Categories: IT & Communication Technology

Application Development Software Market Growth Trajectory Through 2024-2033|Alphabet Inc., Microsoft Corporation, Hewlett-Packard Inc., International Business Machines Corporation, Oracle Corporation

The Application Development Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Application Development Software Global Market Report 2024, The application development software market size has grown exponentially in recent years. It will grow from $325.21 billion in 2023 to $415.26 billion in 2024 at a compound annual growth rate (CAGR) of 27.7%. The growth in the historic period can be attributed to increasing demand for mobile apps, shift to agile development methodologies, rise in digital transformation initiatives, increasing complexity of software projects.

The application development software market size is expected to see exponential growth in the next few years. It will grow to $1132.52 billion in 2028 at a compound annual growth rate (CAGR) of 28.5%. The growth in the forecast period can be attributed to low-code and no-code development trends, integration with DeVos practices, focus on user experience (UX), cloud-native application development. Major trends in the forecast period include serverless computing, progressive web applications (PWAs), focus on user experience (UX) design, edge computing integration, application security and compliance.

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.

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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

Major companies operating in the application development software market are developing innovative products, such as cloud-native enterprise application development software, to meet larger customer bases, increase sales, and increase revenue. Cloud-native enterprise application development software refers to a set of tools, frameworks, and platforms designed to facilitate the creation, deployment, and management of applications that are specifically built to operate in cloud environments. For instance, in June 2021, HCL Technologies, an India-based information technology (IT) consulting company, launched the latest version of Domino, the secure enterprise application-development platform. The distinctive feature of the latest version lies in its cloud-native design, inherent web and mobile readiness, and built-in low-code capability. This represents a significant achievement in enhancing the application development ecosystem, catering to a diverse user base from business professionals to seasoned IT developers. The platform delivers indispensable business value with a notably low total cost of ownership. Notably, Domino drives 10 million applications, supporting the operations of over 15,000 companies globally, including major players in the automotive, financial, and retail sectors.

The application development software market report table of contents includes: