The application development software market has experienced exponential growth, escalating from $325.21 billion in 2023 to $415.26 billion in 2024, achieving a compound annual growth rate (CAGR) of 27.7%. This surge in the historic period is attributed to the increasing demand for mobile apps, a shift to agile development methodologies, and the rising complexity of software projects amidst the broader context of digital transformation initiatives. Moving ahead to 2028, the market size is expected to continue its exponential growth, reaching $1,132.52 billion with a CAGR of 28.5%. The projected growth drivers for this forecast period include the trends of low-code and no-code development, integration with DevOps practices, a heightened focus on user experience (UX), and the adoption of cloud-native application development. Major trends in the forecast period encompass serverless computing, progressive web applications (PWAs), a continued focus on user experience (UX) design, the integration of edge computing, and a heightened emphasis on application security and compliance.
Major Driver In The Application Development Software Market
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 growth. The market size for the application development software market in 2023 indicated a growing trend, with projections pointing towards sustained growth in 2024 and beyond.
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Application Development Software Market Competitive Landscape
Alphabet Inc., Microsoft Corporation, Hewlett-Packard Inc., International Business Machines Corporation, Oracle Corporation, Broadcom Inc., SAP SE, Fujitsu Limited, Salesforce.com Inc., Wipro Limited, ServiceNow Inc., Twilio Inc., GitHub Inc., Datadog Inc., Pegasystems Inc., OutSystems Inc., Compuware Corporation, Appian Corporation, JetBrains s.r.o., Mendix Inc, Kony Inc., HCL Technologies Limited, Alice Technologies Inc., Snappii Custom Mobile Apps LLC, Joget Inc., AppSheet Inc., Axure RP LLC, Zoho Corporation Pvt. Ltd.
Key Application Development Software Market Trend
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.
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Application Development Software Market Segmentation
The application development software market covered in this report is segmented –
1) By Type: Low Code, No Code
2) By Organization Size: SMEs, Large Enterprises
3) By Deployment: Cloud, On Premise
4) By Application: Media and Entertainment, Telecom and IT, BFSI, Healthcare
By Geography:The regions covered in the application development software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the application development software market in 2023.
The Application Development Software Global Market Report 2024 furnishes information about the global application development software market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
