Global Application Development Software Market is valued at approximately USD 142.5 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 23.5% over the forecast period 2022-2029. Application Development Software refers to the process of creating a computer program or a set of programs known as software to perform the different tasks that a business requires. This software facilitates developers to rapidly build, test, and deploy applications and accelerate the delivery of mobile and web applications. There are two types of platforms available for application development such as low code and no code platform. A low code platform requires technical knowledge and facilitates the coders to work faster. Whereas no-code platform is intended for business users who do not have any technical expertise. The growing software market worldwide and increasing adoption of cloud-based solutions across the industries as well as strategic initiatives from leading market players are key factors accelerating the market growth.
According to Statista - as of 2022, the revenue of the global software market is estimated at USD 593.40 billion, and the market is projected to grow at an annual growth rate of 6.50% between 2022 and 2027 to reach USD 812.90 billion by 2027. Also, the growing emergence of AI & ML technologies and rising digitization in the healthcare sector would create lucrative growth prospects for the market over the forecast period. However, the high cost of Application Development Software and rising concern over data security impede the market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Application Development Software Market study includes Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region in terms of market share owing to the presence of leading market players as well as the rising number of technological innovations in the region. Whereas the Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising digitization in the automotive and healthcare sector as well as increasing penetration of leading market players in the region.
Major market players included in this report are:
HCL Technologies Ltd.
Recent Developments in the Market:
In May 2021, USA-based Appian launched a new low-code application platform for business enterprises.
In June 2022, Chennai-based SaaS startup Kissflow launched a new unified low-code/no-code work platform.
In March 2022, India-based Zoho Corporation rolled out the latest version of its low-code platform named Zoho Creator. This new platform is intended for business users and individual developers to create business applications.
Global Application Development Software Market Report Scope:
Historical Data: 2019-2020-2021
Base Year for Estimation: 2021
Forecast period: 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Platform, Deployment Mode, Enterprise Size, End-Use Industry, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define the market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study.
The report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with a detailed analysis of the competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Low code development platforms
No code development platforms
By Deployment Mode
By Enterprise Size
Small and Medium-Sized Enterprise (SMEs)
By End Use Industry
Media and Entertainment
IT and Telecom
Travel and Tourism
Rest of the World