Press release
Worldwide Sales of Purpose-Built Applications are Expected to Reach US$ 1,730 Billion by 2033
According to Fact.MR, purpose built application market revenue totaled US$ 140.6 Bn in 2020, with the market expected to balloon over 8X by 2031.Demand for cloud-based custom built application services will accelerate and enjoy 6.6X growth with an absolute dollar opportunity of US$ 687 Bn by 2031. SaaS-based solutions is the largest contributor to the industry, expected to surge at 21% CAGR owing to the rising trend of pay-as-you-go models.
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Key Takeaways from Market Study
• Small & medium enterprises are expected to remain the most attractive and are likely to generate an absolute dollar opportunity of US$ 820 Bn during 2021 - 2031.
• Based on industry vertical, the IT & telecom sector was the most lucrative with a market share of 14.6% in 2020.
• Based on deployment, demand for cloud-based services is expected to grow 6.5X during the forecast period.
• Together, North America and Europe represented 53.5% of overall revenue share in 2020.
• East Asia is expected to capture a market share of 18.8% by 2031, and reach a market valuation of US$ 218 Bn.
"Increasing digitization and trend of using business-specific applications will drive purpose-built app adoption on a large scale," says a Fact.MR analyst.
Competitive Landscape
Majority of companies discussed in the report have focused on expansion, investments, acquisitions, delivery, portfolio expansion, and brand development.
Some of the key developments are:
• In 2021, Cognizant partnered with Philips Company to provide a service of purpose-built applications to the healthcare sector. This partnership will allow the healthcare sector to leverage the platform to monitor patients by using advanced analytics for its clinical developments.
• In 2021, IBM acquired Turbonomic, a U.S.-based developer of purpose-built applications. This acquisition will allow IBM to boost the compliance and real-time performance of its applications.
• In 2021, HCL Technologies Limited announced the latest version of Domino, a platform for purpose-built applications. The new version will have low code capability for custom web applications.
• In 2021, acquired Swedish company Cygni for its various software engineering services. This acquisition will help the company alter its business through innovative technical & customized software solutions.
• In 2021, Cognizant acquired U.S.-based Magnetic Technologies to make purpose-built applications and cloud modernization.
Key Companies Profiled:
• Cognizant
• IBM
• HCL Technologies Limited
• Infosys
• Oracle
• Microsoft
• Appian
• Zoho Corporation Pvt. Ltd.
• Pegasystems Inc.
• Capgemini
• TechFabric LLC
Segments Covered in Purpose-Built App Industry Research
• By Solution
o SaaS-based Applications
Mobile Applications
Desktop Applications
o Web-based Applications
• By Deployment
o Cloud-based Services
o On-premise Services
• By Industry Vertical
o BFSI
o IT & Telecom
o Automotive
o Logistics & Transportation
o Energy & Power
o Oil & gas
o Retail
o Travel & Hospitality
o Chemicals & Petrochemicals
o Academics & Research
o Entertainment Industry
Questionnaire answered in the report include:
• How the industry has grown?
• What is the present and future outlook on the basis of region?
• What are the challenges and opportunities?
• Why the consumption in region?
• In which year segment is expected to overtake segment?
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About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.
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