LONDON--(BUSINESS WIRE)--The custom application development service market is expected to grow by USD 26.74 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The demand for cloud-based services is increasing in the market as they offer advantages such as ease of access, flexibility, and security. Small and medium-sized enterprises prefer cloud-based application development services as they are cost-effective. End-users need not pay the license cost as the application can be accessed through the cloud. By hosting the application on the cloud, end-users can significantly reduce their operating costs, including server costs, maintenance costs, and physical storage costs, and improve the efficiency of the development cycle. Cloud-based applications leverage the cloud’s access to infinite computing resources and unlimited scalability to provide companies with a highly flexible workspace within which multiple organizations can collaborate to manage their business applications. Thus, the increasing adoption for cloud-based services will drive the growth of the market.
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As per Technavio, the growing adoption of analytics in enterprise applications will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Custom Application Development Service Market : Emergence of LCDP
The emergence of low-code development platforms is a key trend in the global application development service market. Company systems and application architecture play a key role in defining the entire process and lifecycle of enterprises. A low-code development platform (LCDP) is a software that is used to create application software through graphical user interfaces. These platforms allow developers to develop applications quickly with minimal coding. They provide base-level code, scripts, and integrations so that companies can prototype, build, or scale applications without developing complex infrastructure. Both developers and non-developers can use these tools to practice rapid application development with customized workflows and functionalities.
“Factors such as the increasing use of AI in enterprise applications, and emergence of chatbots will have a positive impact on the growth of the custom application development service market value during the forecast period,” says a senior analyst at Technavio.
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Custom Application Development Service Market: Segmentation Analysis
This market research report segments the custom application development service market by deployment (cloud and on-premise), and geography (North America, APAC, Europe, South America and MEA).
The North American region led the custom application development service market in 2019, followed by Europe, APAC, South America and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the increasing adoption of advanced technologies and the rising use of smartphones by consumers and enterprises to develop applications.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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