The Global Application Development Software Market Size accounted for USD 187 Billion in 2021 and is estimated to achieve a market size of USD 1,628 Billion by 2030; growing at a CAGR of 27.4%.
The rapid digital transformation worldwide is the primary factor driving the global application development software market growth. Software applications around the world are making difficult tasks easy and thus they are growing rapidly across industries. The expansion of the internet has had a significant impact on the software industry, from the ease with which new enterprises can be established to the methods that organizations use to develop, distribute, and support their products. As a result, the growing adoption of the internet is helping the application development software industry share to expand.
Increasing demand for mobile-based applications is one of the recent trends in the application development software market that is gaining prominence in developed as well as developing economies. An increasing number of platforms to develop software applications are supporting the global application development software market revenue. Some of the trending platforms in the industry include SQL Server, Angular.js, React, Node.js, Bootstrap.js, Azure, Web API, iOS, Android, Xamarin, and many others. Additionally, the rising demand for software applications in end-use industries such as IT & telecom, healthcare, BFSI, and media & entertainment is expected to generate numerous growth opportunities for the market in the coming years from 2022 to 2030.
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Application Development Software Market Regional Outlook
The global application development software market is segregated into five regions: North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa. In 2021, North America conquered the market with a lion’s share due to the increasing internet penetration in the region. In addition, the high spending power of businesses in new technologies, the presence of some leading players in the region, and the growing adoption of futuristic technologies such as artificial intelligence, machine learning, and virtual and augmented reality among others.
However, the Asia-Pacific region is likely to attain considerable market growth during the projected timeframe from 2022 to 2030. Rising number of IT companies, developing economies, a growing trend of developing software on open sources, and an increasing number of smartphone users in countries like China and India.
Application Development Software Market Dynamics
The increasing adoption of the internet across the world is driving the global application development software market growth. Global internet users have risen to 4.95 billion as of the beginning of 2022, with internet penetration currently reaching 62.5% of the global total population. Data reveal that internet users have increased by 192 million (more than 4%) in 2021. Similarly, the increasing number of social media users is prompting IT players to update existing programmes or develop new ones. In January 2022, for example, there are 4.62 billion social media users worldwide. This amount represents 58.4% of the world’s total population.
According to our analysis, the global digital transformation is boosting the application development software market value. A flood of new technology is hastening the pace at which business is performed, giving software unparalleled control over how an organization grows and works. Applications are currently the primary drivers of new services and income streams, mostly by providing attractive new user experiences and promoting the formation of whole new markets.
The growing dependency of aerospace and defense on custom-based software applications is anticipated to boost the industry demand. Rising government projects, growing expenditure on railways & transportation industry, and flourishing IT industries are creating demand for application development software industry. However, the high cost of these applications can be difficult for companies to acquire software application that are having low budgets, thereby restricting market growth. Furthermore, industry 4.0, smart industry, the industry of the future, and factory of the future are some of the trends that are opening up new growth prospects for the market in the coming future.
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Application Development Software Market Segmentation
The global market has been split into five categories: type, deployment model, application, enterprise size, and region.
The type segment is bifurcated into low-code development platforms and no-code development platforms. Out of these, the low-code development platforms sub-segment dominated the market with the majority of the share in 2021 and is likely to continue its dominance during the projected timeframe from 2022 to 2030.
The deployment model is classified into two types: on-premise and cloud-based. Among them, the on-premise segment will dominate the industry in the future years. However, the cloud-based sub-segment is changing the industry trend as businesses shift their focus to cloud services. Cloud software offers access from anywhere and at any time, is inexpensive, scalable, reduces power expenses, and provides a high level of security. All of these factors are projected to drive future demand for cloud-based software.
The application segment is further split into BFSI, media & entertainment, IT & telecom, healthcare, travel & tourism, and others. Based on our application development software industry analysis, the media & entertainment segment generated the maximum shares due to the growing demand from OTT platforms. On the other hand, the IT & telecom segment is poised to grow with an impressive CAGR due to the surging need for customized software and services in these sectors.
Furthermore, large enterprises and small and medium enterprises (SMEs) are covered under the enterprise size segment. As per our application development software market forecast, large enterprises will occupy a noteworthy market share in the coming years, whereas SMEs will witness the fastest growth rate (CAGR) in the coming future.
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Application Development Software Market Players
Some prominent application development software companies covered in the industry include Alphabet Inc., Azure, Datadog Cloud Monitoring, Fujitsu Ltd., HCL Technologies, Wipro Limited, IBM Corporation, Oracle Corporation, Microsoft Corporation, SAP HANA Cloud Platform, Salesforce, and Zoho Corporation.
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