Yahoo Finance Application Development Software Market to Reach $1,159.2 Billion by 2031: Allied Market Research
Machine learning expansion with AutoML and no-code AI and low-code/no-code (LCNC) and big data security have boosted the growth of the global application development software market. In addition, market across Asia-Pacific is projected to portray the fastest CAGR of 25.8% during the forecast period.
Portland, OR , Sept. 30, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global application development software market generated $142.5 billion in 2021, and is estimated to reach $1,159.2 billion by 2031, witnessing a CAGR of 23.5% from 2022 to 2031. The report provides an in-depth analysis of top segments, changing market trends, value chain, key investment pockets, competitive scenario, and regional landscape. The report is an essential and helpful source of information for leading market players, investors, new entrants, and stakeholders in formulating new strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2022–2031 |
Base Year | 2021 |
Market Size in 2021 | $142.5 billion |
Market Size in 2031 | $1,159.2 billion |
CAGR | 23.5% |
No. of Pages in Report | 320 |
Segments covered | Platform, Deployment Mode, Enterprise Size, Industry Vertical, and Region |
Drivers | Machine learning expansion with AutoML and no-code AI and low-code/no-code (LCNC) |
Big data security | |
Opportunities | Rapid adoption of DevSecOps |
Restrains | Integrating security and privacy |
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.
The report offers detailed segmentation of the global application development software market based on platform, deployment mode, enterprise size, industry vertical, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps investors, market players, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on platform, the low code development platform segment accounted for the highest share in 2021, contributing to nearly three-fifths of the total share, and is expected to maintain its leadership status during the forecast period. However, the no code development platforms segment is expected to manifest the highest CAGR of 24.7% from 2022 to 2031.
Based on deployment mode, the on premise segment held the largest share in 2021, accounting for more than half of the market, and is expected to maintain its dominance in terms of revenue by 2031. However, the cloud segment is estimated to witness the largest CAGR of 24.8% during the forecast period.
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 portray the highest CAGR of 26.6% during the forecast period.
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, 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.
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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.
The report analyzes these key players in the global application development software market. These players have adopted various strategies such as new product launches, expansion, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of every market player.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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