Application Development Software Market Size Worth $733.5 Billion By 2028: Grand View Research, Inc.

🌈 Abstract

The article discusses the global application development software market, which is expected to reach USD 733.5 billion by 2028, expanding at a CAGR of 24.3% from 2021 to 2028. The key insights and findings include:

• The low-code development platform segment is expected to dominate the market, reaching USD 407.1 billion by 2028.
• The small and medium enterprise segment is anticipated to expand at the highest CAGR of 25.0%.
• The cloud deployment segment is expected to dominate, reaching USD 381.8 billion by 2028.
• The media and entertainment segment is anticipated to register the highest CAGR of 27.3%.
• North America is projected to account for the largest market share, reaching USD 278.5 billion by 2028.

🙋 Q&A

[01] Key Insights & Findings

1. What are the key insights and findings mentioned in the article?

• The low-code development platform segment is expected to dominate the market due to the increasing presence of tech-savvy software developers globally, and is expected to reach USD 407.1 billion by 2028.
• The small and medium enterprise segment is anticipated to expand at the highest CAGR of 25.0% over the forecast period.
• The cloud deployment segment is expected to dominate the deployment segment, and is anticipated to reach USD 381.8 billion by 2028.
• The media and entertainment segment is anticipated to register the highest CAGR of 27.3% over the forecast period, due to increasing demand for technological innovations and the growing adoption of OTT platforms globally.
• North America is projected to account for the largest market share, reaching USD 278.5 billion by 2028, driven by the rapid adoption of technological innovations and the presence of various prominent players in the region.

2. What are the factors driving the adoption of application development software?

• Strong ecosystem designed and developed for DevOps and Agile practices
• Rise in the demand for digitization
• Growing need for quick scalability and customization

3. How has the COVID-19 pandemic impacted the market growth? The COVID-19 pandemic has negatively impacted market growth due to lockdown restrictions leading to temporary closure of business operations in multiple sectors. However, with the ease of lockdown restrictions and resumption of business operations, the market is anticipated to witness significant growth over the forecast period.

[02] Market Segmentation and Key Players

1. What are the key segments of the application development software market?

• Type: Low-code Development Platforms, No-code Development Platforms
• Deployment Type: On-premise, Cloud
• Organization Size: Small & Medium Enterprise, Large Enterprise
• Application: BFSI, Media & Entertainment, IT & Telecom, Healthcare, Travel & Tourism, Others
• Region: North America, Europe, Asia Pacific, Latin America, Middle East & Africa

2. Who are the key players in the application development software market? The prominent players that dominated the market in 2020 include:

• Oracle Corporation
• Fujitsu Ltd.
• HCL Technologies
• Wipro Ltd.
• Zoho Corporation

These players focus on new product launches, applications, and service offerings to enhance their business operations.

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