expected to propel the growth of the application development software market. Customized apps offer features such as being friendly to hybrid environments, serving niche and complex needs, easy integration with platforms and better performance. According to a survey conducted by SmarterHQ, a US-based provider of a customer intelligence-driven marketing automation platform, on Data Privacy and Consumer Trust, 72% of consumers say that they only engage with personalized messaging and 80% of frequent shoppers only shop with brands that personalize the online experience. Therefore, increasing demand for customized apps is expected to drive the application development software market.
The low code app development platform is a key trend gaining popularity in the application development software market. Low code development is an approach of software development to optimize the development process and speed up the delivery of the software, thus helping the enterprises to automate every step of the application of the product lifecycle. For instance, in June 2021, Salesforce, a US-based software company, released a powerful set of low-code development tools that allow everyone within an organization, to create and ship apps on a single platform. The platform includes interactive app development and automation, along with the new elastic computing, identity management, AI-driven data protection, and DevOps capabilities to help teams drive business outcomes faster.
In January 2021, Cognizant, a US-based information technology services and consulting company, acquired Magenic Technologies for an undisclosed amount. The acquisition is expected to enable Cognizant to enhance its capabilities in software development and cloud modernization along with Cognizant's software product engineering footprint. Magenic Technologies is a US-based custom software development services company.
The countries covered in the Application Development Software market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.