Application Development Market Projected to Hit USD 9,336 Million at a CAGR of 21% by 2023

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Increasing possibility of service-oriented architecture, Service-oriented architecture is broadly used among organizations.

Market Synopsis:

As per the research by Market Research Future Reports (MRFR), the worldwide Application Development Market is projected to value USD 9,336 million with the CAGR of 21% by 2023. The innovative technologies like artificial intelligence have played a significant role in the augmenting the global application development market 2020. The service-oriented architecture is being actively adopted by the organizations which is additionally expanding the market. It participated in web-based applications in which the user can function on several implementation platforms. The global application development market is very competitive. The significant players opt for the advanced strategies in order to sustain in the highly competitive environment. The companies invest heavily on research and development to innovate their products. The market leaders are seeking expansion through strategies like innovation, mergers and acquisition, and cost-effective product portfolio. Besides, the application development market is expanding because of the rising demand for cloud-based applications development from transportation, I.T., and telecommunications, BFSI, media and entertainment industry. However, COVID-19 breakthrough has hampered the growth of market and is likely to pace when the pandemic begins to recede. We will provide COVID-19 impact analysis with report.

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Regional Analysis:

The geographical analysis of North America, Europe, Asia-Pacific, and the Rest of the World (RoW) has been conducted. As per the analysis, the North American market is expanding at the highest pace. The cloud-based applications and artificial intelligence are projected to expand the market. The increasing demand for cloud-based applications is propelling the application development market. Besides, the quick adoption of IoT will assist in the expansion of the I.T. and telecommunications industry. Besides, the presence of market players plays a major role in the regional market expansion. The U.S. contains maximum players in the market.

On the other hand, Europe is estimated to propel at the maximum CAGR during the review period. Europe is the upcoming application market owing to the rising demand for artificial intelligence. The APAC region is propelling at a significant pace owing to the existence of countries like India, Japan, and China. India, Japan, and China are dominating the global market with respect to the market share. 

Market Segmentation:

The global application development market can be segregated on the grounds of deployment, component, end-users, and region.

Based on deployment, the worldwide application development market can be classified into 

On the basis of components, the worldwide application development market can be classified into software, hardware, services, and others. The services are further classified into maintenance and integration.

On the basis of end-users, the worldwide application development market can be classified into transportation, I.T. telecommunications, BFSI, media and entertainment, and others. 

On the basis of region, the worldwide application development market can be classified into   Europe, Asia-Pacific, North America, and the Rest of the World (RoW).

By Component:

  • Hardware
  • Software
  • Services 
    • Integration
    • Maintenance. 

By Deployment:

  • On-cloud
  • On-premises. 

By End-users:

  • BFSI
  • IT and telecommunications
  • media and entertainment
  • transportation, and others 

By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World

Key Players: 

The most significant players of global application development market are NEC Corp. (Japan), Salesforce.com, Inc. (U.S.), International Business Machines Corporation (U.S.),  SAP SE (Germany), Microsoft Corp. (U.S.), ServiceNow, Inc. (U.S.),  Oracle Corp. (U.S.), Hewlett Packard Enterprise Company (U.S.),  ServiceNow, Inc. (U.S.), Alphabet Inc. (U.S.), C.A. Technology Inc. (U.S.), Compuware Corp. (U.S.), Fujitsu Ltd  (Japan), Red Hat, Inc. (U.S.), HCL Tech (India), Wipro LTD (India), and few others. 

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Industry News:

As per the press release on MobileIron’s website, which is the US-based software company, the company has announced its acquisition of mobile automation app release software company Incapptic Connect, which is the European market leader. With this acquisition, MobileIron users can take advantage of Incapptic Connect’s solution to deploy and develop secure business apps. 

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About Market Research Future (MRFR):

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.

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