Global Application Development Software Market

Application Development Software Market Size, Share, Growth Analysis, By Type(Low-code Development Platforms, No-code Development Platforms), By Application(BFSI, Media & Entertainment, IT & Telecom, Healthcare), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45E2189 | Region: Global | Published Date: March, 2024
Pages: 197 | Tables: 65 | Figures: 70

Application Development Software Market News

  • In March 2024, Slack launched a new free developer web portal to provide access to tools for building Slack apps, the ability to create sandboxes for testing beta apps and features, and a showcase of best practices and features.

     

  • In March 2024, Salesforce rebranded its low-code platform, Einstein Studio, to provide d a set of tools to customize Einstein Copilot and add new capabilities to it.  Einstein Studio, now rebranded to Einstein 1 Studio, comes bundled with the company’s Data Cloud at no added cost and features capabilities such as a control panel to expose enterprise data to large language models (LLMs) of their choice, including GPT-4 and Llama 2, and Skills Builder.

     

  • In March 2024, Checkmarx, the leader in cloud-native application security, announced an integration partnership with SD Elements from Security Compass, a leader in Security by Design. The integration enhances Checkmarx One, the industry-leading enterprise application security platform, and Checkmarx SAST by incorporating SD Elements to streamline and expand threat modeling capabilities across the software development life cycle (SDLC).

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Application Development Software Market size was valued at USD 203.35 billion in 2022 and is poised to grow from USD 252.97 billion in 2023 to USD 1450.87 billion by 2031, growing at a CAGR of 24.4 % in the forecast period (2024-2031).

The application development software market presents a dynamic and competitive landscape characterized by a multitude of players vying for market share. Established software giants like Microsoft, Oracle, continue to dominate with their comprehensive application development suites that encompass a wide range of tools and technologies. These companies leverage their extensive resources and established customer bases to maintain a strong position. 'Business Machines Corporation (U.S.)', 'Salesforce.com Inc. (U.S.)', 'Microsoft Corp. (U.S.)', 'Oracle Corp. (U.S.)', 'SAP SE (Germany)', 'Hewlett Packard Enterprise Company (U.S.)', 'Alphabet Inc. (U.S.)', 'ServiceNow Inc. (U.S.)', 'CA Technology Inc. (U.S.)', 'Compuware Corp. (U.S.)', 'Fujitsu Ltd (Japan)', 'HCL Tech (India)', 'Red Hat Inc. (U.S.)', 'Wipro LTD (India)', 'NEC Corp. (Japan)'

The application development software market is driven by the increasing need for businesses to undergo digital transformation. Organizations across various industries are recognizing the importance of developing custom software applications to streamline processes, enhance customer experiences, and gain a competitive edge. This demand for tailored solutions is fueling the adoption of application development software.

Low-Code and No-Code Development: The rise of low-code and no-code development platforms is transforming the software development landscape. These platforms enable developers and even non-technical users to create applications with minimal coding effort. This trend accelerates the development process, reduces the skills barrier, and empowers business users to participate in application creation. As organizations seek faster digital solutions and adapt to rapidly changing market demands, low-code and no-code platforms are gaining prominence, enabling quicker innovation and enhancing agility.

The application development software market is analyzed based on its regional presence, which includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America stands out as the dominant region in this market. With a strong technological infrastructure, a robust developer community, and a high demand for innovative software solutions across industries, North America commands a significant share of the market. Major tech hubs like Silicon Valley contribute to the region's dominance by fostering innovation and attracting investments in application development software.

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Global Application Development Software Market

Report ID: SQMIG45E2189

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