Application Development Market
Market Research Future (MRFR) presumes the global Application Development Market to reach USD 9,336 million at a CAGR of 21% from 2020 to 2027 (forecast period).
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High Demand for Cloud Computing and Internet of Things
One of the key drivers of application development market growth is the increasing need for cloud computing and the internet of things. Using the cloud, enterprises can effortlessly access apps and data.
Increasing Scope of Service-Oriented Architecture
The expanding scope of service-oriented architecture is significantly enhancing the application development market growth. Organizations widely employ service-oriented architecture. It is used in web-based applications where the user can operate across several implementation platforms. Emerging technologies such as artificial intelligence also contribute to market expansion.
North America to Lead the Global Market
The application development market in North America is experiencing the largest market growth as a result of the increasing need for cloud-based application development, which is fueling the application development market growth.
Europe to Follow North America
Europe is an emerging application development market due to the increasing need for artificial intelligence, and it is predicted to grow at the fastest CAGR during the research period.
The global application development market has been segmented into component, deployment, and end-users.
On the basis of components, the global application development market has been segmented into hardware, software, services and others. The services segment has been further sub-segmented into integration and maintenance.
On the basis of deployment, the global application development market has been segmented into on-cloud, on-premises.
On the basis of end-users, the global application development market has been segmented into BFSI, IT and telecommunications, media and entertainment, transportation, and others.
Some of the players active in the worldwide application development market are International 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.), and Compuware Corp. (U.S.), Fujitsu Ltd (Japan), HCL Tech (India), Red Hat, Inc. (U.S.), Wipro LTD (India), and NEC Corp. (Japan).
Companies such as International 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.), are the leading providers of application development solution in the global market.
The global market for application development appears to be quite competitive. To target, segment, and position their sensors in the global market and promote market growth, organizations need to develop advanced technological solutions to stay competitive. Market leaders are consistently investing in R&D to innovate their products and are progressively seeking market expansion.
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On May 10, 2017, Microsoft Corp. revealed new tools and services for the developers to modernize existing apps for every platform and build more intelligent apps. On November 15, 2017, they presented Azure Databricks, a data platform technologies and cross-platform developer tools, a new artificial intelligence, internet of things and machine learning tools for developers. This platform would support continuous innovation and deployment of intelligent applications. On November 4, 2017, they collaborated with Red Hat Inc. to help users to embrace hybrid cloud computing by building, deploying and managing applications.
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