Press release
1159.2 Billion Application Development Software Market Reach by 2031
Machine learning expansion with AutoML and no-code AI and low-code/no-code (LCNC) speeds up software development is boosting the growth of the global application development software market. In addition, big data security is positively impacting growth of the application development software market. However, integrating security and privacy is hampering the application development software market growth. On the contrary, DevSecOps is expected to offer remunerative opportunities for expansion during the application development software market forecast.
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The global application development software market size was valued at USD 142.5 billion in 2021, and is projected to reach USD 1159.2 billion by 2031, growing at a CAGR of 23.5% from 2022 to 2031.
The application development software industry is segmented on the basis of platform, deployment model, enterprise size, application, and region. Based on platform, it is segmented into low-code development platforms and no-code development platforms. Based on low-code development platform, it is segmented into platform and services. Based on service, it is segmented into professional services and managed services. Based on deployment model, the market is categorized into on-premise and cloud. Based on enterprise size, the market is categorized into large enterprise and SMEs. Based on application, the market is categorized into BFSI, media & entertainment, IT & telecom, healthcare, travel & tourism, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
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On the basis of enterprise size, the large enterprise segment dominated the market in 2021, accounting for more than half of the market, and is projected to maintain its leading position throughout the forecast period. However, the small and medium-sized enterprise (SMEs) segment is estimated to showcase the highest CAGR of 24.8% during the forecast period.
Based on industry vertical, the media and entertainment segment held the largest share in 2021, accounting for around one-fifth of the global application development software market. However, the IT and Telecom segment is projected to have the highest CAGR of 26.6% during the forecast period.
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Based on region, North America accounted for the highest share in 2021, contributing to more than two-fifths of the total market share, and is projected to continue its leadership status by 2031. However, the market across Asia-Pacific is projected to portray the fastest CAGR of 25.8% during the forecast period. The research also analyzes regions including Europe and LAMEA.
Leading players of the global application development software market analyzed in the research include AppSheet, Google Cloud Platform, GitHub, Zoho Creator, Azure, Alice, Snappii Custom Mobile Apps, Twilio Platform, Datadog Cloud Monitoring, Axure RP Wipro Ltd., Fujitsu Ltd., HCL Technologies, Oracle Corporation, SAP SE, Joget, and JetBrains.
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Covid-19 Scenario:
● The Covid-19 majorly affected the growth of the market due to rapid adoption of connected devices to support remote working and growth of the e-commerce sector.
● However, the pandemic created crisis in social, economic, and energy areas and medical life.
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