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Custom Software Development Market Competitive And Growth Analysis 2024 | Tata Consultancy Services Limited, Infosys Limited, Capgemini SE, HCL Technologies Limited
Custom Software Development Global Market Report 2024
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.
Market Overview -
Custom software development refers to the process of creating a unique software application tailored to solve specific challenges for an individual or organization. This involves conceptualizing, designing, building, deploying, and maintaining software that addresses particular user needs more comprehensively than off-the-shelf packages.
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Robotic Automation Is Driving Growth In The Customer Software Development Market
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.
Competitive Landscape -
Major companies operating in the custom software development market are 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.
Custom Software Development Companies Drive Revenue Through Innovative Virtual Reality (VR) Solutions
Major companies operating in custom software development are focused on developing new innovative solutions, such as virtual reality applications, to boost their revenue in the market. These virtual reality apps are designed to empower creators to build animated content in real time using advanced virtual production tools. For instance, in March 2023, Flipside XR, a Canada-based virtual reality company, launched a new app designed for creators called Flipside Studio Support from Meta. This VR app empowers users to craft animated content in real-time, leveraging sophisticated virtual production tools. Once completed, users can effortlessly upload and distribute their projects on popular social media platforms such as YouTube, TikTok, Twitch, and more. With an array of tools and features, creators can produce captivating, top-notch videos using the immersive capabilities of VR technology.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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