Application Development Software Market Set to Soar as Mobile-based Applications See Exponential Growth

The application development software market is poised for remarkable growth, with experts projecting a CAGR of 7.38% between 2022 and 2029. This growth will see the market value increase from US$16.096 billion in 2022 to a staggering US$26.49 billion by 2029. The surge in mobile-based applications is a key driver behind this upward trajectory, creating a heightened demand for application development software.

The global increase in mobile subscriptions and the exponential growth of smartphone users are driving factors behind the rise in mobile-based applications. In 2022, global mobile subscriptions already exceeded the global population, with 8.58 billion subscriptions recorded compared to a population of 7.95 billion. As technology continues to advance, it is expected that the number of mobile subscriptions will rise, leading to an even greater demand for mobile-based applications. This, in turn, will further accelerate the growth of the application development software market.

The forecasted period will also witness numerous product launches and developments in the application development software market. For example, Fujitsu and Osaka University recently announced the development of a groundbreaking quantum computing architecture that brings quantum computers closer to practical application. This breakthrough offers highly accurate quantum error corrections and paves the way for genuine fault-tolerant quantum computation.

When it comes to deployment type, the application development software market can be categorized as on-premise or cloud-based. On-premise deployment refers to software that is housed within an organization’s network, while cloud-based deployment involves accessing the software through a cloud platform.

Furthermore, the size of the organization also plays a role in its choice of application development software. Small and medium-sized enterprises (SMEs) as well as large enterprises have specific requirements for their development software. Moreover, different platforms are available to developers, such as low-code development platforms that minimize handwritten code processes, and no-code development platforms that eliminate the need for any coding at all.

As for applications, the market is segmented across several industries, including BFSI, media and entertainment, IT and telecom, healthcare, travel and tourism, and others. The Asia Pacific region is showing tremendous potential for market growth due to its growing population of mobile phone users and increasing urbanization. The GSM Association reports that the region has a smartphone adoption rate of 76% and is expected to reach 94% by 2030.

The application development software market boasts key players like Oracle Corporation, HCL Technologies, Fujitsu Ltd., Wipro Ltd., and Zoho Corporation. With North America, South America, Europe, the Middle East and Africa, and Asia Pacific all contributing to the market’s expansion, the future of application development software is poised for ongoing growth and innovation.

FAQ

1. What is the projected growth rate of the application development software market between 2022 and 2029?
– Experts project a compound annual growth rate (CAGR) of 7.38% during this period.

2. How much is the market value expected to increase by 2029?
– The market value is anticipated to increase from US$16.096 billion in 2022 to US$26.49 billion by 2029.

3. What is driving the growth of the application development software market?
– The surge in mobile-based applications and the increase in global mobile subscriptions and smartphone users are key drivers behind the market’s growth.

4. What recent development in technology is impacting the application development software market?
– Fujitsu and Osaka University have announced the development of a groundbreaking quantum computing architecture, which brings quantum computers closer to practical application.

5. What are the deployment types for application development software?
– The market can be categorized into on-premise deployment, where the software is housed within an organization’s network, and cloud-based deployment, where the software is accessed through a cloud platform.

6. How does the size of an organization affect its choice of application development software?
– Small and medium-sized enterprises (SMEs) and large enterprises have specific requirements for their development software. Different platforms are available, including low-code development platforms that minimize handwritten code and no-code development platforms that eliminate the need for coding.

7. In which industries is the application development software market segmented?
– The market is segmented across several industries, including BFSI (banking, financial services, and insurance), media and entertainment, IT and telecom, healthcare, travel and tourism, and others.

8. Which region is showing promising potential for market growth?
– The Asia Pacific region, with its growing population of mobile phone users and increasing urbanization, is expected to experience significant market growth.

Key Terms/Jargon

– CAGR: Compound Annual Growth Rate. It is the average annual growth rate of an investment over a specified period.

– Mobile-based applications: Applications designed and developed for use on mobile devices such as smartphones and tablets.

– On-premise deployment: The installation and use of software within an organization’s own network infrastructure.

– Cloud-based deployment: The use of software that is accessed and utilized via a cloud platform, typically over the internet.

– SMEs: Small and medium-sized enterprises. These are businesses that have a smaller scale of operations and employee count compared to large enterprises.

– Low-code development platforms: Development platforms that enable the creation of applications with minimal manual coding and instead rely on visual interfaces and pre-built components.

– No-code development platforms: Development platforms that allow the creation of applications without any coding required, typically utilizing visual interfaces and drag-and-drop functionalities.

– GSM Association: An industry association that represents the interests of mobile network operators worldwide.

Suggested Related Links

Oracle Corporation
HCL Technologies
Fujitsu Ltd.
Wipro Ltd.
Zoho Corporation
GSM Association