The custom software development global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Custom Software Development Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The custom software development market size has grown exponentially in recent years. It will grow from $36.36 billion in 2023 to $44.86 billion in 2024 at a compound annual growth rate (CAGR) of 23.4%. The growth in the historic period can be attributed to agile and DevOps practices, cybersecurity concerns, increasing customer expectations, regulatory compliance, evolving business models and globalization.
The custom software development market size is expected to see exponential growth in the next few years. It will grow to $105.02 billion in 2028 at a compound annual growth rate (CAGR) of 23.7%. The growth in the forecast period can be attributed to digital transformation acceleration, increased focus on cybersecurity, remote work and collaboration tools and data privacy and compliance. Major trends in the forecast period include hyper-automation, containerization and microservices, focus on user experience, augmented reality and virtual reality, quantum computing applications and ethical and responsible AI.
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Scope Of Custom Software Development Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Custom Software Development Market Overview
Market Drivers –
The increasing adoption of robotic automation is expected to propel the growth of custom software development going forward. Robotic automation refers to a software technology that makes it easy to build, deploy, and manage software robots that emulate human actions when interacting with digital systems and software. The increasing adoption of robotic automation is driven by its ability to enhance efficiency, productivity, and precision in various industries while reducing operational costs. Custom software development is essential for optimizing the performance and integration of robots in automation processes, facilitating tasks such as control, sensor integration, path planning, and data analysis. For instance, in September 2023, according to the International Federation of Robotics (IFR), a US-based non-profit organization, there were 553,052 industrial robot installations in factories globally in 2022, reflecting a 5% year-on-year growth rate. Moreover, in terms of regional distribution, Asia accounted for 73% of the newly deployed robots, followed by Europe at 15%, and the USA at 10%. Therefore, the increasing adoption of robotic automation is driving the growth of the custom software development market.
Market Trends –
Major companies operating in the customer information system market are focusing on technological innovations, such as data platforms using the cloud, to gain a competitive edge in the market. A cloud-utilizing data platform is a comprehensive system or infrastructure hosted on cloud computing resources that enables organizations to store, manage, process, and analyze large volumes of data. As organizations seek to optimize operations and enhance customer experiences, they rely on cloud-based data platforms to efficiently store, manage, and analyze vast amounts of customer data. For instance, in January 2023, AGL, an Australia-based energy company, launched an innovative customer data platform using the Microsoft cloud. This effort aims to empower consumers by providing them with greater control over their data. AGL will use a platform on the Microsoft Cloud to enable secure data exchange. This could open up growth opportunities, such as using machine learning for bill forecasting, integrating with open banking, and suggesting ways for more efficient energy use.
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
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Regional Insights –
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.
Key Companies –
Major companies operating in the custom software development market are Accenture plc, Tata Consultancy Services Limited, Infosys Limited, Capgemini SE, HCL Technologies Limited, Tech Mahindra Limited, EPAM Systems Inc., Wipro Limited, Persistent Systems Limited, Kalibroida Technology Solutions Inc., N-iX LLC, Intetics Inc., ScienceSoft USA Corporation, Hexacta S.A., Chetu Inc., Fingent Corporation, Svitla Systems Inc., Iflexion Interactive Inc., MentorMate LLC, Icreon Tech Inc., TRooTech Business Solutions Pvt. Ltd., Brainvire Infotech Inc., Magora Systems Limited, Belitsoft LLC, Trigent Software Inc.
Table of Contents
1. Executive Summary
2. Custom Software Development Market Report Structure
3. Custom Software Development Market Trends And Strategies
4. Custom Software Development Market – Macro Economic Scenario
5. Custom Software Development Market Size And Growth
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27. Custom Software Development Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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