What Is The Overview Of The Global Custom Software Development Market?
Custom software development refers to the process of creating a unique software application tailored to solve specific challenges for an individual or organization. This involves conceptualizing, designing, building, deploying, and maintaining software that addresses particular user needs more comprehensively than off-the-shelf packages.
Custom Software Development Global Market Report 2024 provides data on the global custom software development market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The custom software development market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Custom Software Development Market?
The custom software development market has expanded significantly, growing from $36.36 billion in 2023 to $44.86 billion in 2024 at a CAGR of 23.4%. Historical growth factors include the adoption of agile and DevOps practices, rising cybersecurity concerns, evolving customer expectations, regulatory compliance, globalization, and changing business models. Looking ahead, the market is expected to reach $105.02 billion by 2028 at a CAGR of 23.7%, driven by digital transformation, increased focus on cybersecurity, and growing demand for remote collaboration tools. Key trends include hyper-automation, containerization, focus on user experience, AR/VR integration, and the application of quantum computing and ethical AI.
What Are The Core Factors Supporting Growth In The Custom Software Development Market?
The growing adoption of robotic automation is expected to boost the custom software development market. Robotic automation is a software technology that enables the creation, deployment, and management of software robots designed to replicate human actions in digital systems. This adoption is accelerating due to its ability to increase productivity, precision, and efficiency while lowering operational costs. Custom software development is crucial for optimizing robot integration in automation processes, such as control, sensor integration, and data analysis. In September 2023, the International Federation of Robotics (IFR) reported 553,052 new industrial robot installations globally in 2022, marking a 5% year-on-year growth. Asia accounted for 73% of these installations, followed by Europe at 15%, and the US at 10%. This rising demand for robotic automation is driving the growth of the custom software development market.
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What Are The Major Segments Within The Global Custom Software Development Market?
The custom software development market covered in this report is segmented –
1) By Solution: Web-Based Solutions, Mobile App, Enterprise Software
2) By Deployment: Cloud, On-Premise
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprises (SMEs)
4) By End User: Banking, Financial Services, And Insurance, Government, Healthcare, Information Technology And Telecom, Manufacturing, Retail, Other End-Users
Which Trends Are Expected To Transform The Custom Software Development Market?
Leading companies in custom software development are creating innovative solutions, such as virtual reality applications, to drive revenue growth in the market. These virtual reality applications allow creators to produce animated content in real time using advanced virtual production tools. For example, in March 2023, Flipside XR, a Canada-based virtual reality company, launched Flipside Studio Support from Meta, a VR app for creators. This app empowers users to craft animated content in real-time, leveraging sophisticated virtual production tools. Once completed, creators can easily upload and share their projects on social media platforms like YouTube, TikTok, and Twitch, using VR technology to produce high-quality, captivating videos.
What Is The Fastest Growing Region In The Custom Software Development Market?
North America was the largest region in the custom software development market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the custom software development market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
