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Software Development Tools Market Report 2024 - Market Share Analysis And Trends
Software Development Tools Global Market Report 2024
According to The Business Research Company's, The software development tools market size has grown strongly in recent years. It will grow from $5.84 billion in 2023 to $6.31 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to the introduction of integrated development environments, version control systems, the open source software movement, agile and devops practices, and cloud computing and virtualization.
The software development tools market size is expected to see strong growth in the next few years. It will grow to $8.6 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to cross-platform development tools, support for microservice architecture, serverless computing platforms, containerization and orchestration, and artificial intelligence and machine learning integration. Major trends in the forecast period include AI and machine learning integration, containerization and orchestration, serverless computing, DevOps and CI/CD tools, edge computing, and IoT development tools.
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Market Drivers and Trends:
An increase in the number of app development is expected to propel the growth of the software development tools market going forward. App development refers to creating software applications specifically designed to run on mobile devices or other platforms such as desktop computers or web browsers. With the widespread adoption of smartphones and tablets, there is a growing demand for mobile apps to cater to various needs, from communication and entertainment to productivity and business services. Software development tools offers syntax highlighting, code completion, and code templates that help developers write code faster and with fewer errors. For instance, in August 2023, RipenApps Technologies, an India-based digital transformation company, the global consumer spending on mobile applications has touched $129B as of 2022. Therefore, an increase in numbr of app development is driving the growth of the software development tools market.
Major companies operating in the software development tools market prioritize code generation and assistance tools such as autonomous AI software engineers, to optimize development workflows, boost efficiency, and address intricate tasks. Autonomous AI software engineers are advanced artificial intelligence systems capable of independently performing various software engineering tasks, from coding and debugging to project planning and deployment, with minimal human intervention. For instance, in March 2024, Cognition Corporation, a US-based technology company specializing in developing advanced artificial intelligence (AI) solutions, introduced Devin, an autonomous AI software engineer. Devin is engineered to manage complete development projects independently, employing advanced long-term reasoning to strategize and execute intricate tasks autonomously. It functions with its proprietary shell, code editor, and web browser, adept at acquiring new technologies, creating and deploying applications, debugging code, and refining AI models. The solution aims to transform the software engineering industry by delivering unparalleled efficiency and accuracy.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce.com Inc., VMware LLC, Red Hat Inc., Synopsys Inc., Atlassian Corporation Plc, Splunk Inc., GitHub Inc., HashiCorp Inc., JFrog Ltd., GitLab Inc., JetBrains s.r.o., Perforce Software Inc., Docker Inc., Puppet Inc., Eclipse Foundation Inc., Pivotal Software Inc., Trident Inforsol Pvt. Ltd., Axosoft LLC, Code Climate Inc., Netlify Inc., Axure Software Solutions Inc., Sparx Systems Pty Ltd
Software Development Tools Market 2024 Key Insights:
• The software development tools market size is expected to see strong growth in the next few years. It will grow to $8.6 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• App Development's Impact on Programming Software Market
• Rise Of Autonomous AI Software Engineers
• North America was the largest region in the market in software development tools 2023
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